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    641 Elm St Biddeford, ME 04005

    View on Map
    Sponsored
    For Sale
    $439,500

    Commercial Building - Biddeford, ME

    Property size:
    3,428 SF
    Lot size:
    0.65 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 28 at 1:06 pm

    Property Features for 641 Elm St

    General Information

    Special listing conditions
    Real Estate Owned
    Property type
    Commercial Sale
    Property subtype
    Other
    TransactionType
    Real Estate Owned
    Standard status
    Active
    Parking features
    Garage
    Size
    3,428 SF
    Lot size
    0.65 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Richard Keenan

    Keenan Auction Company, Inc.

    Listing agent Richard Keenan

    Listing date Mar 27, 2026

    MLS# 11681066 Listing URL

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

    Learn more

    Property Insight Report

    Overview

    Commercial Building on US Route 1

    The property features a commercial building constructed circa 1979, designed with a large dining area, a commercial kitchen area, two restrooms, an enclosed porch, a patio, and an unfinished basement. The building has a single-story layout. The site spans 0.65 acres and includes 165 feet of frontage on US Route 1, offering good visibility. The building's dimensions are 165' x 200' x 162' x 169'. The gross building area is 3,428 square feet with 2,188 square feet in the original building. The foundation is concrete and unfinished. The roof is a gable/hip style with asphalt-fiberglass composite cover. Windows are vinyl. The building is equipped with 220 amp electrical service and electric monitor AC/wall mount HVAC. Ceilings are 10 feet high. It is handicapped accessible. Public utilities available include water, sewer, natural gas, electricity, telephone, and cable service. There is a large paved parking lot with 30+ spaces. The property is located 1.5 miles from I-95. According to FEMA Flood Map 23031C0455G dated July 17, 2024, the property is not located in a flood zone. The property is located on US Route 1 and is zoned 1 General Commercial Industrial.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Three Sisters Family ... Restaurant Maggie's Place (Featuring ... Restaurant

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Big Box & Wholesale Store Auto Repair Shop Nail Salon Hotel & Motel Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Biddeford
    County
    York
    State
    Maine
    Longitude
    -70.490232
    Latitude
    43.463033

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    FAQs

    What type of property is this?
    Conventional restaurant - Commercial building on 0.65 acres with frontage on US Route 1.
    Where is this conventional restaurant located?
    The property is located at 641 Elm St Biddeford, ME.
    What is the asking price?
    The asking price for this property is $439,500.
    What are key features of this property?
    This property features: - Commercial building (2,188+\/- SF) with food service equipment included.; - Located on US Route 1 with **165+\/- ft of frontage and good visibility**.; - **Large paved parking lot with 30+ spaces.**
    (207) 885-5100
    Request Owner's contact information
    641 Elm St Biddeford, ME 04005
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    Biddeford, ME 04005
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    641 Elm St Biddeford, ME 04005
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    Richard Keenan
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