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Property profile & analytics
OFF-MARKET Estimated value $725,000
Industrial properties

216 Mile Rd Wells, ME 04090-4129

4,714 SF 0.92 ac lot Built 1950
Entity Owned 6-yr Hold ~ Est. High Equity
Property ID
US42-0375201
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
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Billy's Chowder House Restaurant
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
Billys Chowderhouse INC · 6 yrs held
Billys Chowderhouse INC
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
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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