Bought with RE/MAX Shoreline
$675,000
$775,000
12.9%For more information regarding the value of a property, please contact us for a free consultation.
45-47 East Grand AVE Old Orchard Beach, ME 04064
4,110 SqFt
Key Details
Sold Price $675,000
Property Type Commercial Sale
Sub Type Mixed Use
Listing Status Sold
Square Footage 4,110 sqft
MLS Listing ID 1546281
Year Built 1915
Annual Tax Amount $7,109
Tax Year 22
Lot Size 2,178 Sqft
Property Sub-Type Mixed Use
Property Description
45 & 47 East Grand Avenue are listed as a package at $775,000.
Buyer-developer likely has two business opportunities for the 5,550 +/- SF lot improved with two buildings; 1) Raze both buildings and construct a mixed-use three-story building with a business on the first floor and four residences upstairs and on-site parking; or 2) Raze 45 East Grand Avenue building to provide much needed on-site parking to serve 47 East Grand Avenue.
47 East Grand Avenue is improved with a mixed-use two-story building comprising a 2,000 +/- SF restaurant on the first floor and a rooming house on the upper floor with ten bedrooms, three baths, kitchen and porch. Second floor has housed summer workers for many years; last year gross revenue was $64,115. Restaurant didn't operate.
2021 revenue was $69,120, The dearth of nearby housing yields pricing power for the buyer-owner.
Location
State ME
County York
Zoning DD-2
Interior
Heating None
Cooling None
Flooring Vinyl, Other
Exterior
Parking Features 11 - 20 Spaces, None
Waterfront Description Ocean
View Y/N No
Roof Type Composition,Pitched
Building
Lot Description Water View, Downtown, Business District
Story 2
Sewer Public Sewer
Water Public
Structure Type Vinyl Siding,Wood Frame
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