Renovated Conventional
For Sale
$1,450,000
476 Stevens Avenue, Portland, ME 04103
Renovated restaurant with indoor dining, an outdoor deck, and included FF&E inventory.
Property Size4,091 SF
Price / SF$354.44
Days on Market1255
Property Features for 476 Stevens Avenue
General Information
Standard status
Active
Size
4,091 SF
Property subtype
Commercial
Zoning
B1
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$10,875
Building Details
Building Size
4,091 SF
Year Built
1973
Year Renovated
2018
Listing Agency:
Malone Commercial Brokers, Inc.
(207) 772-2422
Listed By:
Michael Anderson
(207) 772-2422
Source:
Startpoint
Added: Mar 6, 2023
Changed: Aug 9
Last Checked: Aug 12 at 12:15PM
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 conventional restaurant property includes 4,091± SF of dining and operational space, with seating for up to 100 guests indoors. Outdoor accommodations include a deck for up to 56 people and a patio added during a 2018 renovation. The sale includes all FF&E inventory.
Built in 1973 and zoned B1, the property is positioned in Deering Center between downtown Portland and Westbrook. The restaurant configuration combines established indoor capacity with additional outdoor seating for seasonal operations.
Built in 1973 and zoned B1, the property is positioned in Deering Center between downtown Portland and Westbrook. The restaurant configuration combines established indoor capacity with additional outdoor seating for seasonal operations.
Key Highlights
- 4,091± SF restaurant space
- Indoor seating for up to 100 guests
- Deck seating accommodates up to 56
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
$45,840
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%
$916,800
$916.8K
Cap Rate 7%
$654,857
$654.9K
Cap Rate 9%
$509,333
$509.3K
Market Conditions
NOI Build-Up for 4,091 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
$73.6K $18.00/SF
− Vacancy
−$12.5K −$3.06/SF
EGI
$61.1K $14.94/SF
− OpEx
−$15.3K −$3.74/SF
NOI
$45.8K $11.21/SF
Area
Cumberland County, ME
Vacancy
17.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$916,800
Cap Rate 7%
$654,857
Cap Rate 9%
$509,333
Alternative Uses
Best Use
Specialty Retail
$654.9K
$573.0K – $764.0K
NOI $45,840 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$983.9K – $1.31M
NOI $78,709 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
917
Businesses Nearby
20k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 79%
Dining 13%
Beauty & Spa 9%
Cumberland Farms
Shops & Services
15,965 visits/mo
0.5 miles
Domino's Pizza
Dining
2,563 visits/mo
0.4 miles
Sun Tan City
Beauty & Spa
1,752 visits/mo
0.4 miles
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated restaurant with indoor dining, an outdoor deck, and included FF&E inventory.
Where is this conventional restaurant located?
The property is located at 476 Stevens Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 4,091± SF restaurant space; Indoor seating for up to 100 guests; Deck seating accommodates up to 56
