Commercial Investment Opportunity on Prime Business Hub in Augusta
A Golden Opportunity Awaits at 418 and 424 Western Avenue, Augusta
We are thrilled to introduce a rare and exciting opportunity in the real estate market of Augusta - the properties at 418 and 424 Western Avenue. These properties, which are hitting the market for the first time in nearly three decades, present a unique investment or business venture for discerning buyers.
- Price: The two properties are bundled together at an attractive price of $1.45 million.
- Location: Situated in a prime location, these properties enjoy a tremendous traffic count of nearly 22,000 vehicles per day, ensuring great exposure.
- Size and Space: With a combined acreage of 2.45 acres and over 200 feet of frontage, there is ample space for various business activities and potential for further development.
418 Western Avenue
- Tenants: Currently hosts three tenants, including a longstanding barbershop at the front and Kyocera, a copier business.
- Vacancy: A recently vacated space, previously utilized as a medical marijuana location, is available for a multitude of uses.
- Potential Income: With the vacant space rented, it could generate over $4,500 a month
424 Western Avenue
- Size: A 10,000 square foot building with approximately 5,500 square feet finished and around 4,500 square feet unfinished.
- Previous Uses: Has been utilized as an auto parts store and a marine retail business.
- Upcoming Vacancy: Current tenants will soon vacate, making it available for new users.
- Maintenance: Recent enhancements include a new roof and a complete repaint.
With strategic renting, both properties could generate a net operating income closer to $110,000 a year, considering the current expenses of about $32,000 a year for taxes, insurance, ground maintenance, and utilities.
Zoning and Usage
The site is zoned CC regional business, permitting a wide array of uses such as business and professional offices, small distilleries, breweries, bakeries, auto repair sales, and more. The versatility in permissible uses ensures that investors or businesses can explore various avenues to maximize the potential of these properties.
418 and 424 Western Avenue offer a splendid opportunity for businesses looking to establish themselves in a prime location or investors seeking a property with robust potential in Augusta. With its strategic location, versatile usage options, and significant investment potential, this offering is not to be missed.
For further inquiries or to express your interest, please reach out to Pouliot Real Estate at 207-248-6044.