60 Mile Road 71, Wells, ME 04090

Building Details

Building Size 8,684 SF More

Year Built 1986 More

Listing Agency: Pack Maynard and Associates

Listed By: Victoria Benenti Show Phone

Source: Oceanviewproperties

Added: Jan 14 Changed: Nov 7 Last Checked: Nov 8 at 6:09PM

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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 Pack Maynard and Associates

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Investment Insights

Based on property information with market context.

This 8,684-square-foot restaurant property, built in 1986, has a main-level dining room with approximately 122 seats, a full-service bar and a commercial kitchen. The lower level contains another bar and seating area. Kitchen and service updates include draft lines and taps, two ice machines, a pizza oven, two deli coolers, upgraded speakers and renovated restaurant restrooms. Harbor views are part of the setting.

A furnished apartment with two bedrooms and two bathrooms is included, along with separate parking for the residence. The property also has on-site parking for the restaurant.

Key Highlights

• 8,684‑square‑foot restaurant property built in 1986
• Main‑level dining room accommodates approximately 122 seats
• Restaurant includes a full‑service bar, commercial kitchen and additional lower‑level bar with seating

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$107,855

Cap Rate

7.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,157,100 $2.2M

Cap Rate 7%

$1,540,786 $1.5M

Cap Rate 9%

$1,198,389 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,684 SF

Gross rent

$187.6K $21.60/SF

− Vacancy

−$15.0K −$1.73/SF

EGI

$172.6K $19.87/SF

− OpEx

−$64.7K −$7.45/SF

NOI

$107.9K $12.42/SF

Area

York 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%

$2,157,100

Cap Rate 7%

$1,540,786

Cap Rate 9%

$1,198,389

Alternative Uses

Best Use

Mixed Use

$1.54M

$1.35M – $1.80M (±1% cap)

NOI $107,855 @ 7.0% cap · market cap 7.99%

Second Best

Specialty Retail

$1.50M

$1.31M – $1.75M (±1% cap)

NOI $105,030 @ 7.0% cap · market cap 7.78%

Theoretical Best

Office A

$2.75M

$2.41M – $3.21M (±1% cap)

NOI $192,695 @ 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

Misty Harbor Resort Hotel & Motel Battery Steele Kitchen ... Restaurant

Suggested Use

Top Pick HVAC Service Electrical Service Plumbing Service Storage Facility (Bike/Boat/Book/etc) Store Garden Center

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

179

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 - Dining and bar areas are paired with a separate two-bedroom residence and on-site parking.

Where is this conventional restaurant located?

The property is located at 60 Mile Road 71 Wells, ME.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: 8,684‑square‑foot restaurant property built in 1986; Main‑level dining room accommodates approximately 122 seats; Restaurant includes a full‑service bar, commercial kitchen and additional lower‑level bar with seating