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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15 Locke St Kennebunkport, ME 04046-5807

    • Hotels
    • 5,700 SF
    • 0.73 lot acres
    OFF-MARKET
    Last Sale
    Sep 01, 2022
    $1,915,875
    Value Estimations
    $1,875,000
    Show details
    Cap Rate Potential
    2.8%
    Hotels
    Location Intelligence
    Property ID
    US42-0001841
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • 1802 House Bed and Breakfast / Bed & Breakfast / Restaurant

    Property Details for 15 Locke St

    Year built
    1802
    Lot size
    0.73 lot acres
    Property size
    5,700 SF
    Zone code
    VR
    Property type
    Hotels
    APN
    KENP M:12 B:1 L:3
    APU
    KENPM12B1L3

    Description

    Exceptional opportunity to acquire a thriving 6-unit bed and breakfast inn in desirable Kennebunkport, Maine. This 9,071 square foot property sits on a 0.73-acre lot, boasting a prime location just half a mile from Dock Square, a central hub for tourism. The inn is in excellent, turnkey condition, renowned for its exceptional service and accommodations. The property includes a luxurious owner's quarters featuring four bedrooms, three bathrooms, ample storage, and two offices. All six guest rooms are fully furnished and equipped, with all supplies, software, and business-related items included in the sale, ensuring a seamless transition for the new owner. Five of the six guest rooms offer gas fireplaces, and two include jacuzzi tubs. All guest rooms have ensuite bathrooms. Recent upgrades include new mini-splits for heating and cooling, a brand-new roof, a whole-house generator, newly insulated attic, new carpeting, and several newly tiled bathrooms. The property offers 14 parking spaces, a large yard, and beautiful gardens. Its proximity to the Arundel Golf Course provides spectacular views. The inn benefits from a long season, operating from May through October, with additional events like "Paint the Town Red" in February and Christmas festivities. Located just 35 minutes from Portland, 30 minutes from Portsmouth, NH, and 1.5 hours from Boston, MA, this property offers unparalleled access to major metropolitan areas. The property's zoning may allow for conversion into a two-family multi-unit dwelling or even condominiums, presenting significant future development potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,445,000
      ML approach
      $2,390,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,416,000
      Market price range: $1.16M - $2.89M
      AI Estimate
      $1,977,000
      Market price range: $1.98M - $2.52M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $1,950,000
      Current use
      RETAIL STORES
      $1,585,000
      Change: -19% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,580,000
      Change: -19% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kennebunkport
    County
    York
    State
    Maine
    Longitude
    -70.4771
    Latitude
    43.3682
    CBSA code
    38860
    CBSA name
    PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,576
    $277,300
    $1,094,900
    $1,372,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,805,000
      8,914 SF

      5 Pearl St

      HOTEL-RESORT • 8,914 SF
      5 Pearl St, Kennebunkport, ME 04046
      View Details
    • Value Estimation
      $1,130,000
      5,422 SF

      8 Pleasant St

      HOTEL-RESORT • 5,422 SF
      8 Pleasant St, Kennebunkport, ME 04046
      View Details
    • Value Estimation
      $810,000
      4,024 SF

      1024 Portland Rd

      HOTEL-RESORT • 4,024 SF
      1024 Portland Rd, Arundel, ME 04046-8101
      View Details
    • Value Estimation
      $3,105,000
      12,585 SF

      21 Ocean Ave

      HOTEL • 12,585 SF
      21 Ocean Ave, Kennebunkport, ME 04046
      View Details
    • Value Estimation
      $5,535,000
      28,227 SF

      95 Ocean Ave

      HOTEL • 28,227 SF
      95 Ocean Ave, Kennebunkport, ME 04046-6308
      View Details
    • Value Estimation by Request
      1,937 SF

      15 School St

      HOTEL-RESORT • 1,937 SF
      15 School St, Kennebunkport, ME 04046-6134
      View Details

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      Residential/commercial property with high visibility and income potential.
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    15 Locke St
    Kennebunkport, ME 04046-5807
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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