Building Details

Year Built 1900

Listing Agency: Malone Commercial Brokers,Inc.

Listed By: Karen Rich · License #900465 Show Phone

Source: Greatislandrealty

Added: Mar 26 Changed: Oct 16 Last Checked: Oct 16 at 9:30AM

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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.

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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 / Yr

$84,853

Cap Rate

6.55%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,697,060 $1.7M

Cap Rate 7%

$1,212,186 $1.2M

Cap Rate 9%

$942,811 $942.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,832 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $131,445 @ 7.0% cap · market cap 10.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Trudy Bird's Ølbar Restaurant

Suggested Use

Top Pick Real Estate Agency Dental Office Auto Parts Store Hair Salon Bakery Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

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