Mixed-Use Property with Heated
For Sale
$1,550,000
10 Lewis Road, Kittery, ME 03904
Modern mixed-use property combining a custom residence, detached workshop, business suite, and adaptable outdoor improvements.
Property Size4,699 SF
Price / SF$329.86
Days on Market388
Property Features for 10 Lewis Road
General Information
Standard status
Active
Size
4,699 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$10,749
Amenities
Central Air, Heat Pump
3
4.0
Overhead Doors, Extra Storage.
Building Details
Year Built
2022
Listing Agency:
Widi Realty Group
(207) 252-5229
Listed By:
Lois Widi
(207) 252-5229
Source:
Xome
Added: Aug 8, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Widi Realty Group
Investment Insights
Based on property information with market context.
Set on 4 acres, this 2022-built mixed-use property pairs a modern farmhouse ranch residence with several supporting improvements. The home includes 3 bedrooms and 3 baths, a gourmet kitchen, finished lower-level family room, workout area, bar, covered outdoor kitchen, and composite decking. Central air, heat pump service, radiant floor heat, spray foam insulation, metal roofing, and Hardie siding add to the building systems and finish package.
An oversized heated two-car garage connects to a 480-square-foot, two-room suite suited to business or accessory dwelling use. A separate 30-by-40 insulated, heated barn has water service, an attached unfinished 15-by-20 storage garage, and current custom cabinet and woodworking use. The property also includes a 50-amp RV hookup pad, front farmer’s porch, rear deck, and covered outdoor dining area. Kittery outlet malls and downtown Portsmouth are identified as nearby destinations, while the setting is described as quiet and residential in character.
An oversized heated two-car garage connects to a 480-square-foot, two-room suite suited to business or accessory dwelling use. A separate 30-by-40 insulated, heated barn has water service, an attached unfinished 15-by-20 storage garage, and current custom cabinet and woodworking use. The property also includes a 50-amp RV hookup pad, front farmer’s porch, rear deck, and covered outdoor dining area. Kittery outlet malls and downtown Portsmouth are identified as nearby destinations, while the setting is described as quiet and residential in character.
Key Highlights
- 4‑acre mixed‑use property with a 2022‑built modern farmhouse ranch
- 30‑by‑40 insulated, heated barn with water service and attached unfinished 15‑by‑20 storage garage
- 480‑square‑foot two‑room suite connected to an oversized heated two‑car garage
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
$76,970
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
4.97%
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%
$1,539,400
$1.5M
Cap Rate 7%
$1,099,571
$1.1M
Cap Rate 9%
$855,222
$855.2K
Market Conditions
NOI Build-Up for 4,699 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
$117.3K $24.96/SF
− Vacancy
−$14.7K −$3.12/SF
EGI
$102.6K $21.84/SF
− OpEx
−$25.7K −$5.46/SF
NOI
$77.0K $16.38/SF
Area
York County, ME
Vacancy
12.50%
Lease Rate
$24.96 /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%
$1,539,400
Cap Rate 7%
$1,099,571
Cap Rate 9%
$855,222
Alternative Uses
Best Use
Office B
$1.10M
$962.1K – $1.28M
NOI $76,970 @ 7.0% cap · market cap 4.97%
Second Best
Flex RnD
$941.0K
$823.4K – $1.10M
NOI $65,873 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,269 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
78
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Modern mixed-use property combining a custom residence, detached workshop, business suite, and adaptable outdoor improvements.
Where is this mixed-use property located?
The property is located at 10 Lewis Road Kittery, ME.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 4‑acre mixed‑use property with a 2022‑built modern farmhouse ranch; 30‑by‑40 insulated, heated barn with water service and attached unfinished 15‑by‑20 storage garage; 480‑square‑foot two‑room suite connected to an oversized heated two‑car garage
