Building Details

Building Size 600 SF

Year Built 2016

Buildings 1

Listing Agency: Acres Away, Inc. v***@hotmail.com Show Phone

Listed By: Alan Staples · License #924109 Show Phone

Source: Amerorealty

Added: Sep 22 Changed: Oct 31 Last Checked: Nov 6 at 2:29AM

Report an Issue

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 Acres Away, Inc.

Ask AI about this property

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

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Built in 2016, this restaurant property has a full poured-concrete basement, private well, and private septic system. A heat pump provides heating and air conditioning. The building was previously used for takeout service and may suit a similar operation or another small-business use, subject to applicable requirements.

At 7 Park Street in Springfield, the property sits directly on the ITS snowmobile trail system, with ATV trail access nearby. Zoning is identified as “See Town.”

Key Highlights

• 2016 building with a full poured‑concrete basement
• Private well and private septic system
• Heat pump provides heating and air conditioning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$8,174

Cap Rate

5.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$163,480 $163.5K

Cap Rate 7%

$116,771 $116.8K

Cap Rate 9%

$90,822 $90.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 600 SF

Gross rent

$11.4K $18.96/SF

− Vacancy

−$478 −$0.80/SF

EGI

$10.9K $18.16/SF

− OpEx

−$2.7K −$4.54/SF

NOI

$8.2K $13.62/SF

Area

Penobscot County, ME

Vacancy

4.20%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$163,480

Cap Rate 7%

$116,771

Cap Rate 9%

$90,822

Alternative Uses

Best Use

Specialty Retail

$116.8K

$102.2K – $136.2K (±1% cap)

NOI $8,174 @ 7.0% cap · market cap 5.88%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$193.8K

$169.6K – $226.1K (±1% cap)

NOI $13,565 @ 7.0% cap · market cap 9.76%

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

Conventional restaurants

Suggested Use

Top Pick Grocery & Convenience Store Butcher Restaurant

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

Utilities to site

Location Intelligence

Trade Area within ½ mile

17

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 04487, ME

778

Population

987

Households

0.8

Avg Household Size

57

Median Age

11%

College-Educated

92%

High-School Grad

226.7 sq mi

ZIP Area

3

Density / Sq Mi

$41,136

Median Household Income

$27,794

Median Earnings

$87,100

Median Home Value

Market

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

$88.57 Jul

$162 Aug

$181 Sep

$207 Oct

Properties on Market for Conventional restaurants in Penobscot 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

Frequently Asked Questions

What type of property is this?

Conventional restaurant - A heat pump serves both heating and air conditioning.

Where is this conventional restaurant located?

The property is located at 7 Park Street Springfield, ME.

What is the asking price?

The asking price for this property is $139,000.

What are key features of this property?

This property features: 2016 building with a full poured‑concrete basement; Private well and private septic system; Heat pump provides heating and air conditioning