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375 US Route 1 - Enterprise Multi-Family Site
30 Acres of Commercial Land Offered at $4,500,000 in Scarborough, ME 04074
Investment Highlights
- 7 minute drive from downtown Portland (Less than 6 Miles).
- Destination for outdoor enthusiasts; 6 white sand beaches and 3,000 acres of coastal-Maine habitat for wildlife.
- 1.5 miles to Maine Turn-Pike (I-95).
Executive Summary
Property Facts Under Contract
| Price | $4,500,000 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 30.00 AC |
| Property Type | Land |
| Price | $4,500,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 30.00 AC |
1 Lot Available
Lot
| Price | $4,500,000 | Lot Size | 30.00 AC |
| Price Per AC | $150,000 |
| Price | $4,500,000 |
| Price Per AC | $150,000 |
| Lot Size | 30.00 AC |
Utilities and fiber stubbed to site
Description
This site is an opportunity for a developer to enter the heart of Southern Maine’s multi-family market with scale. Historically, the market has high barriers for entry, and is experiencing rising rents annually. Most of the multi-family housing inventory is primarily constructed in the 1980’s or earlier. Scarborough, Maine is located just south of Portland in what is referred to as the "Greater Portland trade area". Located one hour and forty five minutes north of Boston (100 miles), the subject site is located along the Route One corridor, boasting some of Maine’s highest coastal traffic counts. Portland is considered the epicenter of the Maine economy with its greater community experiencing a boom in demand for housing over the past five years.
PROPERTY TAXES
| Parcel Number | SCAR-000039U-000000-004735 | Improvements Assessment | $1,236,600 |
| Land Assessment | $311,200 | Total Assessment | $1,547,800 |
PROPERTY TAXES
zoning
| Zoning Code | HPZ |
| HPZ |
Presented by
375 US Route 1 - Enterprise Multi-Family Site
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