Six-Unit Mixed-Use Condo
For Sale
Contact for pricing
51 WESTERN AVE KENNEBUNK ME 04043-8300, Kennebunk, ME 04043
Adjoining commercial condominium units combine retail and office space within a Lower Village Business zoning district.
Property Size2,007 SF
Price / SF$373.19
Days on Market8
Property Features for 51 WESTERN AVE KENNEBUNK ME 04043-8300
General Information
Standard status
Active
Size
2,007 SF
Property subtype
Retail, Office
Zoning
Lower Village Business
Building Details
Year Built
1981
Tenancy
Multi
Listing Agency:
Malone Commercial Brokers
(207) 772-2422
Listed By:
John Doyon · License #ME 212294
Source:
Crexi
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 10 at 4:23PM
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
Investment Insights
Based on property information with market context.
This mixed-use property comprises six adjoining retail and office condominium units totaling 2,007 square feet. Built in 1981, the property is located at 51 Western Avenue in Kennebunk, Maine, and carries Lower Village Business zoning.
Units 1 through 3, with Unit 4 potentially included, are positioned for a sale-leaseback arrangement with Hurlbutt Designs, which has occupied the space since 1998 and is seeking a lease term of five years or longer on a triple-net basis. Units 4 through 6 are also presented for an owner-user, with the three-unit combination preferred. The commercial association includes Lindall Cedar Homes and Sunrooms, Lower Village Frameworks, Home & Kitchen Concepts, Kennebunk Outfitters, and All Day Breakfast.
Units 1 through 3, with Unit 4 potentially included, are positioned for a sale-leaseback arrangement with Hurlbutt Designs, which has occupied the space since 1998 and is seeking a lease term of five years or longer on a triple-net basis. Units 4 through 6 are also presented for an owner-user, with the three-unit combination preferred. The commercial association includes Lindall Cedar Homes and Sunrooms, Lower Village Frameworks, Home & Kitchen Concepts, Kennebunk Outfitters, and All Day Breakfast.
Key Highlights
- Six adjoining retail and office condominium units
- 2,007 square feet across the property
- Lower Village Business zoning
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
$32,875
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
4.39%
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%
$657,500
$657.5K
Cap Rate 7%
$469,643
$469.6K
Cap Rate 9%
$365,278
$365.3K
Market Conditions
NOI Build-Up for 2,007 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
$50.1K $24.96/SF
− Vacancy
−$6.3K −$3.12/SF
EGI
$43.8K $21.84/SF
− OpEx
−$11.0K −$5.46/SF
NOI
$32.9K $16.38/SF
Area
York County, ME
Vacancy
12.50%
Lease Rate
$24.96 /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%
$657,500
Cap Rate 7%
$469,643
Cap Rate 9%
$365,278
Alternative Uses
Best Use
Office B
$469.6K
$410.9K – $547.9K
NOI $32,875 @ 7.0% cap · market cap 4.39%
Second Best
Mixed Use
$356.1K
$311.6K – $415.5K
NOI $24,927 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$636.2K
$556.7K – $742.3K
NOI $44,535 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
493
Businesses Nearby
Explore this area
Business Placement
Demographics for 04043, ME
11,536
Population
6,243
Households
1.8
Avg Household Size
52
Median Age
50%
College-Educated
97%
High-School Grad
35.1 sq mi
ZIP Area
329
Density / Sq Mi
$101,204
Median Household Income
$53,283
Median Earnings
$1,405
Median Rent
$460,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Adjoining commercial condominium units combine retail and office space within a Lower Village Business zoning district.
Where is this mixed-use property located?
The property is located at 51 WESTERN AVE KENNEBUNK ME 04043-8300 Kennebunk, ME.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Six adjoining retail and office condominium units; 2,007 square feet across the property; Lower Village Business zoning
