248 State St Ellsworth, ME 04605

Property Details for 248 State St

Year built

1953

Lot size

9.26 lot acres

Property size

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.

Location Insight

City

Ellsworth

County

Hancock

State

Maine

Longitude

-68.4297

Latitude

44.5515

Property Tax & Assessments