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Property profile & analytics
OFF-MARKET
Estimated value
$845,000
Office Spaces
1 Park Dr Rockland, ME 04841-3437
Entity Owned
18-yr Hold
Property ID
US42-0504849
Property summary
AI-generated overview
This exceptional 7,678 square foot ground level condominium in downtown Rockland, Maine presents a unique investment opportunity. Located at 1 Park Drive 2, this property boasts a prime location with easy access to Main Street and all the vibrant city amenities, including restaurants, museums, theaters, shopping, waterfront parks, and walking trails. Built in 1975, the building sits on a 3.11-acre lot and is zoned 922C for commercial use. Currently configured as over 20 offices, the space also includes a workout room, locker rooms, and multiple meeting rooms. Enjoy stunning water views from most windows and direct access to the city's waterfront parks. The property includes over 10 dedicated parking spaces. Note that the current occupant requires a 12-18 month leaseback. The asking price for this versatile property is $600,000. This is an ideal opportunity for an investor seeking a mixed-use property in a thriving Maine coastal community. The property's diverse layout and central location make it suitable for a variety of commercial uses, including executive offices, hotels, or medical offices.
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
15,713 SF
Lot
1.56 ac (67,954 SF)
APN
ROCD M:005B L:02001
UPID
US42-0504849
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Maine Lobster Festival Music Venue
-
Maine Lighthouse Museum Resort
-
World's Largest Lobster Cooker Music Venue
-
Amato's Restaurant
-
Park Street Grille Bar & Pub Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$830k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$858k
Blend (final)
Blend
$845k
Owner & transaction history
Rockland Festival Corp · 18 yrs held
Rockland Festival Corp
since 2007
Last sale
$841,000
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Rockland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rockland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$765,000
ML approach
$830,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$845k
Range $761k – $930k · ±10% · vs last sale $841k (Jan 6 2025)
Last sale anchor
$841k
Jan 6 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$54 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$25,054
Tax year 2023
Assessed value
$1,032,300
Assessed 2023
Previous assessed
$1,032,300
+0.0% YoY
Effective rate
2.43%
On assessed value
Assessed land
$210,000
Assessed improvement
$822,300
Applied tax rate
63,590.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Cooling
YES
Buildings
1
Stories
1
Units
2
Rooms
1
Bathrooms
1
Total area
15,713 SF
Lot
1.56 ac (67,954 SF)
APN
ROCD M:005B L:02001
UPID
US42-0504849
Jurisdiction
ROCKLAND
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Cooling
Yes
Stories
1
Buildings
1
Units
2
Rooms
1
Bathrooms
1
Lot
1.56 ac
Current owner
From public records · entity-resolved
Rockland Festival Corp
Entity
Mailing address
PO BOX 1116, ROCKLAND, ME 04841-1116
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 10, 2007
—
Rockland Festival Corp
Rockland City Of
Quit Claim Deed
related
$25,000 · Union Tr
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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