Mixed-Use Building with
For Sale
$599,000
243 Portland Road, Bridgton, ME 04009
Three occupied spaces combine a ground-floor dining business with two apartments above.
Property Size4,000 SF
Price / SF$149.75
Days on Market845
Property Features for 243 Portland Road
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Commercial
Zoning
Commercial Corridor
Occupancy
100%
Restaurant
Seating Capacity
48
Grease Trap
Yes
Patio
Yes
Units
Unit Mix
1 x 1BR, 1 x 3BR
Multifamily Units
2
Additional Details
Road Access
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$6,611
Building Details
Building Size
4,000 SF
Year Built
1974
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Badger Peabody & Smith Realty
(603) 356-5757
Listed By:
Austin Hale · License #73972
(603) 781-1027
Source:
Amerorealty
Added: Jul 10, 2024
Changed: Oct 31
Last Checked: Oct 31 at 2:34PM
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 Badger Peabody & Smith Realty
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Investment Insights
Based on property information with market context.
This 4,000-square-foot mixed-use building, constructed in 1974, contains three occupied units. The ground floor is a 48-seat restaurant with a bar and patio; the upper level has a one-bedroom apartment and a three-bedroom apartment. Commercial Corridor zoning supports its commercial setting.
The property fronts Route 302 in Bridgton. Major updates include a metal roof installed in 2009 and a replacement septic system completed in 2010, with a grease trap serving the restaurant. Tenants cover utilities, while the landlord pays property taxes and insurance.
The property fronts Route 302 in Bridgton. Major updates include a metal roof installed in 2009 and a replacement septic system completed in 2010, with a grease trap serving the restaurant. Tenants cover utilities, while the landlord pays property taxes and insurance.
Key Highlights
- Three occupied units: a restaurant and two apartments
- 4,000 square feet; built in 1974
- Restaurant seats 48 and includes a bar and patio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,680
Cap Rate
8.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$993,600
$993.6K
Cap Rate 7%
$709,714
$709.7K
Cap Rate 9%
$552,000
$552.0K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$86.4K $21.60/SF
− Vacancy
−$6.9K −$1.73/SF
EGI
$79.5K $19.87/SF
− OpEx
−$29.8K −$7.45/SF
NOI
$49.7K $12.42/SF
Area
Cumberland 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%
$993,600
Cap Rate 7%
$709,714
Cap Rate 9%
$552,000
Alternative Uses
Best Use
Mixed Use
$709.7K
$621.0K – $828.0K
NOI $49,680 @ 7.0% cap · market cap 8.29%
Second Best
Specialty Retail
$640.3K
$560.3K – $747.0K
NOI $44,820 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$1.10M
$962.0K – $1.28M
NOI $76,958 @ 7.0% cap · market cap 12.85%
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
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 69%
Home Improvements & Furnishings 17%
Shops & Services 15%
McDonald's
Dining
14,269 visits/mo
0.5 miles
Dunkin' Donuts
Dining
9,398 visits/mo
0.2 miles
HAYES HARDWARE & POWER EQUIPMENT
Home Improvements & Furnishings
5,690 visits/mo
0.2 miles
Family Dollar
Shops & Services
5,092 visits/mo
0.2 miles
Demographics for 04009, ME
5,298
Population
4,580
Households
1.2
Avg Household Size
51
Median Age
32%
College-Educated
93%
High-School Grad
56.5 sq mi
ZIP Area
94
Density / Sq Mi
$86,386
Median Household Income
$48,737
Median Earnings
$1,196
Median Rent
$286,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three occupied spaces combine a ground-floor dining business with two apartments above.
Where is this mixed-use property located?
The property is located at 243 Portland Road Bridgton, ME.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Three occupied units: a restaurant and two apartments; 4,000 square feet; built in 1974; Restaurant seats 48 and includes a bar and patio
