Brick Mixed-Use
For Sale
$575,000
279 Main Street, South Berwick, ME 03908
A two-level brick building combines a ground-floor restaurant with apartments above in South Berwick’s Historic Village District.
Property Size3,184 SF
Price / SF$180.59
Days on Market1193
Property Features for 279 Main Street
General Information
Standard status
Active
Size
3,184 SF
Property subtype
Commercial
Zoning
B-1
Additional Details
Road Access
Yes
Seating Capacity
55
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,310
Building Details
Building Size
3,184 SF
Year Built
1800
Buildings
1
Stories
2
Construction
brick
Listing Agency:
The Dunham Group
Listed By:
Bryan Plourde · License #BA929560
(207) 773-7100
Source:
Amerorealty
Added: Jul 28, 2023
Changed: Oct 31
Last Checked: Oct 31 at 2:24PM
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 Dunham Group
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Investment Insights
Based on property information with market context.
At 279 Main Street, this two-story brick mixed-use property contains a 55-seat restaurant on the first floor and two apartments on the upper level. The building dates to 1800 and is zoned B-1.
The property is situated in South Berwick’s Historic Village District, 4 miles from Dover and 13 miles from Portsmouth, New Hampshire.
The property is situated in South Berwick’s Historic Village District, 4 miles from Dover and 13 miles from Portsmouth, New Hampshire.
Key Highlights
- Two‑story brick building dating to 1800
- First‑floor restaurant with seating for 55
- Two apartments on the upper level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,206
Cap Rate
8.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$984,120
$984.1K
Cap Rate 7%
$702,943
$702.9K
Cap Rate 9%
$546,733
$546.7K
Market Conditions
NOI Build-Up for 3,184 SF
Gross rent
$94.4K $29.64/SF
− Vacancy
−$4.9K −$1.54/SF
EGI
$89.5K $28.10/SF
− OpEx
−$40.3K −$12.64/SF
NOI
$49.2K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$984,120
Cap Rate 7%
$702,943
Cap Rate 9%
$546,733
Alternative Uses
Best Use
Apartment 5plus
$702.9K
$615.1K – $820.1K
NOI $49,206 @ 7.0% cap · market cap 8.56%
Second Best
Mixed Use
$564.9K
$494.3K – $659.1K
NOI $39,545 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$1.01M
$883.2K – $1.18M
NOI $70,652 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
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Business Placement
Demographics for 03908, ME
7,468
Population
3,169
Households
2.4
Avg Household Size
41
Median Age
39%
College-Educated
98%
High-School Grad
31.9 sq mi
ZIP Area
234
Density / Sq Mi
$97,927
Median Household Income
$52,008
Median Earnings
$1,535
Median Rent
$385,000
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A two-level brick building combines a ground-floor restaurant with apartments above in South Berwick’s Historic Village District.
Where is this mixed-use property located?
The property is located at 279 Main Street South Berwick, ME.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑story brick building dating to 1800; First‑floor restaurant with seating for 55; Two apartments on the upper level
