Building Details

Building Size 5,384 SF

Year Built 1843

Buildings 1

Listing Agency: The Boulos Company n***@boulos.com Show Phone

Listed By: Christopher Gallagher Show Phone

Source: Amerorealty

Added: Oct 15, 2024 Changed: Oct 31 Last Checked: Oct 31 at 2:23PM

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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 The Boulos Company

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Investment Insights

Based on property information with market context.

The property combines a 4,584±-square-foot restaurant with an 800±-square-foot residential unit containing two bedrooms and one and a half baths. The restaurant has 83 seats and a terrace for seasonal dining. The Village Tavern has served casual and fine dining here since 2012, and the site is zoned WKV.

Set on a corner lot, the property includes on-site parking and is located half a mile from the Maine Turnpike’s Exit 25. The building dates to 1843.

Key Highlights

• 4,584±-square‑foot restaurant with 83 seats
• 800±-square‑foot residential unit with two bedrooms and one and a half baths
• Terrace accommodates seasonal outdoor dining

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$66,869

Cap Rate

4.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,337,380 $1.3M

Cap Rate 7%

$955,271 $955.3K

Cap Rate 9%

$742,989 $743.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,384 SF

Gross rent

$116.3K $21.60/SF

− Vacancy

−$9.3K −$1.73/SF

EGI

$107.0K $19.87/SF

− OpEx

−$40.1K −$7.45/SF

NOI

$66.9K $12.42/SF

Area

York County, ME

Vacancy

8.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,337,380

Cap Rate 7%

$955,271

Cap Rate 9%

$742,989

Alternative Uses

Best Use

Mixed Use

$955.3K

$835.9K – $1.11M (±1% cap)

NOI $66,869 @ 7.0% cap · market cap 4.19%

Second Best

Specialty Retail

$930.3K

$814.0K – $1.09M (±1% cap)

NOI $65,118 @ 7.0% cap · market cap 4.08%

Theoretical Best

Office A

$1.71M

$1.49M – $1.99M (±1% cap)

NOI $119,469 @ 7.0% cap · market cap 7.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Village Tavern Restaurant

Suggested Use

Top Pick Auto Repair Shop HVAC Service Electrical Service Law Firm Hair Salon Big Box & Wholesale Store

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

Highway access

Location Intelligence

Trade Area within ½ mile

92

Businesses Nearby

16k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 83% Hotels & Casinos 17%

Shell Shops & Services

13,591 visits/mo 0.5 miles

Hampton Inn Kennebunk-Kennebunkport Hotels & Casinos

2,712 visits/mo 0.4 miles

Demographics for 04043, ME

11,536

Population

6,243

Households

1.8

Avg Household Size

52

Median Age

50%

College-Educated

97%

High-School Grad

35.1 sq mi

ZIP Area

329

Density / Sq Mi

$101,204

Median Household Income

$53,283

Median Earnings

$1,405

Median Rent

$460,600

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

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A separate two-bedroom residence accompanies the dining space and seasonal outdoor terrace.

Where is this mixed-use property located?

The property is located at 110 Alfred Road Kennebunk, ME.

What is the asking price?

The asking price for this property is $1,595,000.

What are key features of this property?

This property features: 4,584±-square‑foot restaurant with 83 seats; 800±-square‑foot residential unit with two bedrooms and one and a half baths; Terrace accommodates seasonal outdoor dining