Restaurant Property with
For Sale
$299,000
2 Founders Street, Patten, ME 04765
Commercial Sale, Patten, ME
Property Size1,956 SF
Lot Size0.11 Acres
Price / SF$152.86
Days on Market45
Property Features for 2 Founders Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
On Street
Interior features
Storage
Lot features
Downtown, Business District, Near Shopping
Standard status
Active
Size
1,956 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Oil
Water source
Public
Building Details
Year built
1968
Flooring type
Tile, Vinyl
Building materials
Vinyl Siding
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Sheldon Anderson
(207) 267-0656
Added: Jul 9
Changed: Aug 20
Last Checked: Aug 22 at 12:06AM
MLS# 1651188
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This conventional restaurant property includes 1,956 square feet on a 0.11-acre lot. The 1968 building has storage space, vinyl siding, vinyl and tile flooring, forced-air oil heat, a metal roof, and public water and sewer. On-street parking serves the property.
The site is positioned along the Aroostook Scenic Highway in Patten, with access from local ATV and snowmobile trails. It also sits along routes to Baxter State Park and the Katahdin Woods and Waters National Monument. The surrounding area draws hunters, freshwater fishermen, and visitors traveling through Northern Maine. The restaurant business has served the community for more than 30 years.
The site is positioned along the Aroostook Scenic Highway in Patten, with access from local ATV and snowmobile trails. It also sits along routes to Baxter State Park and the Katahdin Woods and Waters National Monument. The surrounding area draws hunters, freshwater fishermen, and visitors traveling through Northern Maine. The restaurant business has served the community for more than 30 years.
Key Highlights
- 1,956‑square‑foot conventional restaurant property
- 0.11‑acre lot with a 1968 building
- Storage space, vinyl siding, and vinyl and tile flooring
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
$26,646
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
8.91%
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%
$532,920
$532.9K
Cap Rate 7%
$380,657
$380.7K
Cap Rate 9%
$296,067
$296.1K
Market Conditions
NOI Build-Up for 1,956 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
$37.1K $18.96/SF
− Vacancy
−$1.6K −$0.80/SF
EGI
$35.5K $18.16/SF
− OpEx
−$8.9K −$4.54/SF
NOI
$26.6K $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%
$532,920
Cap Rate 7%
$380,657
Cap Rate 9%
$296,067
Alternative Uses
Best Use
Specialty Retail
$380.7K
$333.1K – $444.1K
NOI $26,646 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$631.7K
$552.8K – $737.0K
NOI $44,221 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
475
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Napa Auto Parts
Shops & Services
475 visits/mo
0.1 miles
Demographics for 04765, ME
1,122
Population
1,073
Households
1
Avg Household Size
52
Median Age
25%
College-Educated
90%
High-School Grad
750.6 sq mi
ZIP Area
1
Density / Sq Mi
$47,269
Median Household Income
$33,631
Median Earnings
$347
Median Rent
$120,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Conventional restaurant property with storage, public water and sewer, and on-street parking in a Northern Maine community.
Where is this conventional restaurant located?
The property is located at 2 Founders Street Patten, ME.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,956‑square‑foot conventional restaurant property; 0.11‑acre lot with a 1968 building; Storage space, vinyl siding, and vinyl and tile flooring
