3-Bay Car Wash
For Sale
$499,000
424 Us Route 1, Kittery, ME 03904
Former car wash with three service bays, office space, parking, and direct access from US Route 1.
Property Size2,208 SF
Lot Size0.50 Acres
Price / SF$225
Days on Market10
Property Features for 424 Us Route 1
General Information
Standard status
Active
Size
2,208 SF
Lot size
0.50 Acres
Site & Location
Traffic Count
15,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Clear Height
12 ft
Car Wash Bays
3
Building Details
Year Built
1999
Buildings
1
Listing Agency:
Coldwell Banker Realty
(207) 514-3499
Listed By:
Julie Trask
Source:
Samonasgroup
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 25 at 5:24AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This car wash property includes three large service bays with 12-foot clearance and just over 300 square feet of office space. The improvements were constructed in 1999 and occupy a half-acre parcel with parking serving the site. Previously operated as a car wash, the property offers a functional automotive-oriented layout along with office support space.
The property is located on US Route 1 in Kittery, with reported traffic of 15,000 vehicles per day. I-95 access is approximately just over one mile away. The site is also near Portsmouth, the Portsmouth Naval Shipyard, the Kittery shopping outlets, and the York and Ogunquit beaches, with metropolitan Boston approximately one hour away.
The property is located on US Route 1 in Kittery, with reported traffic of 15,000 vehicles per day. I-95 access is approximately just over one mile away. The site is also near Portsmouth, the Portsmouth Naval Shipyard, the Kittery shopping outlets, and the York and Ogunquit beaches, with metropolitan Boston approximately one hour away.
Key Highlights
- Three large 12' tall service bays
- Just over 300 sq. ft. of office space
- Half‑acre parcel on US Route 1
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
$30,953
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
6.20%
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%
$619,060
$619.1K
Cap Rate 7%
$442,186
$442.2K
Cap Rate 9%
$343,922
$343.9K
Market Conditions
NOI Build-Up for 2,208 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
$48.5K $21.96/SF
− Vacancy
−$868 −$0.39/SF
EGI
$47.6K $21.57/SF
− OpEx
−$16.7K −$7.55/SF
NOI
$31.0K $14.02/SF
Area
York County, ME
Vacancy
1.79%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
35.00%
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%
$619,060
Cap Rate 7%
$442,186
Cap Rate 9%
$343,922
Alternative Uses
Best Use
Flex RnD
$442.2K
$386.9K – $515.9K
NOI $30,953 @ 7.0% cap · market cap 6.20%
Second Best
Retail
$383.1K
$335.2K – $446.9K
NOI $26,814 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$699.9K
$612.4K – $816.6K
NOI $48,995 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
15,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 03904, ME
8,148
Population
4,375
Households
1.9
Avg Household Size
42
Median Age
40%
College-Educated
96%
High-School Grad
10.9 sq mi
ZIP Area
748
Density / Sq Mi
$74,551
Median Household Income
$50,752
Median Earnings
$1,458
Median Rent
$415,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Former car wash with three service bays, office space, parking, and direct access from US Route 1.
Where is this car wash located?
The property is located at 424 Us Route 1 Kittery, ME.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three large 12' tall service bays; Just over 300 sq. ft. of office space; Half‑acre parcel on US Route 1
