Mixed-Use Property with Restaurant
New
For Sale
$1,295,000
Pending
3 E Grand Ave, Scarborough, ME 04074
Restaurant, gift shop, and second-floor apartments bring dining, retail, and residential uses together at one property.
Property Size7,960 SF
Days on Market4
Property Features for 3 E Grand Ave
General Information
Standard status
Pending
Size
7,960 SF
Total Parking Spaces
30
Property subtype
Commercial
Additional Details
Mixed-Use Components
restaurant, retail, residential
Patio
Yes
Tenant in Place
Yes
Amenities
gas fire pit
dedicated green space
Building Details
Year Built
1940
Year Renovated
2017
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
(207) 310-8592
Listed By:
Carol Kline
Source:
Klinerealtygroup
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 30 at 1:48AM
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 Carol Kline
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Investment Insights
Based on property information with market context.
Updated in 2017, this 7,960± SF property combines a 4,000± SF restaurant with a gift shop and two three-bedroom apartments on the second floor. The restaurant has seating for over 130 guests and an outdoor patio with a gas fire pit. Dedicated green space serves tenants, and the property has approximately 30 on-site parking spaces.
The property is at 3 E Grand Ave in Scarborough’s Pine Point neighborhood, minutes from Pine Point Beach and Old Orchard Beach. The building dates to 1940.
The property is at 3 E Grand Ave in Scarborough’s Pine Point neighborhood, minutes from Pine Point Beach and Old Orchard Beach. The building dates to 1940.
Key Highlights
- 7,960± SF mixed‑use property, updated in 2017
- 4,000± SF restaurant with seating for over 130 guests
- Outdoor patio with a gas fire pit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$98,863
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,977,260
$2.0M
Cap Rate 7%
$1,412,329
$1.4M
Cap Rate 9%
$1,098,478
$1.1M
Market Conditions
NOI Build-Up for 7,960 SF
Gross rent
$171.9K $21.60/SF
− Vacancy
−$13.8K −$1.73/SF
EGI
$158.2K $19.87/SF
− OpEx
−$59.3K −$7.45/SF
NOI
$98.9K $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%
$1,977,260
Cap Rate 7%
$1,412,329
Cap Rate 9%
$1,098,478
Alternative Uses
Best Use
Mixed Use
$1.41M
$1.24M – $1.65M
NOI $98,863 @ 7.0% cap · market cap 7.63%
Second Best
Specialty Retail
$1.27M
$1.11M – $1.49M
NOI $89,192 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $153,147 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
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Business Placement
Demographics for 04074, ME
21,952
Population
10,561
Households
2.1
Avg Household Size
46
Median Age
58%
College-Educated
99%
High-School Grad
47.6 sq mi
ZIP Area
461
Density / Sq Mi
$125,642
Median Household Income
$55,955
Median Earnings
$1,821
Median Rent
$502,700
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 - Restaurant, gift shop, and second-floor apartments bring dining, retail, and residential uses together at one property.
Where is this mixed-use property located?
The property is located at 3 E Grand Ave Scarborough, ME.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 7,960± SF mixed‑use property, updated in 2017; 4,000± SF restaurant with seating for over 130 guests; Outdoor patio with a gas fire pit
