248 State StEllsworth, ME 04605

Property Details for 248 State St

Year built

1953

Lot size

9.26 AC

Property size (Sq ft)

60,708 SF

Zone code

U

Property type

Super regional malls

APN

ELLH M:138 B:053 L:000 U:000

APU

ELLHM138B053L000U000

Description

This exceptional retail strip center, located at 248 State St, Ellsworth, ME 04605, presents a compelling value-add investment opportunity. Boasting 85,370 square feet of net rentable space across two single-story buildings on a 7.26-acre lot, this property features 26 individual units with 99% occupancy as of November 9, 2024. Currently anchored by Dunkin', the center benefits from a diverse tenant mix, offering significant upside potential due to below-market lease terms. Built in 1953 and zoned U, the property enjoys excellent visibility and high traffic counts, situated in a growing community within easy reach of Bar Harbor and Bangor. The strong NOI of $688,697 contributes to an attractive 7.25% cap rate, making this a rare opportunity to acquire a well-established, multi-tenant retail center in a prime location. The asking price is $9,500,000, translating to $111.28 per square foot. This property is an excellent candidate for national tenants and offers substantial long-term growth prospects.

• CAP approach

  CAP return

  Valuation

  6%

  $14,754,163

  6.5%

  $13,619,228

  7%

  $12,646,426

• Comparable approach

  Method

  Valuation

  Relative Method

  $19,988,910

  Geo Method

  $19,988,910

• Alternative Use

  Use

  Valuation

  Residential

  $11,488,328

  Hospitality

  $10,523,247

  Educational

  $8,755,218

  Medical

  $9,056,323

  Retail

  $13,619,228

Location Insight

City

Ellsworth

County

Hancock

State

Maine

Latitude

44.5515

Longitude

-68.4297

Property Tax & Assessments

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