Sub-Market Leased Saco Retail Building

Retail-Commercial for Sale
Catylist Listing ID: 30868903
Property Subtypes: Convenience Store, Free-Standing Building, Restaurant, Retail-Pad, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 11,865 SF
Gross Building Area: See Agent
Sale Price: $2,250,000
Unit Price: $189.63 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN)
Building Name: Cascade Place
Sale Terms: Cash to Seller
Cap Rate: 7.24%
Average Occupancy Rate: 100
Last Updated: 5/6/2024

Overview / Comments

Located at 937 Portland Road in Saco, Maine, this prime retail property presents an exceptional investment opportunity. With a total building size of 11,865 square feet and frontage on US-1, the property boasts high visibility and exposure, with a traffic count of 16,180 vehicles per day.

Featuring three long-term tenants, this property offers stability and consistent rental income. Currently leased at an average rate of only $13.74 per square foot, approximately 25% below market value, there exists significant potential for increased rental income upon lease renewal or renegotiation.

Key Features:

Strategic location on US-1 with high visibility.
Three long-term tenants providing stable rental income.
Opportunity to increase rental income by adjusting lease rates to market value.
Potential for value enhancement through property improvements and management strategies.

Market Information:
Saco, Maine enjoys a robust retail market supported by a strong local economy and growing population. The property's location on a major thoroughfare ensures consistent foot traffic and visibility, making it an attractive investment opportunity.

Attachments & Media


Finance Data Year 2024
Real Estate Taxes - Annual($) $18,910 (Annual)

Current Tenants

Tenant Business Name Seacoast Flooring
Tenant Business Name Bridge Support Services
Tenant Business Name Beach Beverage

Additional Details

Nearest MSA: Portland-South Portland
County: York
Tax ID/APN: 31220_062001003000
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Airports: PWM
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 11,865 SF
Property Condition: Excellent
Year Built: 2019
Construction/Siding: Stucco
Parking Type: Surface
Heat Type: Electricity
Lot Frontage: 200'

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 20,981 49,333
Median Age: 44.78 42.22
Households: 9,243 21,391


Photograph of Listing Agent

Josh Soley, SIOR, CCIM

Maine Realty Advisors
NECPE Member
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