Ogunquit Mixed-Use Redevelopment
For Sale
$4,950,000
309 Shore Road, Ogunquit, ME 03907
Two buildings on 1.25 acres in the heart of Ogunquit.
Property Size12,608 SF
Lot Size1.25 Acres
Price / SF$392.61
Days on Market157
Property Features for 309 Shore Road
General Information
Standard status
Active
Size
12,608 SF
Lot size
1.25 Acres
Property subtype
Retail
Building Details
Building Size
12,608 SF
Year Built
1750
Listing Agency:
The Boulos Company
(917) 673-1178
Listed By:
Chris Gallagher · License #BA923466
(917) 673-1178
Source:
Boulos
Added: Mar 26
Changed: Aug 26
Last Checked: Aug 28 at 9:32AM
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 Boulos Company
Investment Insights
Based on property information with market context.
Thompson Green presents an opportunity to acquire a property in Ogunquit, Maine, situated at the entrance to Perkins Cove and within walking distance of the downtown area. The property includes two buildings: The Plaza Building, a two-story commercial building with 10,736 square feet, and The Thompson House, a historic residential building with 1,872 square feet and previously approved expansion plans. The buildings are located on a 1.25-acre parcel that includes approximately 30 on-site parking spaces. The Plaza building contains restaurant infrastructure. The property's zoning and lot size allow for potential hospitality redevelopment. It is suitable for investors interested in re-tenanting or for owner-users looking to capitalize on the Ogunquit tourist community.
Key Highlights
- Prime location in the heart of desirable Ogunquit, ME, at the entrance to Perkins Cove and a short walk to downtown.
- Two buildings on a 1.25± acre parcel: a 10,736± SF commercial building (The Plaza Building) and an 1,872± SF historic residential building (The Thompson House).
- Flexible zoning and large lot size allow for potential redevelopment into hospitality.
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
$156,591
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
3.16%
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%
$3,131,820
$3.1M
Cap Rate 7%
$2,237,014
$2.2M
Cap Rate 9%
$1,739,900
$1.7M
Market Conditions
NOI Build-Up for 12,608 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
$272.3K $21.60/SF
− Vacancy
−$21.8K −$1.73/SF
EGI
$250.5K $19.87/SF
− OpEx
−$94.0K −$7.45/SF
NOI
$156.6K $12.42/SF
Area
York 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 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%
$3,131,820
Cap Rate 7%
$2,237,014
Cap Rate 9%
$1,739,900
Alternative Uses
Best Use
Mixed Use
$2.24M
$1.96M – $2.61M
NOI $156,591 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.66M
NOI $279,767 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 03907, ME
1,577
Population
2,106
Households
0.7
Avg Household Size
62
Median Age
68%
College-Educated
99%
High-School Grad
4.1 sq mi
ZIP Area
385
Density / Sq Mi
$104,250
Median Household Income
$72,778
Median Earnings
$1,736
Median Rent
$799,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings on 1.25 acres in the heart of Ogunquit.
Where is this mixed-use property located?
The property is located at 309 Shore Road Ogunquit, ME.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Prime location in the heart of desirable Ogunquit, ME, at the entrance to Perkins Cove and a short walk to downtown.; Two buildings on a 1.25± acre parcel: a 10,736± SF commercial building (The Plaza Building) and an 1,872± SF historic residential building (The Thompson House).; Flexible zoning and large lot size allow for potential redevelopment into hospitality.
