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    642 Main St Saco, ME 04072

    Sponsored
    For Sale
    $1,650,000

    15-Acre Tract, Multi-Use Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 15.62-acre parcel located at 642-644 Main Street in Saco, Maine, presents a remarkable opportunity for developers. Zoned Portland Road, this expansive property is ideally suited for a variety of uses, including age-restricted multi-family housing. Preliminary estimates suggest the potential for over 150 dwelling units, each with 1,000 square feet, based on current zoning regulations. However, increased density to 3,000 square feet per unit is achievable if over 51% of the units are designated as affordable housing (all ages). Beyond residential development, the property also permits hospitality and storage uses, offering significant flexibility for investors. Its prime location is a key advantage, situated just a quarter-mile from Interstate 195 and a Hannaford Supermarket, ensuring convenient access to major transportation routes and essential amenities. Further enhancing its appeal, this property is located within a Qualified Opportunity Zone, offering potential tax advantages. The asking price of $1,650,000 is based on an estimated $11,000 per unit cost. This presents a compelling investment opportunity in a thriving Maine community. The property's size, zoning flexibility, and strategic location combine to create a truly unique development prospect. Serious inquiries are encouraged.

    Property Features for 642 Main St

    General Information

    Property type
    Land
    Lot Size
    680,407 SF

    HighLights

    • $1,650,000 asking price for 15.62 acres of land zoned Portland Road in Saco, ME.
    • Ideal for age‑restricted multifamily development with potential for 150+ units at 1,000 sq ft/unit.
    • Density increases to 3,000 sq ft/unit with over 51% affordable housing.
    • Permitted uses also include hospitality and storage.
    • Excellent location near I‑195 and Hannaford Supermarket.
    • Located in a Qualified Opportunity Zone.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Saco
    County
    York
    State
    Maine
    Longitude
    -70.430137387616
    Latitude
    43.51497910683

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    FAQs

    What type of property is this?
    Land - 15-Acre Tract, Multi-Use Potential
    Where is this land located?
    The property is located at 642 Main St Saco, ME.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: $1,650,000 asking price for 15.62 acres of land zoned Portland Road in Saco, ME.; Ideal for age-restricted multifamily development with potential for 150+ units at 1,000 sq ft/unit.; Density increases to 3,000 sq ft/unit with over 51% affordable housing.
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    Saco, ME 04072
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    642 Main St Saco, ME 04072
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