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24 Chase Ave
Waterville, ME 04901
24 Chase Avenue, Waterville · Office Property For Sale
Investment Highlights
- 100 percent occupied with in-place income at a 7.46 percent capitalization rate
- Modified gross lease running through October 31, 2029, with annual escalations tied to the current Consumer Price Index (CPI)
- ±5.66 acres provides ample parking, campus flexibility, and room for future expansion
Executive Summary
The offering of 24 Chase Avenue in Waterville, Maine is the
opportunity to acquire a 10,803-square-foot medical office building
on approximately 5.66 acres, fully occupied by MaineGeneral Health.
Known as the Seton Center, the building houses outpatient and
specialty medical services and is offered at a 7.46 percent
capitalization rate, delivering stabilized income from an essential,
deeply rooted healthcare tenant.
The property is occupied by MaineGeneral Health, the largest
nonprofit health system in central Maine and the largest private
employer in the Kennebec Valley, under a modified gross lease that
runs through October 31, 2029. The building functions as part of
MaineGeneral's established Waterville footprint, a clinical setting that
is costly and disruptive to relocate, which underpins long-term
occupancy and a high probability of renewal.
For an investor seeking durable, recession-resistant income, 24 Chase
Avenue offers single-tenant medical office cash flow backed by a
mission-critical regional health system with a long-standing presence
at this location. It is a defensive, essential-use asset of a type that
institutional and private buyers consistently favor for its stability.
opportunity to acquire a 10,803-square-foot medical office building
on approximately 5.66 acres, fully occupied by MaineGeneral Health.
Known as the Seton Center, the building houses outpatient and
specialty medical services and is offered at a 7.46 percent
capitalization rate, delivering stabilized income from an essential,
deeply rooted healthcare tenant.
The property is occupied by MaineGeneral Health, the largest
nonprofit health system in central Maine and the largest private
employer in the Kennebec Valley, under a modified gross lease that
runs through October 31, 2029. The building functions as part of
MaineGeneral's established Waterville footprint, a clinical setting that
is costly and disruptive to relocate, which underpins long-term
occupancy and a high probability of renewal.
For an investor seeking durable, recession-resistant income, 24 Chase
Avenue offers single-tenant medical office cash flow backed by a
mission-critical regional health system with a long-standing presence
at this location. It is a defensive, essential-use asset of a type that
institutional and private buyers consistently favor for its stability.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
10,690 SF
Building Class
B
Year Built
1988
Price
$1,895,000
Price Per SF
$177.27
Cap Rate
7.46%
NOI
$141,450
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
10,690 SF
Building FAR
0.04
Lot Size
5.66 AC
Zoning
INST - Commercial
Parking
29 Spaces (2.71 Spaces per 1,000 SF Leased)
Amenities
- Signage
Property Taxes
| Parcel Number | WAVL-000046-000000-000075 | Improvements Assessment | $718,800 |
| Land Assessment | $72,500 | Total Assessment | $791,300 |
Property Taxes
Parcel Number
WAVL-000046-000000-000075
Land Assessment
$72,500
Improvements Assessment
$718,800
Total Assessment
$791,300
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