102 Acres
40 Acres of Commercial Land Offered at $3,875,000 USD in Palmyra, ME 04965
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,875,000
- Property Type
-
Land
Listing Contacts
Jessie Gilton
Verified Profile
Connie Neville
Verified Profile
- Property Info
Property Overview
Palmyra/Newport area Self-Storage Development Opportunity
- 6300+ People in 5 miles
- 4.68 SF/per capita storage in 3 Mile
- Property Adjacent to Walmart and Newport, Maine Townline
- Price for Land Acres (4 lots) & Site Plan Approvals and Permits in Hand: $1,1500,000
- Price for 4 Lots Mixed Use and build-out of 40,000SF Self Storage: $3,875,000
- Estimated Certificate of Occupancy Value for Self Storage: $3,475,000
- Front 3 Lots 600+/-frontage and Back Lot Highly Visible from I-95
- 330 Units
SVN The Masiello Group and SVN | C.M. Neville & Associates, Inc. have been engaged by the Developer to exclusively offer this investment opportunity in Palmyra, Maine. This development opportunity offers 40+/- acres with 3 lots with 600+/-ft frontage on Route 2 and 1 back lot approvals for 40,000SF self storage. The property is offers highly visible from 1-95 and adjacent to Walmart and close to Newport, Maine retail hub- Tractor Supply, Dollar Store, Pizza Hut, Dunkin' Donuts, Hannaford's and recent additions of Aroma Joes and Taco Bell. The Newport I-95 exit is heavily accessed for commuters, regional and local traffic headed retail, restaurants, Sebasticook and Moosehead Lakes, Sugarloaf Ski resort and other popular recreation (RV/Camp/ATV/Snowmobile) destinations.
This development project presents an ideal chance to capitalize on the market potential and secure long-term financial returns by bringing a superior self storage product to the market. The Seller/Developer will deliver a fully approved, permitted and built 40,000 Gross SF drive-up self storage facility on Lot 3. Lot 3 is 12.51+/- acres with excellent visibility from 195 and is also approved for truck rentals and if allowed by town possible future uses. This seller also provides an opportunity for a truly turn-key operation with the option to engage their 3rd-party management company to maximize on local expertise for lease up and stabilization of self storage facility.
The south side of the parcel offers excellent visibility from I-95 and a traffic count of 9152 and the north side of the parcel is located on Route 2 with 6,705 traffic and is adjacent to Walmart. Route 2 is the main travel route to Newport center with a traffic count 17,347. Currently this market offers 4.68 SF/per capita of self storage and a few small-ops in 3 mile radius. Baes on market research currently self storage properties in the 3-5 mile radius have waitlists for many unit types.
*Traffic count as per Maine DOT August 2023
See agent for details on land purchase only. Please also reference the attached flyer.
- 6300+ People in 5 miles
- 4.68 SF/per capita storage in 3 Mile
- Property Adjacent to Walmart and Newport, Maine Townline
- Price for Land Acres (4 lots) & Site Plan Approvals and Permits in Hand: $1,1500,000
- Price for 4 Lots Mixed Use and build-out of 40,000SF Self Storage: $3,875,000
- Estimated Certificate of Occupancy Value for Self Storage: $3,475,000
- Front 3 Lots 600+/-frontage and Back Lot Highly Visible from I-95
- 330 Units
SVN The Masiello Group and SVN | C.M. Neville & Associates, Inc. have been engaged by the Developer to exclusively offer this investment opportunity in Palmyra, Maine. This development opportunity offers 40+/- acres with 3 lots with 600+/-ft frontage on Route 2 and 1 back lot approvals for 40,000SF self storage. The property is offers highly visible from 1-95 and adjacent to Walmart and close to Newport, Maine retail hub- Tractor Supply, Dollar Store, Pizza Hut, Dunkin' Donuts, Hannaford's and recent additions of Aroma Joes and Taco Bell. The Newport I-95 exit is heavily accessed for commuters, regional and local traffic headed retail, restaurants, Sebasticook and Moosehead Lakes, Sugarloaf Ski resort and other popular recreation (RV/Camp/ATV/Snowmobile) destinations.
This development project presents an ideal chance to capitalize on the market potential and secure long-term financial returns by bringing a superior self storage product to the market. The Seller/Developer will deliver a fully approved, permitted and built 40,000 Gross SF drive-up self storage facility on Lot 3. Lot 3 is 12.51+/- acres with excellent visibility from 195 and is also approved for truck rentals and if allowed by town possible future uses. This seller also provides an opportunity for a truly turn-key operation with the option to engage their 3rd-party management company to maximize on local expertise for lease up and stabilization of self storage facility.
The south side of the parcel offers excellent visibility from I-95 and a traffic count of 9152 and the north side of the parcel is located on Route 2 with 6,705 traffic and is adjacent to Walmart. Route 2 is the main travel route to Newport center with a traffic count 17,347. Currently this market offers 4.68 SF/per capita of self storage and a few small-ops in 3 mile radius. Baes on market research currently self storage properties in the 3-5 mile radius have waitlists for many unit types.
*Traffic count as per Maine DOT August 2023
See agent for details on land purchase only. Please also reference the attached flyer.
Property Details
- Property Subtype
- Commercial
Highlights
- Excellent Visibility
- 600 Ft. Road Frontage
- Traffic Count: 9,152 VPD
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