North Yarmouth Mixed-Use
For Sale
$1,295,000
424 Walnut Hill Road, North Yarmouth, ME 04097
Fully leased mixed-use property with restaurant, apartments, and event space.
Property Size6,832 SF
Price / SF$189.55
Days on Market157
Property Features for 424 Walnut Hill Road
General Information
Standard status
Active
Size
6,832 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
Malone Commercial Brokers,Inc.
(207) 240-6844
Listed By:
Karen Rich · License #919640
(603) 433-3350
Source:
Greatislandrealty
Added: Mar 26
Changed: Aug 28
Last Checked: Aug 26 at 9:57AM
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 Malone Commercial Brokers,Inc.
Investment Insights
Based on property information with market context.
This fully leased property is located on Walnut Hill Road in North Yarmouth and includes two buildings. The first building is a two-story structure with 4,624 square feet. It features a 2,999-square-foot restaurant on the first floor and two apartments on the second floor. The second building is a barn and event center, consisting of 1,262 square feet on the first floor, with an additional 946 square feet of unfinished attic space. Significant updates have been completed in the past three years, including complete renovations of the barn, restaurant, and the two-bedroom apartment. The main building had a new shingle roof placed in December 2023. The total property size is 6,832 square feet.
Key Highlights
- Fully leased property providing immediate income
- Significant renovations completed in the past three years on the Barn, Restaurant, and two‑bedroom Apartment
- Two buildings: a 4,624± SF main building with a restaurant and two apartments, and a 1,262± SF barn/event center with additional unfinished attic space
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
$84,853
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
6.55%
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%
$1,697,060
$1.7M
Cap Rate 7%
$1,212,186
$1.2M
Cap Rate 9%
$942,811
$942.8K
Market Conditions
NOI Build-Up for 6,832 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
$147.6K $21.60/SF
− Vacancy
−$11.8K −$1.73/SF
EGI
$135.8K $19.87/SF
− OpEx
−$50.9K −$7.45/SF
NOI
$84.9K $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 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%
$1,697,060
Cap Rate 7%
$1,212,186
Cap Rate 9%
$942,811
Alternative Uses
Best Use
Mixed Use
$1.21M
$1.06M – $1.41M
NOI $84,853 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,445 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 04097, ME
4,072
Population
1,596
Households
2.6
Avg Household Size
43
Median Age
53%
College-Educated
98%
High-School Grad
21.2 sq mi
ZIP Area
192
Density / Sq Mi
$119,813
Median Household Income
$56,215
Median Earnings
$1,615
Median Rent
$480,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use property with restaurant, apartments, and event space.
Where is this mixed-use property located?
The property is located at 424 Walnut Hill Road North Yarmouth, 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: Fully leased property providing immediate income; Significant renovations completed in the past three years on the Barn, Restaurant, and two‑bedroom Apartment; Two buildings: a 4,624± SF main building with a restaurant and two apartments, and a 1,262± SF barn/event center with additional unfinished attic space
