56 Western AveAugusta, ME 04330
- Commercial real estate
- 122,441 SF
Property Details for 56 Western Ave
- Year built
- 1962
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 9.31 AC
- Property size (Sq ft)
- 122,441 SF
- Property type
- Commercial real estate
- APN
- AUGU M:00027 B:00195 L:00000
- APU
- AUGUM00027B00195L00000
Description
This exceptional Augusta, Maine retail center, totaling 149,897 square feet across three buildings, sits on a 10-acre lot with 392 parking spaces. Located at a signalized intersection on Western Avenue, it boasts daily traffic counts exceeding 20,000 vehicles. The property features an 85,808 square foot anchor space opportunity, along with various junior anchor suites. Its strategic location is adjacent to the State of Maine government campus and the Federal Building, and is near other major retailers like Hannaford, Target, Lowe's, Walgreens, and Shaw's. The property is zoned CB - Local Business District. The asking price is $4,000,000, representing a price per square foot of $40.03. Existing tenants provide significant cash flow, offering a potential $2.26/SF NNN effective rent for owner-users or a 15%+ cap rate for developers. This two-story property presents a compelling investment opportunity due to its size, location, and strong tenant base. The property's APN is 11020_00027 00195 00000 and is located at 56 & 60 Western Ave, Augusta, ME 04330.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $22,942,200
- 6.5%
- $21,177,500
- 7%
- $19,664,800
-
Comparable approach
- Method
- Valuation
- Relative Method
- $15,998,100
- Geo Method
- $15,998,100
-
Alternative Use
- Use
- Valuation
- Industrial / Distribution
- $41,693,500
- Retail / Commercial
- $21,380,200
- Mixed-Use / Specialty
- $21,304,000
- Hospitality / Lodging
- $15,630,100
- Office
- $21,177,500
- Institutional / Educational
- $22,147,600
- Residential Income
- $25,912,700
- Multifamily
- $31,078,300
- Automotive / Energy
- $18,983,600
- Parking / Income-Based Land
- $6,551,030
- Restaurant / Food Service
- $11,080,400
- Healthcare / Senior Housing
- $21,846,900
Location Insight
- City
- Augusta
- County
- Kennebec
- State
- Maine
- Latitude
- 44.3105
- Longitude
- -69.7863
- CBSA code
- 12300
- CBSA name
- AUGUSTA-WATERVILLE, ME MICROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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