For Sale
$5,100,000

76 Northern AveGardiner, ME 04345

Fully-leased, high-return investment.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a fully-leased, single-tenant Class B office building situated on a generous 9.5-acre lot at 76 Northern Avenue in Gardiner, Maine. The property, totaling approximately 48,771 square feet, is currently leased to the Maine Department of Professional & Financial Regulation, securing a long-term lease extending through December 31, 2033. Significant renovations were completed in 2022 and 2023, encompassing interior paint, carpeting, and window replacements, totaling approximately $1,500,000 in improvements. The building boasts a strong 7.3% cap rate and a Net Operating Income (NOI) of $370,386, making it an attractive investment prospect. Conveniently located less than a mile from downtown Gardiner and directly off Maine Avenue/Route 201, this property benefits from excellent accessibility and visibility. The property is zoned HDR (High Density Residential), offering potential future development options. The asking price is $5,100,000. This is a rare opportunity to acquire a stable, high-performing investment property with significant upside potential. The property features one building, one story, and was originally built in 1960. The Assessor's Parcel Number (APN) is 38/05.

Highlights

  • 48,771 SF, fully-leased Class B office building on a 9.5-acre lot.
  • Located less than one mile from downtown Gardiner, Maine, with excellent access to Route 201.
  • $1,500,000 in renovations completed in 2022 and 2023, including interior paint, carpeting, and windows.
  • Leased to the Maine Department of Professional & Financial Regulation through December 31, 2033.
  • $5,100,000 asking price, with a 7.3% cap rate and $370,386 NOI.

Property Details for 76 Northern Ave

Property type
Office properties, Investment properties
Class
B
Year Built/Renovated
1960/2022
Buildings
1
Stories
1
Lot Size (sq. ft)
413,820 SF
Units
1

Location Insight

City
Gardiner
County
Kennebec
State
Maine
Latitude
44.236444541873
Longitude
-69.77922618885
76 Northern Ave, Gardiner, Maine

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76 Northern Ave
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