Three-Bay Car
For Sale
$499,000
424 US Route 1, Kittery, ME 03904
Commercial Sale, Kittery, ME
Property Size2,208 SF
Lot Size0.55 Acres
Price / SF$225
Days on Market83
Property Features for 424 US Route 1
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MU
Rooms
Basement
Basement
Partial, Unfinished
Lot features
Near Turnpike/ Interstate, Near Airport, Near Shopping
Standard status
Active
Size
2,208 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2022
Tax Annual Amount
5106
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1999
Flooring type
Carpet, Concrete
Building materials
Masonry, Block, Shingle Siding
Roof type
Shingle
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 967-9900
Listed By:
Julie Trask
(207) 514-3499
Added: Jun 14
Changed: Aug 19
Last Checked: Sep 4 at 4:06PM
MLS# 1575170
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 mixed-use property includes a 2,208-square-foot structure on a 0.55-acre parcel. Previously operated as a car wash, the building contains three 12-foot-tall bays and just over 300 square feet of office space. Construction includes masonry, block, and shingle siding, with concrete and carpet flooring, natural gas heat, a shingle roof, and a basement. Public water and public sewer serve the property, which was built in 1999.
The property is positioned on US Route 1 in Kittery, with a reported traffic count of 15,000 vehicles per day. It is just over a mile from the I-95 on/off ramp and is near Portsmouth, Portsmouth Naval Shipyard, the Kittery shopping outlets, and the York/Ogunquit beaches. The site also includes parking and is approximately one hour from metropolitan Boston.
The property is positioned on US Route 1 in Kittery, with a reported traffic count of 15,000 vehicles per day. It is just over a mile from the I-95 on/off ramp and is near Portsmouth, Portsmouth Naval Shipyard, the Kittery shopping outlets, and the York/Ogunquit beaches. The site also includes parking and is approximately one hour from metropolitan Boston.
Key Highlights
- 2,208‑square‑foot mixed‑use structure on a 0.55‑acre parcel
- Three 12‑foot‑tall bays with just over 300 square feet of office space
- Located on US Route 1 with a reported traffic count of 15,000 per day
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
$26,814
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
5.37%
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%
$536,280
$536.3K
Cap Rate 7%
$383,057
$383.1K
Cap Rate 9%
$297,933
$297.9K
Market Conditions
NOI Build-Up for 2,208 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
$41.9K $18.96/SF
− Vacancy
−$3.6K −$1.61/SF
EGI
$38.3K $17.35/SF
− OpEx
−$11.5K −$5.20/SF
NOI
$26.8K $12.14/SF
Area
York County, ME
Vacancy
8.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$536,280
Cap Rate 7%
$383,057
Cap Rate 9%
$297,933
Alternative Uses
Best Use
Retail
$383.1K
$335.2K – $446.9K
NOI $26,814 @ 7.0% cap · market cap 5.37%
Second Best
Specialty Retail
$381.5K
$333.8K – $445.1K
NOI $26,705 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$699.9K
$612.4K – $816.6K
NOI $48,995 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
50k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 65%
Shops & Services 31%
Hotels & Casinos 3%
Home Improvements & Furnishings 1%
Hannaford
Groceries
32,488 visits/mo
0.3 miles
Circle K
Shops & Services
13,618 visits/mo
0.2 miles
O'Reilly Auto Parts
Shops & Services
1,557 visits/mo
0.4 miles
Microtel Inn & Suites by Wyndham York
Hotels & Casinos
827 visits/mo
0.2 miles
Best Western York Inn
Hotels & Casinos
789 visits/mo
0.3 miles
Demographics for 03904, ME
8,148
Population
4,375
Households
1.9
Avg Household Size
42
Median Age
40%
College-Educated
96%
High-School Grad
10.9 sq mi
ZIP Area
748
Density / Sq Mi
$74,551
Median Household Income
$50,752
Median Earnings
$1,458
Median Rent
$415,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Mixed-use property with office space, public utilities, and direct US Route 1 access.
Where is this car wash located?
The property is located at 424 US Route 1 Kittery, ME.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,208‑square‑foot mixed‑use structure on a 0.55‑acre parcel; Three 12‑foot‑tall bays with just over 300 square feet of office space; Located on US Route 1 with a reported traffic count of 15,000 per day
