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Listed by Edward Baldacci Keller Williams Realty
$900,000
Est. payment /mo
4.58 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1661445
Construction Status Proposed
HOA Y/N No
Tax Year 2024
Lot Size 4.580 Acres
Acres 4.58
Source Maine Listings
Property Description
Fully positioned development site for 30 spacious 2-3BR units in a growing Maine submarket.
Marketing description
Positioned in the heart of Orono--one of Maine's most supply-constrained and consistently high-demand rental markets--this ±4.6-acre development site at 0 Park Street presents a rare opportunity to deliver new construction, townhouse-style student housing immediately adjacent to the University of Maine.
Located just steps from The Local and approximately 0.5-0.8 miles (±2-4 minute drive / short bike ride) from University of Maine, the property offers an exceptional proximity advantage that is increasingly difficult to replicate. The University enrolls approximately 11,000 students and serves as the state's flagship research institution, driving consistent housing demand across all asset classes.
The offering consists of a 4.58-acre level parcel with favorable positioning along Park Street, a primary corridor connecting downtown Orono to campus. The site benefits from existing infrastructure access and is ideally suited for a 30-unit, 2-3 bedroom townhouse-style apartment community, a product type that directly aligns with current renter preferences for larger, modern, off-campus living options.
Proven Rental Market Fundamentals
Orono consistently draws renters from both the student population and the broader Bangor region, functioning as a regional service and employment center with more jobs than resident workers--supporting long-term rental demand stability.
Scalable Development with Seller Support
The ±4.6-acre site provides the scale and flexibility to execute a cohesive townhome-style community, with the seller willing to support approvals--reducing entitlement risk and accelerating development timelines.
NDA to review Engineering Documents.
Marketing description
Positioned in the heart of Orono--one of Maine's most supply-constrained and consistently high-demand rental markets--this ±4.6-acre development site at 0 Park Street presents a rare opportunity to deliver new construction, townhouse-style student housing immediately adjacent to the University of Maine.
Located just steps from The Local and approximately 0.5-0.8 miles (±2-4 minute drive / short bike ride) from University of Maine, the property offers an exceptional proximity advantage that is increasingly difficult to replicate. The University enrolls approximately 11,000 students and serves as the state's flagship research institution, driving consistent housing demand across all asset classes.
The offering consists of a 4.58-acre level parcel with favorable positioning along Park Street, a primary corridor connecting downtown Orono to campus. The site benefits from existing infrastructure access and is ideally suited for a 30-unit, 2-3 bedroom townhouse-style apartment community, a product type that directly aligns with current renter preferences for larger, modern, off-campus living options.
Proven Rental Market Fundamentals
Orono consistently draws renters from both the student population and the broader Bangor region, functioning as a regional service and employment center with more jobs than resident workers--supporting long-term rental demand stability.
Scalable Development with Seller Support
The ±4.6-acre site provides the scale and flexibility to execute a cohesive townhome-style community, with the seller willing to support approvals--reducing entitlement risk and accelerating development timelines.
NDA to review Engineering Documents.
Location
State ME
County Penobscot
Zoning Residential
Exterior
Parking Features No Driveway, 21+ Spaces
Building
Lot Description Business District
Water Public
Construction Status Proposed
Others
Tax ID 00ParkstreetOrono04773
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Nearby School & Business