835 Ocean Avenue, Wells, ME 04090 (MLS # 1656917)

PRICE $1,395,000 BEDS 3 BATHS 1 HOME SIZE 884 sqft LOT SIZE 21,780 sqft Request More Info Schedule a Showing

A rare development opportunity on Ocean Avenue in Wells, this half-acre corner lot at Ocean Avenue and Eldridge Road offers exceptional flexibility just a short walk to the beach. With seasonal marsh views, public water and sewer, and a preliminary survey already completed, the groundwork is in place for a variety of redevelopment options. Subject to local approvals, buyers may choose to replace the existing structure with a new single-family home or duplex, subdivide the parcel into three single-family lots, or create two conforming lots--each capable of supporting a single-family home or duplex. Depending on the approach, the site may offer the potential for as many as four total units. This flexibility creates multiple potential exit strategies, including build-and-sell, condominium development, long-term hold, or owner-occupancy with additional units for resale or income. Based on its potential yield of up to four units, the property represents an attractive land basis per possible unit relative to other coastal opportunities. Potential future changes to accessory dwelling unit (ADU) regulations may further enhance the property's versatility and overall value. Few properties in Wells offer this combination of location, infrastructure, and development potential so close to the coast. 835 Ocean Avenue presents a unique opportunity to unlock value in one of southern Maine's most desirable beachside markets. Call today for more information!