Versatile Commercial Property on Route
57-59 State Rd Kittery, ME 03904
57-59 State Rd, Kittery, ME, 03904
$1,300,000
For Sale
$1,300,000
Restaurant/retail opportunity on 0.76 acres with ample parking.
Property Size5,112 SF
Lot Size0.76 Acres
Price / SF$254.30
Days on Market130
Property Features for 57-59 State Rd
General Information
- Standard status
- Active
- Size
- 5,112 SF
- Lot size
- 0.76 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1985
Listing Agency
Anne Erwin Sotheby's International Realty
(207) 363-6640
Listed by
Anne Erwin Real Estate
(207) 363-6640
Source
Elliman
Added: Mar 11 Checked: Jul 17 at 6:17 am
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 Anne Erwin Sotheby's International Realty
Investment Insights
Based on property information with market context.
A versatile property, formerly a dine-in/take-out restaurant with a seafood retail component, is available for acquisition. The property is located along the epicurean mile on Route 1/State Road, at the entrance to Portsmouth, New Hampshire. The property encompasses 0.76 acres and features a 5,112 square foot building suitable for various commercial enterprises. A spacious parking lot accommodates 34 vehicles, with access from the front and rear. The building includes some kitchen inventory, public water and sewer services, a 600-amp electrical system, and LED lighting. The heating system uses propane gas. An exterior deck could provide outdoor dining space. The lower level includes storage, a food preparation area, and office space. Located within the BL-1 (Business Local) zoning district, this property permits retail operations, hospitality services, building materials sales, garden supply stores, conference centers, and other commercial applications.
Key Highlights
- Prime location on Route 1/State Road, at the entrance to Portsmouth, NH.
- Versatile 5,112 sq ft building suitable for various commercial enterprises.
- Ample parking with 34 spaces and convenient access.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $96.9k | $18.96 |
| − Vacancy | −$8.2k | −$1.61 |
| EGI | $88.7k | $17.35 |
| − OpEx | −$26.6k | −$5.20 |
| NOI | $62.1k | $12.14 |
5,112 SF · lease $18.96/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$886.9K
$776.0K – $1.03M
NOI $62,080 @ 7.0% cap · market cap 4.78%
Second Best
Specialty Retail
$883.3K
$772.9K – $1.03M
NOI $61,828 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,433 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Conventional restaurants
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Restaurant/retail opportunity on 0.76 acres with ample parking.
Where is this conventional restaurant located?
The property is located at 57-59 State Rd Kittery, ME.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Prime location on Route 1/State Road, at the entrance to Portsmouth, NH.; Versatile 5,112 sq ft building suitable for various commercial enterprises.; Ample parking with 34 spaces and convenient access.
