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Address: Main St, Palmyra, ME 04965, USA

Boston & New England + Land/Development

Created date: May 7, 2024

Date last updated: September 11, 2024

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: $1,150,000
- Price for 4 Lots Mixed Use and build-out of 40,000SF Self Storage: $3,500,000
- 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 plus approved for truck rentals
Option available to purchase the 40acres (4 lots) with Entitlements ; flyer attached.

Property Description

Reduced Price: Seller Financing Available: Fully Entitled 40,000 SF Build-to-Suit Self-Storage and Mixed Use Land Development opportunity with 600+/- Frontage Property Highlights: - Location: Prime 40± acre parcel with exceptional I-95 visibility, located off Exit 157 Newport/Palmyra (17,347 vehicles per day) adjacent to major retailers such as Walmart Supercenter, Tractor Supply, Ware-Butlers Building Supply, Hannaford's, Irving Oil, - Entitlements: The property is fully approved for 40,000 SF drive-up self-storage facility and truck rentals, 3 mixed-use parcels featuring 600± feet of frontage on Route 2/Maine Street. - Development Opportunity: The seller/developer is ready to collaborate with the buyer to construct a 40,000 SF facility with traditional drive-up units and convenient amenities. - Turn-Key Option: Maximize local expertise for lease-up and stabilization of self-storage facility with the seller's experienced 3rd-party management team Market Potential: - Visibility: The parcel offers excellent exposure with (9,000+ VPD) from I-95 - Competition: The local market features a favorable 4.68 SF per capita of self-storage within a 4-mile radius and limited Boat/RV storage within a 20-mile radius - Revenue Streams: Approved truck rentals and ample acreage offers future growth potential, pending town approvals. - Price includes full buildout 0f 40,000 SF 330 units traditional drive up self storage, permits for truck rentals, Curb cut for all 4 Lots - List Price for Land, Permits, Construction cost for 40,000 SF Self Storage and Truck Rental Permit: $3,500,000 - All-In Cost: $3,500,000 - 40,000 SF / 330 Total Units - Seller Financing

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Land/Development
Price:	$3,500,000
Lot Size:	40.00 Sq ft
Opportunity Zone:	No
Property Website	Click Here