55 Middle St Lewiston, ME 04240-7516

Property Details for 55 Middle St

Lot size

0.70 lot acres

Property type

Commercial land

APN

LEWI M:206 L:001

APU

LEWIM206L001

Description

This exceptional investment opportunity presents a fully approved 150-unit residential development project situated on approximately 0.7 acres in Lewiston, Maine. The project includes a six-story building encompassing 106,800 square feet, featuring a mix of 106 studio, 22 one-bedroom, and 22 two-bedroom units. A community fitness center and one commercial space are also planned. The property boasts a substantial 590-space parking garage, strategically located adjacent to Central Maine Medical Center, offering stunning Androscoggin River views. This prime downtown Lewiston location provides easy access to local businesses, amenities, and vibrant community events. The property's proximity to Bates College, Central Maine Community College, and the University of Southern Maine, along with its convenient access to the Maine Turnpike and a new passenger rail terminal connecting to Portland and Boston, ensures strong rental demand. Furthermore, the development benefits from its location near a new riverwalk featuring extensive walking and biking trails, parks, and fitness facilities. All engineering and architectural drawings are included in the sale. The asking price is $3,000,000, translating to $20,000 per unit and $28.09 per square foot. A Tax Increment Financing (TIF) / Credit Enhancement Agreement is in place. The property consists of two parcels, APN Map 207, Lot 022 & Map 206, Lot 001, and is classified as Class A. This is a rare opportunity to acquire a fully permitted, shovel-ready development in a thriving Maine community.