98-102 E East Grand Avenue, Old Orchard Beach, ME 04064

Building Details

Building Size 8,307 SF More

Listing Agency: Realty Sales Inc Show Phone

Listed By: David Trottier Show Phone

Source: Integrityhomesrealestategroup

Added: Nov 20, 2023 Changed: Nov 11 Last Checked: Nov 11 at 2:02AM

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Investment Insights

Based on property information with market context.

The 8,307-square-foot motel comprises 16 guest units, an owner’s residence, and a two-bedroom cottage. The residence includes a reception office, kitchen, living room, three bedrooms, laundry area, and one-car garage on the main floor. Its finished lower level adds two bedrooms, a full bath, a studio with its own full bath, and a family room. Property amenities include a heated in-ground pool and a recently paved parking area. Some second-floor rooms have water views. The motel is licensed for year-round rentals, with daily, weekly, and monthly stays also permitted.

The property sits directly across from the beach in Old Orchard Beach. The pier, amusement park, restaurants, and shopping are within walking distance. Zoning is BRD.

Key Highlights

• 18‑unit motel with 16 guest rooms, an owner’s residence, and a two‑bedroom cottage
• 8,307 square feet
• Owner’s residence has a reception office, kitchen, three bedrooms, laundry area, and one‑car garage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$100,619

Cap Rate

5.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,012,380 $2.0M

Cap Rate 7%

$1,437,414 $1.4M

Cap Rate 9%

$1,117,989 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,307 SF

Gross rent

$249.2K $30.00/SF

− Vacancy

−$37.4K −$4.50/SF

EGI

$211.8K $25.50/SF

− OpEx

−$111.2K −$13.39/SF

NOI

$100.6K $12.11/SF

Area

York County, ME

Vacancy

15.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

52.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,012,380

Cap Rate 7%

$1,437,414

Cap Rate 9%

$1,117,989

Alternative Uses

Best Use

Hotel Hospitality

$1.44M

$1.26M – $1.68M (±1% cap)

NOI $100,619 @ 7.0% cap · market cap 5.16%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.63M

$2.30M – $3.07M (±1% cap)

NOI $184,329 @ 7.0% cap · market cap 9.45%

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

Property Analytics

Current Use

Motels

Suggested Use

Top Pick Law Firm Dental Office Spa & Massage Center Hair Salon Electrical Service HVAC Service

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

453

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 04064, ME

8,452

Population

6,783

Households

1.2

Avg Household Size

53

Median Age

40%

College-Educated

96%

High-School Grad

6.7 sq mi

ZIP Area

1,261

Density / Sq Mi

$66,689

Median Household Income

$42,532

Median Earnings

$1,142

Median Rent

$312,700

Median Home Value

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Similar Off Market Nearby

• BillowHouse Oceanfront Motel and Guesthouse — 2 Temple Ave, Ocean Park, ME 04063
• Curtis Guest House — 16 Temple Ave, Old Orchard Beach, ME 04064
• Ancona Beach House — 13 Ancona Ave, Old Orchard Beach, ME 04064
• Nautical View New Cottage Steps to Beach — 2 Tunis Ave, Old Orchard Beach, ME 04064
• Concorde Motel — 136 W Grand Ave, Old Orchard Beach, ME 04064

Frequently Asked Questions

What type of property is this?

Motel - Lodging accommodations span daily, weekly, monthly, and year-round stays across the street from the beach.

Where is this motel located?

The property is located at 98-102 E East Grand Avenue Old Orchard Beach, ME.

What is the asking price?

The asking price for this property is $1,950,000.

What are key features of this property?

This property features: 18‑unit motel with 16 guest rooms, an owner’s residence, and a two‑bedroom cottage; 8,307 square feet; Owner’s residence has a reception office, kitchen, three bedrooms, laundry area, and one‑car garage