70 Ocean Gate

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Property Description:

Ocean Gate Resort is a 65-room coastal Maine resort located on Southport Island, less than 10 minutes from downtown Boothbay Harbor. Southport Island is located on the Maine Coast, 10 minutes from downtown Boothbay Harbor, 1 hour 15 minutes from Portland, and 3 hours from Boston. Nestled among 33 acres of woods and ocean-view vistas, the resort features a full array of recreational amenities, including an outdoor heated pool, canoes and kayaks launched from a private dock, miniature golf course, fire pits with Adirondack chairs, bikes to explore the area, and tennis and basketball courts. Almost all guestrooms feature ocean views, and most offer private balconies or decks. The Property is open from May to October.

Ocean Gate Resort was acquired by current owner, Radify Soutport, LLC, in December 2022 as part of a multi-property deal with the intention of repositioning and incorporating the LOGE brand. They opted to shift their focus on properties closer to their west coast corporate hub of Oregon. Since then, the resort has been well maintained with continuous upgrades.
Prior to their acquisition, the property underwent a full renovation of the meeting space (dining room and kitchen) including unit upgrades to the interior paint, carpet, bedding, cottage kitchens, flooring, bathrooms, and FF&E. This modest renovation was completed in June 2018 and totaled $900K ($15k per room). Over time, new roofing has been installed for most buildings. Other renovations include new windows and deck replacements. Whether a new owner chooses to make additional guest room improvements or implement a full PIP to drive ADR, Ocean Gate Resort is presently in turnkey condition. With 33 acres, and remaining developable land, this prime waterfront resort is positioned for investors to convert this into a top destination resort on the peninsula, and in the region.

Price:
$11,000,000
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Address: 70 Ocean Gate RoadCity: Southport
State: MEBuilding Area Total: 35290

Home Features

Construction Materials: Wood Siding, Vinyl Siding, Stucco, Masonry, Wood FrameCooling: Wall Unit(s), Heat Pump
Flooring: Wood, Vinyl, Tile, Composition, CarpetFoundation Details: Other, Pillar/Post/Pier
Heating: BaseboardLot Size Square Feet: 1437480
Parking Features: 21+ Spaces, Paved, On StreetRoof: Composition, Shingle
Sewer: Septic Tank, Other, Private SewerWater Source: Well, Seasonal
Year Built: 1956List Office Name: Swan Agency Real Estate

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Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, non-commercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified. © 2022 Maine Real Estate Information System, Inc. All Rights Reserved.