174 Cash St, South Portland, ME 04106-6228
- Warehouses
- 34,421 SF
- 2.07 lot acres
Current Use by Public Records
- Warehouses
Property Details for 174 Cash St
- Year built
- 1944
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 2.07 lot acres
- Property type
- Warehouses
- APN
- SPOR M:040 L:080
- APU
- SPORM040L080
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Mar 21, 2025 | $4,500,000 | Mda Cash St LLC | Sea Bags LLC | Deed | $3.1M · Nbt Bank National Association |
| Aug 11, 2022 | — | See Bags LLC | — | Deed · related | $360k · Bank Of America NA |
| Jul 29, 2021 | — | Sea Bags LLC | 174 Cash St LLC | Quit Claim Deed · related | $3.1M · Bank Of America NA |
| Jan 12, 2018 | — | 174 Cash Street LLC | — | Deed | $900k · Sawyer Fam Cash Street Prop Ll |
| — | — | 174 Cash Street LLC | — | Deed Of Trust | $900k · Sawyer Fam Cash Street Prop Ll |
Description
This exceptional investment opportunity presents a 34,421-square-foot, single-tenant industrial flex building located at 174 Cash St, South Portland, ME 04106. Currently 100% occupied by Sea Bags, LLC, a well-established brand with over 50 retail locations nationwide, the property boasts a strong 10-year NNN lease in place upon sale, ensuring immediate and long-term cash flow. The asking price is $4,600,000, representing a compelling 7.10% cap rate based on a Net Operating Income (NOI) of $327,000. Built in 1944, this one-story building sits on a 2.07-acre lot zoned INR - Non-Residential Industrial, offering significant potential for future expansion or subdivision. The property benefits from a prime location within a sought-after South Portland industrial park, providing easy access to major highways I-295 and I-95. The $9.50 per square foot lease rate reflects current market conditions in the Greater Portland area, where industrial vacancy rates are exceptionally low, currently hovering around 1%. This sale-leaseback transaction offers investors a secure, high-yield asset with a stable, long-term tenant and significant upside potential. The building's previous use as a multi-tenanted facility suggests adaptability for future diversification, should the need arise. This is a rare opportunity to acquire a well-located, fully leased industrial property with a strong tenant and attractive financial metrics.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $4,460,000
- 6.5%
- $4,115,000
- 7%
- $3,820,000
-
Alternative Use
- Use
- Estimation
- RESTAURANT
- $4,920,000
- COMMERCIAL (GENERAL)
- $4,190,000
- OFFICE BUILDING
- $3,780,000
- RETAIL STORES
- $3,110,000
- AUTO REPAIR, GARAGE
- $2,985,000
- APARTMENT HOUSE (5+ UNITS)
- $2,720,000
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Location Insight
- Map
- Local Demand
- City
- South Portland
- County
- Cumberland
- State
- Maine
- Longitude
- -70.2882
- Latitude
- 43.6244
- CBSA code
- 38860
- CBSA name
- PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA
