Hospitality Opportunity / For Sale

Hospitality for Sale
Sale Pending
Catylist Listing ID: 30341037
Property Subtypes: Extended Stay, Other
Status: Pending
Number of Units: 11 Units
Building Size (RSF): 6,140 SF
Gross Building Area: See Agent
Gross Land Area: 0.53 Acres
Sale Price: $1,349,500
Unit Price: $122,681.82 Per Unit
Property Use Type: Vacant/Owner-User
Building Name: Cape Elizabeth Home
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/28/2019

Overview / Comments

521 Ocean Street is an amazing property. Built in 1915, it features 11 bedrooms, 12 baths, A commercial kitchen and ample common areas. Since 1915, it has been a non-profit home for elderly woman. Very well maintained, it has period features throughout. 100% accessible by elevator, it is fully sprinklered with excellent utility systems.

Due to the current zoning, AA (Residential) , any future use for which it would excel such as Bed & Breakfast, live-in treatment facility, etc, will need to be approved by the City of South Portland, with either a Contract Use or zone change, most likely to a more appropriate LB- limited business zone. A classic property in every sense.

Attachments & Media

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: Map 21 Lot 95
Retail Clientele: General
Property Visibility: Good
Feet of Frontage: 350
Airports: Portland International Jetport
Site Description: RESTROOMS: Eleven ADA compliant: eight half baths and four full baths ELEVATOR: Yes, operates to all four levels ELECTRICITY: Circuit breakers with automatic back up generator AIR CONDITIONING: Window units HEATING: Steam, oil-fired (convertible to natural gas) NATURAL GAS: Natural gas to property WATER/SEWER: Municipal SPRINKLER: Yes
Total Number of Buildings: 1
Property Condition: Good
Year Built: 1915
Roof Type: Other
Construction/Siding: Brick
Exterior Description: Brick
Total Parking Spaces: 6
Parking Description: Off-street parking for six vehicles
Heat Type: Natural Gas, Oil, Steam
Zoning Description: AA - Residential
Lot Frontage: 350
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,994 59,283 102,897
Median Age: 42.37 38.42 39.21
Households: 2,543 27,674 46,586
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