225 Waterman DrSouth Portland, ME 04106

Property Details for 225 Waterman Dr

Year built

1986

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.33 AC

Property size (Sq ft)

4,040 SF

Property type

Retail properties

APN

SPOR M:018 L:009-B

APU

SPORM018L009B

Description

This exceptional Class A retail investment opportunity, located at 225 Waterman Drive in South Portland, Maine, presents a compelling chance to acquire a fully leased, multi-tenanted property. The 4,040 square foot building, constructed in 1986 and extensively renovated in 2019, sits on a 0.33-acre lot and boasts a prominent corner location at the intersection of Waterman Drive and the Casco Bay Bridge, enjoying high visibility to an estimated 15,466 vehicles daily. The property features two tenants, both currently operating under 5-year leases with multiple 5-year renewal options, ensuring consistent income. The tenant mix includes a pharmacy/drug store and an office. The ample 20-space parking lot, recently paved, provides convenient access for customers and employees. The property is zoned MCC and includes a dedicated curb cut, further enhancing its accessibility and appeal. This investment offers a strong return with a current occupancy rate of 100%, a price per square foot of $321.78, and an asking price of $1,300,000. The property's strategic location offers easy access via I-295 and the Casco Bay Bridge, making it an attractive destination for both tenants and customers. The single-story building is well-maintained and presents a solid investment opportunity with a stable income stream and significant upside potential. The APN is Map 18, Block 9.

• CAP approach

  CAP return

  Valuation

  6%

  $981,861

  6.5%

  $906,333

  7%

  $841,595

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,330,223

  Geo Method

  $1,330,223

• Alternative Use

  Use

  Valuation

  Residential

  $764,526

  Hospitality

  $700,302

  Educational

  $582,643

  Medical

  $602,681

  Retail

  $906,333

Location Insight

City

South Portland

County

Cumberland

State

Maine

Latitude

43.635

Longitude

-70.2565

CBSA code

38860

CBSA name

PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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