Building Details

Year built 1968

Flooring type Vinyl, Tile

Building materials Vinyl Siding

Roof type Metal

Additional Structures Storage

Listing Agency: Realty of Maine j***@realtyofmaine.com Show Phone

Listed By: Sheldon Anderson Show Phone

Added: Jun 18 Changed: Aug 4 Last Checked: Aug 12 at 2:06PM

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MLS# 1651188

Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This for-sale restaurant business is offered as a long-established operation with a dedicated local customer base and more than 30 years in service. The offering includes the business with a seller-ready transition, and partial owner-carry may be available for a serious buyer with seller approval.

The property is located right on the edge of the Aroostook Scenic Highway in Patten. It also offers access from both local ATV and snowmobile trails, with traffic flowing toward Baxter State Park and the Katahdin Woods and Waters National Monument.

The area draws repeat visitors tied to hunting and freshwater fishing seasons, including hunters for bear, deer, moose, and grouse, along with anglers returning year after year. The property is zoned for commercial use.

Key Highlights

• Located on the edge of the Aroostook Scenic Highway in Patten, Maine.
• Built in 1968 with vinyl siding and a metal roof.
• Utilities: public water and public sewer.

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$26,646

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

8.10%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$532,920 $532.9K

Cap Rate 7%

$380,657 $380.7K

Cap Rate 9%

$296,067 $296.1K

Market Conditions

NOI Build-Up for 1,956 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$37.1K $18.96/SF

− Vacancy

−$1.6K −$0.80/SF

EGI

$35.5K $18.16/SF

− OpEx

−$8.9K −$4.54/SF

NOI

$26.6K $13.62/SF

Area

Penobscot County, ME

Vacancy

4.20%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$532,920

Cap Rate 7%

$380,657

Cap Rate 9%

$296,067

Alternative Uses

Best Use

Specialty Retail

$380.7K

$333.1K – $444.1K (±1% cap)

NOI $26,646 @ 7.0% cap · market cap 8.10%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$631.7K

$552.8K – $737.0K (±1% cap)

NOI $44,221 @ 7.0% cap · market cap 13.44%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Conventional restaurants

Suggested Use

Top Pick HVAC Service Plumbing Service Building Supply Auto Parts Store (Bike/Boat/Book/etc) Store Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

85

Businesses Nearby

475

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Napa Auto Parts Shops & Services

475 visits/mo 0.1 miles

Demographics for 04765, ME

1,122

Population

1,073

Households

1

Avg Household Size

52

Median Age

25%

College-Educated

90%

High-School Grad

750.6 sq mi

ZIP Area

1

Density / Sq Mi

$47,269

Median Household Income

$33,631

Median Earnings

$347

Median Rent

$120,400

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - A commercially zoned, long-established restaurant opportunity in Patten with access from local ATV and snowmobile trails.

Where is this conventional restaurant located?

The property is located at 2 Founders Street Patten, ME.

What is the asking price?

The asking price for this property is $329,000.

What are key features of this property?

This property features: Located on the edge of the Aroostook Scenic Highway in Patten, Maine.; Built in 1968 with vinyl siding and a metal roof.; Utilities: public water and public sewer.