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Limited Competition I 10% Incr in Options 317 Main St 14,775 SF Retail Building Farmington, ME 04938 $3,890,083 ($263.29/SF) 12% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute NNN lease with zero landlord obligations whatsoever with six (5-year) renewal options and 10% rent increases in the 1st and 3rd options.
- Located on a key north-south corridor leading to Quebec, approximately 80 miles from the Canadian border via Coburn Gore crossing.
- No other Walgreens within 13 miles and no CVS location within 26 miles.
- Close proximity to the University of Maine at Farmington, serving 1,837 students and 149 faculty and staff.
EXECUTIVE SUMMARY
We are offering for sale the Walgreens property located at 317 Main Street, Farmington, ME 04938 (the “Property”). The asset is subject to an absolute net lease with no landlord responsibilities and includes six (5-year) renewal options with 10% rent increases scheduled in the first and third option periods.
The Property operates with limited drugstore competition, as there are no other Walgreens within 13 miles and no CVS locations within 26 miles, positioning it as the primary pharmacy provider for the surrounding area. It is also the only national drugstore near Franklin Memorial Hospital, the region’s sole full-service medical facility.
The site is located along Route 27, a corridor that connects to the Canada–U.S. border at Coburn Gore, approximately 80 miles north. It is also near the University of Maine at Farmington, which enrolls 1,837 students and employs 149 faculty and staff.
Listed in conjunction with Brian Brockman, Bang Realty - New England Inc, 513-898-1551, wg@bangrealty.com, ME DRE Lic. DB921170.
The Property operates with limited drugstore competition, as there are no other Walgreens within 13 miles and no CVS locations within 26 miles, positioning it as the primary pharmacy provider for the surrounding area. It is also the only national drugstore near Franklin Memorial Hospital, the region’s sole full-service medical facility.
The site is located along Route 27, a corridor that connects to the Canada–U.S. border at Coburn Gore, approximately 80 miles north. It is also near the University of Maine at Farmington, which enrolls 1,837 students and employs 149 faculty and staff.
Listed in conjunction with Brian Brockman, Bang Realty - New England Inc, 513-898-1551, wg@bangrealty.com, ME DRE Lic. DB921170.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
14,775 SF
Building Class
C
Year Built
2008
Price
$3,890,083
Price Per SF
$263.29
Cap Rate
12%
NOI
$466,810
Tenancy
Single
Building Height
1 Story
Building FAR
0.25
Lot Size
1.36 AC
Zoning
SEASON
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | FARN-000000-U000014-000043 | Improvements Assessment | $2,932,600 |
| Land Assessment | $129,900 | Total Assessment | $3,062,500 |
PROPERTY TAXES
Parcel Number
FARN-000000-U000014-000043
Land Assessment
$129,900
Improvements Assessment
$2,932,600
Total Assessment
$3,062,500
(619) 297-0055
x302
CONTACTS
-
Jason Pongsrikul -
Chris Barry -
Pharma Property Group- Drugstore Specialists
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Limited Competition I 10% Incr in Options | 317 Main St
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