1029-1041 Main St, Waterboro, ME 04087

Property Details for 1029-1041 Main St

Year built

2019

Lot size

9.60 lot acres

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional Class A, 10,112 square foot retail center in Waterboro, Maine presents a compelling 1031 exchange opportunity. The fully-leased, multi-tenant property boasts a strong 8.52% cap rate and a substantial net operating income (NOI) of $149,096, with a remaining lease term of 5 years. Currently housing three tenants in a 100% occupied building constructed in 2019, this property sits on a 9.6-acre lot (APN 1686) in the Village zoning district, offering significant potential for future development. Conditional approvals are in place for Phases 2 and 3, allowing for expansion into light industrial, storage, professional, retail, office, or residential uses, addressing a current market shortage of such spaces. The asking price is $1,750,000, translating to a land value of $175.28 per square foot. The property's strategic location on Main Street (1029-1041), near established businesses like Family Dollar and Ace Hardware, ensures high visibility and accessibility. The cost to replicate this property significantly exceeds the asking price, making this a truly valuable investment opportunity with both immediate yield and long-term upside potential. The Town of Waterboro's business-friendly approach further enhances the investment prospects, potentially accommodating adjustments to building dimensions to suit a buyer's vision. This NNN leased property offers a secure, high-return investment with significant future development possibilities.

Location Insight

City

Waterboro

County

York

State

Maine

Longitude

-70.7257

Latitude

43.5444