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Atlantic Regional Federal Acquires Development Site At 2 Ginn Road Scarborough For $1.6M
SOLD
$1,600,000
Maine
See Similar DealsDevelopment Site
Sold 08/02/2024
SOLD
Atlantic Regional Federal Acquires Development Site At 2 Ginn Road Scarborough For $1.6M
2 Ginn Road
See Similar DealsDevelopment Site
Sold 08/02/2024
Summary
MAINE
Asset Type:Development Site
Transaction Type:Sale
A 1.35-acre development site located at 2 Ginn Road in Scarborough, ME, has been sold for $1,600,000. This property is intended for a new branch of the Atlantic Regional Federal Credit Union.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,600,000
- Address: 2 Ginn Road
- Market: Scarborough, ME
- Acres: 1.35
- Buyer: Atlantic Regional Federal Credit Union
- Broker: Tyler DeWolfe - Greater Boston Commercial Properties
Tyler DeWolfe of Greater Boston Commercial Properties, Inc. facilitated the sale and is also responsible for listing two additional retail land sites for the same owner in Augusta and Mexico, Maine.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$85,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,684.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,584.82
Annual Debt Service$91,017.80
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