244 Western AveSouth Portland, ME 04106

Property Details for 244 Western Ave

Year built

1976

Construction

FRAME

Lot size

2.61 AC

Property size (Sq ft)

12,389 SF

Zone code

Z

Property type

Office buildings

APN

SPOR M:067 L:020

APU

SPORM067L020

Description

This exceptional 17,071 square foot medical office building, situated on a 2.61-acre lot in desirable South Portland, Maine, presents a unique investment opportunity. Built in 1976, the single-building property is zoned CS-Suburban Commercial and boasts a multiple-tenancy configuration, ideal for a variety of medical practices or healthcare-related businesses. The property's address is 244 Western Avenue, South Portland, ME 04106, conveniently located within Cumberland County. Its ample lot size provides significant potential for expansion or future development. The property's assessed parcel number (APN) is Map 67, Lot 20. This well-maintained building offers a substantial footprint for a growing medical practice or a portfolio addition for an investor seeking a stable, established property in a thriving market. The property's location offers easy access to major transportation routes, ensuring convenient access for patients and staff. The building's age provides an opportunity for potential renovations or upgrades to meet current market demands and enhance its value. This is a rare opportunity to acquire a well-positioned medical office building in a highly sought-after location. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $2,048,272

  6.5%

  $1,890,712

  7%

  $1,755,662

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,618,747

  Geo Method

  $1,618,747

• Alternative Use

  Use

  Valuation

  Residential

  $2,344,483

  Hospitality

  $2,147,534

  Educational

  $1,786,723

  Medical

  $1,848,171

  Retail

  $2,779,347

Location Insight

City

South Portland

County

Cumberland

State

Maine

Latitude

43.6368

Longitude

-70.3241

CBSA code

38860

CBSA name

PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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