Renovated Restaurant with
23 Washington Avenue, Old Orchard Beach, ME 04064
For Sale
$590,000
Furnished restaurant with indoor dining, seasonal patio seating, and on-site parking in a walkable neighborhood.
Property Size1,528 SF
Price / SF$386.13
Days on Market534
Property Features for 23 Washington Avenue
General Information
Standard status
Size
Property subtype
Zoning
Restaurant
Seating Capacity
Patio
Equipment Included
Additional Details
Furnished
Currently Operating
Taxes and HOA fees
Annual Taxes
Amenities
storage
office
employee restroom
Building Details
Building Size
Year Built
Stories
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
David Costello · License ME #923558
(207) 754-7494
Source:
Integrityhomesrealestategroup
Added: May 27, 2025
Changed: Nov 11
Last Checked: Nov 11 at 2:20AM
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 Keller Williams Realty
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Investment Insights
Based on property information with market context.
A renovated restaurant property with approximately 40 indoor seats and additional patio seating available in warmer months. The 1,528-square-foot building includes a dedicated storage area, office, employee restroom, and two patron restrooms on the main level. The sale includes the real estate, furnishings, fixtures, and equipment.
The property is located a few blocks from seven miles of sandy beach in a walkable neighborhood. On-site parking is available. The building was constructed in 1969 and is zoned NC-3.
The property is located a few blocks from seven miles of sandy beach in a walkable neighborhood. On-site parking is available. The building was constructed in 1969 and is zoned NC-3.
Key Highlights
- 1,528‑square‑foot restaurant building, constructed in 1969
- Approximately 40 indoor seats plus seasonal patio seating
- Sale includes real estate, furnishings, fixtures, and equipment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,481
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$369,620
$369.6K
Cap Rate 7%
$264,014
$264.0K
Cap Rate 9%
$205,344
$205.3K
Market Conditions
NOI Build-Up for 1,528 SF
Gross rent
$27.5K $18.00/SF
− Vacancy
−$2.9K −$1.87/SF
EGI
$24.6K $16.13/SF
− OpEx
−$6.2K −$4.03/SF
NOI
$18.5K $12.09/SF
Area
York County, ME
Vacancy
10.41%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$369,620
Cap Rate 7%
$264,014
Cap Rate 9%
$205,344
Alternative Uses
Best Use
Specialty Retail
$264.0K
$231.0K – $308.0K
NOI $18,481 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$484.4K
$423.8K – $565.1K
NOI $33,906 @ 7.0% cap · market cap 5.75%
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
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
11k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 84%
Dining 16%
Dollar General
Shops & Services
4,685 visits/mo
0.2 miles
Family Dollar
Shops & Services
3,501 visits/mo
0.2 miles
Domino's Pizza
Dining
1,775 visits/mo
0.2 miles
FedEx Office Print & Ship Center
Shops & Services
906 visits/mo
0.3 miles
Demographics for 04064, ME
8,452
Population
6,783
Households
1.2
Avg Household Size
53
Median Age
40%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
1,261
Density / Sq Mi
$66,689
Median Household Income
$42,532
Median Earnings
$1,142
Median Rent
$312,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Conventional restaurants in York County, ME
Properties on Market for Conventional restaurants in York County
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Furnished restaurant with indoor dining, seasonal patio seating, and on-site parking in a walkable neighborhood.
Where is this conventional restaurant located?
The property is located at 23 Washington Avenue Old Orchard Beach, ME.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 1,528‑square‑foot restaurant building, constructed in 1969; Approximately 40 indoor seats plus seasonal patio seating; Sale includes real estate, furnishings, fixtures, and equipment
