Commercial Land With Dual
For Sale
$825,000
429 US-1, Kittery, ME 03904
Commercial Sale, Kittery, ME
Property Size1,757 SF
Lot Size1.21 Acres
Price / SF$469.55
Days on Market150
Property Features for 429 US-1
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
MU
Rooms
Basement
Parking features
Off Street
Basement
Sump Pump
Lot features
Near Turnpike/ Interstate, Business District
Standard status
Active
Size
1,757 SF
Lot size
1.21 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
3382
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1920
Building materials
Wood Frame
Listing Agency:
Keller Williams Coastal and Lakes & Mountains Realty · Keller Williams Realty
(603) 610-8500
Listed By:
George O'Connell
(603) 978-8381
Added: Apr 4
Changed: Aug 19
Last Checked: Aug 31 at 4:06AM
MLS# 1608046
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 1.21-acre commercial land parcel at 429 US-1 includes an existing 1,757-square-foot wood-frame building constructed in 1920. The building is currently used as an 8-unit boarding house and includes a basement, off-street parking, public water, and public sewer. The property is zoned MU, supporting a mixed-use development framework.
Access is available from US-1 and Cutts Road, with approximately 161 feet of frontage on US-1 and 104 feet on Cutts Road. The site is near a Sonoco gas station, Maine Beer Cafe, When Pigs Fly Restaurant, Auto Spa Car Wash, Dunkin Donuts, and the Adidas Store at Kittery Outlets.
Access is available from US-1 and Cutts Road, with approximately 161 feet of frontage on US-1 and 104 feet on Cutts Road. The site is near a Sonoco gas station, Maine Beer Cafe, When Pigs Fly Restaurant, Auto Spa Car Wash, Dunkin Donuts, and the Adidas Store at Kittery Outlets.
Key Highlights
- 1.21‑acre commercial land parcel in Kittery
- MU zoning supports mixed‑use development
- Approximately 161+/- feet of frontage on Rte 1
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
$27,153
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
3.29%
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%
$543,060
$543.1K
Cap Rate 7%
$387,900
$387.9K
Cap Rate 9%
$301,700
$301.7K
Market Conditions
NOI Build-Up for 1,757 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
$52.1K $29.64/SF
− Vacancy
−$2.7K −$1.54/SF
EGI
$49.4K $28.10/SF
− OpEx
−$22.2K −$12.64/SF
NOI
$27.2K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
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%
$543,060
Cap Rate 7%
$387,900
Cap Rate 9%
$301,700
Alternative Uses
Best Use
Apartment 5plus
$387.9K
$339.4K – $452.6K
NOI $27,153 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$557.0K
$487.3K – $649.8K
NOI $38,987 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - MU-zoned development site with access from US-1 and Cutts Road, plus an existing residential improvement.
Where is this commercial land located?
The property is located at 429 US-1 Kittery, ME.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 1.21‑acre commercial land parcel in Kittery; MU zoning supports mixed‑use development; Approximately 161+/- feet of frontage on Rte 1
