Technical
Financial
Distress signals
Property profile

216 Mile Rd Wells, ME 04090

FOR SALE
Industrial properties
Property ID
US42-0375201
4,714 SF 0.92 ac lot Built 1950
Entity Owned 6-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional waterfront restaurant in Wells, Maine, presents a rare opportunity. The 4,714 square foot building, constructed in 1950 and extensively renovated in 2018/2023, sits on a one-acre lot with 62 parking spaces. It includes a full commercial kitchen, a large bar and seating area, two dining rooms seating approximately 200 patrons, and a small second-floor office. An additional 700 square foot outbuilding offers ample storage and cooler space. The property boasts a prime location on Mile Road, offering high visibility and stunning 360-degree water views. This established business includes all fixtures, furniture, and equipment (FF&E), significant goodwill, an extensive memorabilia collection, a loyalty program with 51,000 members, a Facebook page with 21,000 followers, and a website averaging 1,200 daily hits. The permitted zoning is RP. The property's APN is Map 122, Block 41, and is owned by Noetic Enterprises Inc. This is an owner/user investment opportunity, ideal for continuing the legacy of a successful Maine institution or establishing a new culinary venture in a highly desirable location. The property is located at 216 Mile Rd, Wells, ME 04090.

Property profile

Verified
Property type Industrial properties
Use group MIXED USE (COMMERCIAL/INDUSTRIAL)
Year built 1950
Construction FRAME
Total area 4,714 SF
Lot 0.92 ac (40,126 SF)
Zoning code BB
APN WLLS M:122 L:41
UPID US42-0375201

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Restaurant

Location

216 Mile Rd Wells, ME 04090
Wells metro Census 34005 PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$900k
Comparable Approach Comparable
$587k
Blend (final) Blend
$725k

Owner & transaction history

since 2020
6 recorded transactions
2020
Price N/A
2017
Price N/A
2011
Price N/A
2010
Price N/A
2007
Price N/A
1969
Price N/A

Zoning & alternative use

BB · Wells, ME
Zoning description

lishment of districts. [Amended 4-16-2004 ; 11-7-2023 ] To implement the provisions of this chapter, the Town of Wells is divided into the following districts: AP Aquifer Protection District GB General Business District…

General category COMMERCIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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