56 Western AveAugusta, ME 04330

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

Other 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.

• Alternative Use

  Use

  Valuation

  Residential

  $23,170,626

  Hospitality

  $21,224,170

  Educational

  $17,658,260

  Medical

  $18,265,554

  Retail

  $27,468,404

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

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