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    248 State St Ellsworth, ME 04605

    Sponsored
    For Sale
    $9,500,000

    High-yield, multi-tenant retail investment.

    Property size:
    85,370 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    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.

    Property Features for 248 State St

    General Information

    Property type
    Lifestyle centers
    Square Feet
    85,370 SF
    Class
    B
    Lot Size
    316,246 SF

    Building Details

    Year Built
    1953
    Buildings
    2
    Stories
    1
    Units
    26

    HighLights

    • High visibility location.
    • Below‑market lease rates available.
    • Dunkin' Donuts as anchor tenant.
    • Suitable for national retail tenants.
    • 30‑minute drive to Bar Harbor and Bangor.
    • Strong growth and ongoing development in the area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    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
    Ellsworth
    County
    Hancock
    State
    Maine
    Longitude
    -68.429607789209
    Latitude
    44.552867207187

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    FAQs

    What type of property is this?
    Lifestyle center - High-yield, multi-tenant retail investment.
    Where is this lifestyle center located?
    The property is located at 248 State St Ellsworth, ME.
    What is the asking price?
    The asking price for this property is $9,500,000.
    What are key features of this property?
    This property features: High visibility location.; Below-market lease rates available.; Dunkin' Donuts as anchor tenant.
    Request Owner's contact information
    248 State St Ellsworth, ME 04605
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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
    248 State St Ellsworth, ME 04605
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