Six-Unit Mixed-Use Condo
51 WESTERN AVE KENNEBUNK ME 04043-8300, Kennebunk, ME 04043
For Sale
Contact for pricing
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 Market99
Property Features for 51 WESTERN AVE KENNEBUNK ME 04043-8300
General Information
Standard status
Size
Property subtype
Zoning
Building Details
Year Built
Tenancy
Listing Agency:
Malone Commercial Brokers
Listed By:
John Doyon · License ME #212294
(207) 772-8300
Source:
Crexi
Added: Aug 4
Changed: Nov 8
Last Checked: Nov 10 at 7:09AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$32,875
Cap Rate
4.39%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
$460,600
Median Home Value
Market
Average Price Trend$/SF for Mixed-use properties in York County, ME
Properties on Market for Mixed-use properties in York County
Vacancy Rate% for Office in Northeast region
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
