Mixed-Use Building with
For Sale
$2,995,000
243 Main Street, Ogunquit, ME 03907
Existing leases span commercial space and residential apartments in a multi-unit property.
Property Size5,757 SF
Days on Market751
Property Features for 243 Main Street
General Information
Standard status
Active
Size
5,757 SF
Property subtype
Commercial
Zoning
dbd
Occupancy
100%
Units
Unit Mix
3 x 1BR, 1 x 2BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,713
Building Details
Building Size
5,757 SF
Year Built
1850
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
RE/MAX Realty One
(207) 333-0400
Listed By:
Dawson Sibley · License #SA924953
(207) 333-0400
Source:
Startpoint
Added: Aug 9, 2024
Changed: Aug 29
Last Checked: Aug 29 at 10:52AM
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 RE/MAX Realty One
Investment Insights
Based on property information with market context.
Built in 1850, the property at 243 Main Street combines a restaurant space with four residential apartments. The apartment mix includes three one-bedroom units and one two-bedroom unit, creating a varied residential configuration within the building. The restaurant business is not included in the sale.
All five units are currently leased, including the commercial component and the four apartments. The property is located in Ogunquit, Maine, and carries dbd zoning. Its mixed-use layout provides an established combination of restaurant and residential occupancy within one building.
All five units are currently leased, including the commercial component and the four apartments. The property is located in Ogunquit, Maine, and carries dbd zoning. Its mixed-use layout provides an established combination of restaurant and residential occupancy within one building.
Key Highlights
- Five fully leased units, including one restaurant space and four apartments
- Residential mix includes three one‑bedroom apartments and one two‑bedroom apartment
- Restaurant business is excluded from the sale
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
$88,970
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
2.97%
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%
$1,779,400
$1.8M
Cap Rate 7%
$1,271,000
$1.3M
Cap Rate 9%
$988,556
$988.6K
Market Conditions
NOI Build-Up for 5,757 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
$170.6K $29.64/SF
− Vacancy
−$8.9K −$1.54/SF
EGI
$161.8K $28.10/SF
− OpEx
−$72.8K −$12.64/SF
NOI
$89.0K $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%
$1,779,400
Cap Rate 7%
$1,271,000
Cap Rate 9%
$988,556
Alternative Uses
Best Use
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,970 @ 7.0% cap · market cap 2.97%
Second Best
Mixed Use
$1.02M
$893.8K – $1.19M
NOI $71,502 @ 7.0% cap · market cap 2.39%
Theoretical Best
Office A
$1.82M
$1.60M – $2.13M
NOI $127,746 @ 7.0% cap · market cap 4.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
Explore this area
Business Placement
Demographics for 03907, ME
1,577
Population
2,106
Households
0.7
Avg Household Size
62
Median Age
68%
College-Educated
99%
High-School Grad
4.1 sq mi
ZIP Area
385
Density / Sq Mi
$104,250
Median Household Income
$72,778
Median Earnings
$1,736
Median Rent
$799,200
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?
Mixed-use property - Existing leases span commercial space and residential apartments in a multi-unit property.
Where is this mixed-use property located?
The property is located at 243 Main Street Ogunquit, ME.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Five fully leased units, including one restaurant space and four apartments; Residential mix includes three one‑bedroom apartments and one two‑bedroom apartment; Restaurant business is excluded from the sale
