Building Details

Year Built 2016

Buildings 1

Listing Agency: Acres Away, Inc.

Listed By: Alan Staples, Cole Staples Show Phone

Source: 603luxury

Added: Sep 26 Last Checked: Sep 26 at 2:22PM

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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 Acres Away, Inc.

Investment Insights

Based on property information with market context.

Built in 2016, this restaurant property occupies a corner lot in Springfield. The building has a full poured-concrete basement, private well and septic system, and a heat pump that provides heating and air conditioning. Its prior takeout use supports a return to restaurant service, while the existing building may also suit another small-business use.

The property is directly alongside the ITS snowmobile trail system, with ATV trail access nearby. Lakeville’s lakes and waterways, including Junior Lake and West Grand Lake, are down the road. The surrounding area offers access to outdoor activities such as fishing, boating, hiking, and snowmobiling.

Key Highlights

• Built in 2016 on a corner lot
• Directly alongside the ITS snowmobile trail system
• ATV trail access nearby

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

$8,174

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

5.49%

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%

$163,480 $163.5K

Cap Rate 7%

$116,771 $116.8K

Cap Rate 9%

$90,822 $90.8K

Market Conditions

NOI Build-Up for 600 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

$11.4K $18.96/SF

− Vacancy

−$478 −$0.80/SF

EGI

$10.9K $18.16/SF

− OpEx

−$2.7K −$4.54/SF

NOI

$8.2K $13.62/SF

Area

Penobscot County, ME

Vacancy

4.20%

Lease Rate

$18.96 /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%

$163,480

Cap Rate 7%

$116,771

Cap Rate 9%

$90,822

Alternative Uses

Best Use

Specialty Retail

$116.8K

$102.2K – $136.2K (±1% cap)

NOI $8,174 @ 7.0% cap · market cap 5.49%

Second Best

Retail

$71.7K

$62.8K – $83.7K (±1% cap)

NOI $5,020 @ 7.0% cap · market cap 3.37%

Theoretical Best

Office A

$193.8K

$169.6K – $226.1K (±1% cap)

NOI $13,565 @ 7.0% cap · market cap 9.10%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Grocery & Convenience Store Butcher Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

17

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 04487, ME

778

Population

987

Households

0.8

Avg Household Size

57

Median Age

11%

College-Educated

92%

High-School Grad

226.7 sq mi

ZIP Area

3

Density / Sq Mi

$41,136

Median Household Income

$27,794

Median Earnings

$87,100

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Conventional restaurant - A 2016 structure has a private well and septic system, full poured-concrete basement, and heat-pump heating and cooling.

Where is this conventional restaurant located?

The property is located at 7 Park St Springfield, ME.

What is the asking price?

The asking price for this property is $149,000.

What are key features of this property?

This property features: Built in 2016 on a corner lot; Directly alongside the ITS snowmobile trail system; ATV trail access nearby