Restaurant Building with Trail
New
For Sale
$149,000
7 Park Street, Springfield, ME 04487
Commercial Sale, Springfield, ME
Property Size600 SF
Lot Size4.00 Acres
Price / SF$248.33
Days on Market5
Property Features for 7 Park Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
See Town
Rooms
Basement
Basement
Full
Lot features
Rural
Standard status
Active
Size
600 SF
Lot size
4.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
979
Utilities
Sewer type
Septic Tank, Private Sewer, Engineered Septic
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Well, Private
Water front features
Lake, Stream
Water front
1
Amenities
private well
private septic
full poured-concrete basement
heat pump
snowmobile trail access
ATV trail access
Building Details
Year built
2016
Flooring type
Linoleum
Building materials
Wood Frame, Vinyl Siding, Wood Siding
Roof type
Metal
Listing Agency:
Acres Away, Inc.
(207) 794-2700
Listed By:
Alan Staples · License #924109
(239) 398-0261
Added: Sep 22
Last Checked: Sep 26 at 4:06PM
MLS# 1681523
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 600-square-foot restaurant building sits on a 4-acre corner lot and was constructed in 2016. Previously operated as a takeout, the property includes a full poured-concrete basement, linoleum flooring, metal roofing, wood-frame construction, and wood and vinyl siding. A heat pump provides both heating and air conditioning. The building is served by a private well and private engineered septic system.
The property has direct access to the ITS snowmobile trail system, with ATV trail access nearby. Its outdoor-oriented setting provides proximity to Lakeville and regional waterways including Junior Lake, Sysladobsis Lake, and West Grand Lake. The site offers a foundation for a restaurant or other small-business use, subject to applicable requirements and approvals.
The property has direct access to the ITS snowmobile trail system, with ATV trail access nearby. Its outdoor-oriented setting provides proximity to Lakeville and regional waterways including Junior Lake, Sysladobsis Lake, and West Grand Lake. The site offers a foundation for a restaurant or other small-business use, subject to applicable requirements and approvals.
Key Highlights
- 600‑square‑foot building on 4 acres
- Constructed in 2016 with wood‑frame construction
- Full poured‑concrete basement
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
$8,174
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
5.49%
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%
$163,480
$163.5K
Cap Rate 7%
$116,771
$116.8K
Cap Rate 9%
$90,822
$90.8K
Market Conditions
NOI Build-Up for 600 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
$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 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%
$163,480
Cap Rate 7%
$116,771
Cap Rate 9%
$90,822
Alternative Uses
Best Use
Specialty Retail
$116.8K
$102.2K – $136.2K
NOI $8,174 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$193.8K
$169.6K – $226.1K
NOI $13,565 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - A 2016 takeout building with private utilities, basement storage, and access to regional snowmobile and ATV trail networks.
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 $149,000.
What are key features of this property?
This property features: 600‑square‑foot building on 4 acres; Constructed in 2016 with wood‑frame construction; Full poured‑concrete basement
