557 Coles Hill Road, Wells, ME 04090

Building Details

Building Size 2,438 SF More

Year Built 1900 More

Buildings 1 More

Listing Agency: Keller Williams Realty k***@kw.com Show Phone

Listed By: David Costello · License ME #923558 Show Phone

Source: Integrityhomesrealestategroup

Added: May 15 Changed: Nov 11 Last Checked: Nov 11 at 2:05AM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

The restaurant building contains 2,438 SF, with equipment in place, and is offered in as-is condition. Built in 1900, the property occupies 2.3 acres and includes generous parking. The Rural District designation applies; the stated standard restaurant use under 75 seats requires site plan approval.

The site has approximately 441 feet of road frontage on Coles Hill Road in Wells, Maine.

Key Highlights

• 2,438 SF restaurant building with equipment in place
• 2.3‑acre site with approximately 441 feet of road frontage on Coles Hill Road
• Rural District zoning; standard restaurant use under 75 seats requires site plan approval

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$29,487

Cap Rate

7.78%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$589,740 $589.7K

Cap Rate 7%

$421,243 $421.2K

Cap Rate 9%

$327,633 $327.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,438 SF

Gross rent

$43.9K $18.00/SF

− Vacancy

−$4.6K −$1.87/SF

EGI

$39.3K $16.13/SF

− OpEx

−$9.8K −$4.03/SF

NOI

$29.5K $12.09/SF

Area

York County, ME

Vacancy

10.41%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$589,740

Cap Rate 7%

$421,243

Cap Rate 9%

$327,633

Alternative Uses

Best Use

Specialty Retail

$421.2K

$368.6K – $491.5K (±1% cap)

NOI $29,487 @ 7.0% cap · market cap 7.78%

Second Best

Industrial

$359.2K

$314.3K – $419.0K (±1% cap)

NOI $25,141 @ 7.0% cap · market cap 6.63%

Theoretical Best

Office A

$772.8K

$676.2K – $901.6K (±1% cap)

NOI $54,098 @ 7.0% cap · market cap 14.27%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Merriland Farm Cafe Restaurant

Suggested Use

Top Pick Building Supply (Bike/Boat/Book/etc) Store Restaurant Nursing Home Adult Day Care

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

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 04090, ME

11,314

Population

9,590

Households

1.2

Avg Household Size

53

Median Age

38%

College-Educated

92%

High-School Grad

57.7 sq mi

ZIP Area

196

Density / Sq Mi

$83,900

Median Household Income

$47,928

Median Earnings

$1,313

Median Rent

$445,800

Median Home Value

Market

Average Price Trend$/SF for Conventional restaurants in York County, ME

$319 Jul

$336 Aug

$370 Sep

$313 Oct

Properties on Market for Conventional restaurants in York County

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - A rural-district property offers an established restaurant layout on a spacious site with on-site parking.

Where is this conventional restaurant located?

The property is located at 557 Coles Hill Road Wells, ME.

What is the asking price?

The asking price for this property is $379,000.

What are key features of this property?

This property features: 2,438 SF restaurant building with equipment in place; 2.3‑acre site with approximately 441 feet of road frontage on Coles Hill Road; Rural District zoning; standard restaurant use under 75 seats requires site plan approval