44 Oak Street Unit 1, 2, & 3, Portland, Maine 04101

$2,495,000
8,648
SqFt

Property Description

Trophy property at the center of Portland's peninsula offers owner/user, investor or developer limitless opportunity. Called a 'walker's paradise' by WalkScore this location offers immediate access to boutiques, breweries, shops, salons, galleries, grocers and even museums, music venues, monuments and more... This location ensures that any use from commercial to mixed to residential will not only succeed but thrive. The current owners have poured money into this historic property to preserve its past and ensure it meets today's needs/demands. From plumbing, heating and electrical to high-end fit and finish of commercial and office spaces the attention to detail is impressive. What's also impressive is the retained period details from the intricate tin ceilings and trim to the windows on the world plate glass windows. 10-13' ceilings and impressive original construction ensure the structure can live as many lives in the future as it has over the last 100+ years. The property is already set up as condos and is offered 3-ways: 1) all 4 levels = $2.495M, 2) basement, ground and 2nd level = $1.750M, 3) 3rd level = $750K with each level offering approximately 2,200sf. The desirable B3 zone allows for a host of uses and re-imagination / re-development opportunities. Currently the property is part retail (occupied but no lease - ground level and basement), part private club (occupied with lease - 2nd floor) and part office (vacant - 3rd level). One could easily see the 3rd level being converted to residential (1 or 2 units) for resale and re-capitalization or for a very lucky owner occupant. The current cap rate is 4 and the easily attained is 9. The value proposition and opportunity can't be overstated - at list price and well over this represents one of the very best commercial values in recent memory. shown by appointment only between 10-2 Mon - Fri, w/ 48 hours notice.

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Listing courtesy of Benchmark Real Estate.

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