Portland Public Market Garage
$23,500,000
315 Cumberland Drive, SPortland, ME 04101
4.34
Cap Rate
1,018,839
NOI
Details:
Description:
The 595 space PORTLAND MARKET PUBLIC GARAGE is a rare opportunity to own a seldom on the market type of asset. The current owner has meticulously upgraded and maintained the property so there is no deferred maintenance. The systems have been modernized with computer operated ingress and egress including payment systems and security cameras remotely monitored. The business nearly runs itself and is occupied by many long term contracted tenants.
The garage operates to the public Monday-Friday until 7pm and to the monthly tenants 7 days a week. Hence, there is "value-ad" opportunity to be open for weekends and to tourists that need overnight parking when they visit the offshore islands. Additionally, many new projects are sprouting up including a 100 unit apartment nearby that was approved with no parking. Existing flat lot parking is also disappearing to development of buildings.
AERIAL VIDEO: www.vimeo.com/613008202
CONTACT BROKER FOR THE "OFFERING MEMORANDUM:" tls@san.rr.com
Location
Gallery
