Bar with Convenience
For Sale
$640,000
79 Mellen Street, Portland, ME 04101
Combined bar and convenience store with food-service equipment, beverage storage, and multiple customer seating areas.
Property Size1,728 SF
Days on Market1293
Property Features for 79 Mellen Street
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Commercial
Zoning
R6
Taxes and HOA fees
Annual Taxes
$5,258
Building Details
Building Size
1,728 SF
Year Built
1965
Listing Agency:
www.HomeZu.com
(877) 249-5478
Listed By:
Jason Saphire · License #9086666
(877) 249-5478
Source:
Startpoint
Added: Jan 26, 2023
Changed: Aug 11
Last Checked: Aug 11 at 7:22AM
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 www.HomeZu.com
Investment Insights
Based on property information with market context.
Mellen Street Market/Quinn's Bardega combines a bar operation with a convenience store component in Portland’s Parkside neighborhood. The bar includes a full service counter with 8 taps, a beer cooler, liquor shelving, a copper-top bar with seating for 8–10, three lounge tables, and additional counter seating for 6–8. A large garage door and TouchTunes system are also installed.
The store side provides three aisles, a large cooler with walk-in capacity, grocery freezers, a hot box, a cold box, and an ATM, along with lottery, cigarette, and Bitcoin sales. Food-service improvements include a pizza oven, flat-top grill, two-basket fryolator, six-burner gas stove, large prep station, and sanitation station. The property was built in 1965 and carries R6 zoning.
The store side provides three aisles, a large cooler with walk-in capacity, grocery freezers, a hot box, a cold box, and an ATM, along with lottery, cigarette, and Bitcoin sales. Food-service improvements include a pizza oven, flat-top grill, two-basket fryolator, six-burner gas stove, large prep station, and sanitation station. The property was built in 1965 and carries R6 zoning.
Key Highlights
- Full bar with 8 taps, beer cooler, liquor shelving, and copper‑top bar
- Bar seating for 8–10 plus lounge and overflow counter seating for 6–8
- Convenience store layout with 3 aisles and walk‑in cooler capacity
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
$19,362
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
3.03%
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%
$387,240
$387.2K
Cap Rate 7%
$276,600
$276.6K
Cap Rate 9%
$215,133
$215.1K
Market Conditions
NOI Build-Up for 1,728 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
$31.1K $18.00/SF
− Vacancy
−$5.3K −$3.06/SF
EGI
$25.8K $14.94/SF
− OpEx
−$6.5K −$3.74/SF
NOI
$19.4K $11.21/SF
Area
Cumberland County, ME
Vacancy
17.00%
Lease Rate
$18.00 /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%
$387,240
Cap Rate 7%
$276,600
Cap Rate 9%
$215,133
Alternative Uses
Best Use
Specialty Retail
$276.6K
$242.0K – $322.7K
NOI $19,362 @ 7.0% cap · market cap 3.03%
Second Best
Retail
$258.2K
$225.9K – $301.2K
NOI $18,071 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$474.9K
$415.6K – $554.1K
NOI $33,246 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,904
Businesses Nearby
104k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 32%
Home Improvements & Furnishings 9%
Groceries 6%
McDonald's
Dining
28,260 visits/mo
0.4 miles
Chipotle Mexican Grill
Dining
11,557 visits/mo
0.5 miles
7-Eleven
Shops & Services
10,061 visits/mo
0.2 miles
Maine Hardware - Ace Hardware
Home Improvements & Furnishings
8,921 visits/mo
0.5 miles
Citgo
Shops & Services
7,596 visits/mo
0.3 miles
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Combined bar and convenience store with food-service equipment, beverage storage, and multiple customer seating areas.
Where is this bar & pub located?
The property is located at 79 Mellen Street Portland, ME.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Full bar with 8 taps, beer cooler, liquor shelving, and copper‑top bar; Bar seating for 8–10 plus lounge and overflow counter seating for 6–8; Convenience store layout with 3 aisles and walk‑in cooler capacity
