For Sale
$9,500,000

248 State StEllsworth, ME 04605

High-yield, multi-tenant retail investment.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional retail strip center, located at 248 State St, Ellsworth, ME 04605, presents a compelling value-add investment opportunity. Boasting 85,370 square feet of net rentable space across two single-story buildings on a 7.26-acre lot, this property features 26 individual units with 99% occupancy as of November 9, 2024. Currently anchored by Dunkin', the center benefits from a diverse tenant mix, offering significant upside potential due to below-market lease terms. Built in 1953 and zoned U, the property enjoys excellent visibility and high traffic counts, situated in a growing community within easy reach of Bar Harbor and Bangor. The strong NOI of $688,697 contributes to an attractive 7.25% cap rate, making this a rare opportunity to acquire a well-established, multi-tenant retail center in a prime location. The asking price is $9,500,000, translating to $111.28 per square foot. This property is an excellent candidate for national tenants and offers substantial long-term growth prospects.

Highlights

  • High visibility location.
  • Below-market lease rates available.
  • Dunkin' Donuts as anchor tenant.
  • Suitable for national retail tenants.
  • 30-minute drive to Bar Harbor and Bangor.
  • Strong growth and ongoing development in the area.

Property Details for 248 State St

Property type
Lifestyle centers, Power centers
Square Feet
85,370 SF
Class
B
Year Built
1953
Buildings
2
Stories
1
Lot Size (sq. ft)
316,246 SF
Units
26

Location Insight

City
Ellsworth
County
Hancock
State
Maine
Latitude
44.552867207187
Longitude
-68.429607789209
248 State St, Ellsworth, Maine

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248 State St
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