Approved Multi-Family Development

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 30214608
Property Subtypes: Multi-Family
Status: Pending
Gross Land Area: 15 - 30 Acres
Sale Price: $3,000,000 - 4,500,000
Land Splits Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/12/2022

Overview / Comments

- 330 unit development offers rare opportunity in high barrier to entry market.

- 7 minute drive from downtown Portland (< 6 Miles).

- Limited competition; No new construction in Scarborough over 60 units since 1981.

- 500,000+ population within 25 mile radius.

- Efficient management all in one site.

- Less than 3.5 miles from Maine Mall.

- 1.5 miles to Maine Turn-Pike (I-95).

- Scarborough is Maine’s fastest growing residential municipality.

- Destination for outdoor enthusiasts; 6 white sand beaches and 3,000 acres of coastal-Maine habitat for wildlife.

Attachments & Media

Additional Details

Nearest MSA: Portland-South Portland
County: Cumberland
Tax ID/APN: FD452F25-4B1F-4C31-88F7-70BCD399D9F3
Zoning: HPZ
Property Visibility: Excellent
Site Description: 30 acres approved for 330 multi-family apartments
Lot Frontage: Varies

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 21,649 66,303
Median Age: 44.27 40.23
Households: 8,621 29,154
The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.