Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    31 Western Ave Kennebunk, ME 04043-7354
    Back to Search
    Property profile & analytics

    31 Western Ave, Kennebunk, ME 04043-7354

    View on Map
    • Retail properties & Spaces
    • 2,404 SF
    • 1.58 lot acres
    Off-Market
    Last Sale Mar 20, 2025
    $1,350,000
    Property ID
    US42-0234232
    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.
    Value Estimations
    $1,275,000
    Show details
    Cap Rate Potential
    2.4%
    Retail properties & Spaces
    Location Intelligence

    Current Use by Public Records

    • Cottage Breeze Day Spa & Boutique / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 31 Western Ave

    Year built
    1900
    Construction
    FRAME
    Lot size
    1.58 lot acres
    Property type
    Retail properties & Spaces
    APN
    KENB M:089 L:091 U:004
    APU
    KENBM089L091U004

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 20, 2025 $1,350,000 31 Western Avenue LLC Summer Wind LLC Warranty Deed $1.1M · Kennebunk Savings Bank

    Description

    This exceptional offering presents a unique opportunity to acquire a thriving spa business and its accompanying real estate in Kennebunk, Maine's desirable Lower Village. The property, located at 31 Western Avenue, encompasses a well-maintained, two-story building totaling 2,950 square feet on a 1.58-acre lot (APN: Map 089, Block 091, Lot 004). Built in 1900, the structure is zoned LVB - Lower Village Business, providing flexibility for future expansion or adaptations. The current business, operating successfully for over 17 years, boasts a loyal clientele of both locals and tourists. Included in the sale are the building and land, fixtures, furniture, and equipment (FF&E), and the established goodwill of the business. Currently operating four days a week, there's significant potential to increase revenue by expanding operating hours, particularly during peak seasons. The second floor offers ample space for expansion, allowing for additional treatment rooms or services. This turnkey operation presents a rare combination of a profitable business and a valuable real estate asset in a highly sought-after location. The asking price for this complete package is $1,390,000. This is an exceptional opportunity for an investor seeking a profitable, established business with significant growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,225,000
      ML approach
      $1,185,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Kennebunk
    County
    York
    State
    Maine
    Longitude
    -70.4841
    Latitude
    43.3596
    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
    $4,821
    $76,500
    $223,900
    $300,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      3,436 SF

      12 Brown St

      DEPARTMENT STORE
      12 Brown St, Kennebunk, ME 04043-7242
      View Details
    • Value Estimation by Request
      1,902 SF

      135 Prt Rd

      DEPARTMENT STORE
      135 Prt Rd, Kennebunk, ME 04043-7720
      View Details
    • Value Estimation
      $1,020,000
      7,748 SF

      1 Storer St

      DEPARTMENT STORE
      1 Storer St, Kennebunk, ME 04043-6889
      View Details
    • Value Estimation by Request
      1,185 SF

      10 Christensen Ln

      DEPARTMENT STORE
      10 Christensen Ln, Kennebunk, ME 04043-7743
      View Details
    • Value Estimation
      $800,000
      5,408 SF

      185 Prt Rd

      DEPARTMENT STORE
      185 Prt Rd, Kennebunk, ME 04043-7804
      View Details
    • Value Estimation
      $765,000
      4,984 SF

      9 Western Ave

      DEPARTMENT STORE
      9 Western Ave, Kennebunk, ME 04043-7749
      View Details

    Similar Nearby for Sale

    • $179,000
      3.02 Acres

      Kennebunk Land For Sale

      3.02 acre land parcel available in Kennebunk, Maine.
      265 Webber Hill Rd, Kennebunk, ME 04043
      View Details
    • $360,000
      3,290 SF

      Kennebunk Office Condo For Sale

      Large office condo in a well-established professional complex.
      62 Portland Rd, Kennebunk, ME 04043
      View Details
    • $350,000
      12.53 Acres

      Hollis, ME Waterfront Land

      12.53 acre wooded parcel with 286 feet of river frontage.
      Riv Rd, Kennebunk, ME 04043
      View Details
    • Contact for pricing
      1,954 SF

      Bright Office Spaces For Sale

      Excellent office spaces in a prime business center.
      62 Portland Rd, Kennebunk, ME 04043
      View Details
    • $1,100,000
      2,826 SF

      Under Construction Colonial Multifamily Home

      New construction multifamily home with rental income potential near downtown.
      15 Casey Ln, Kennebunk, ME 04043
      View Details
    • $2,000,000
      11,735 SF

      Kennebunk Mixed-Use Investment Opportunity

      High-traffic location, strong tenant mix, high ROI potential.
      1 Alewive Park Rd, Kennebunk, ME 04043
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Kennebunk Mixed-Use Retail/Office Building

      Versatile mixed-use property with retail and office spaces for lease.
      58 Portland Rd, Kennebunk, ME 04043
      View Details
    • Contact for pricing
      15,000 SF

      Kennebunk Retail Development Opportunity

      Proposed retail development with drive-thru and shop space available.
      70-72 Portland Rd, Kennebunk, ME 04043
      View Details
    • Contact for pricing
      510 SF

      Kennebunk Retail/Office Space Available

      Retail and office suites available in Kennebunk's Lower Village.
      169 Port Rd, Kennebunk, ME 04043
      View Details
    • New
      Contact for pricing
      768 SF

      Medical Office Suite with Waiting Area

      Well-appointed office spaces with a shared waiting area, suitable for therapist use and flexible suite configurations.
      62 Portland Rd, Kennebunk, ME 04043
      View Details
    • Contact for pricing
      1,602 SF

      Professional Office Suites For Rent

      Professional office suites in high-traffic location near downtown Kennebunk.
      3-7 Webhannet Pl, Kennebunk, ME 04043
      View Details
    • Contact for pricing
      221 SF

      Modern Office Spaces For Rent

      Pristine office spaces ranging from 200 to 5200 sq ft.
      1 Alewive Park Rd, Kennebunk, ME 04043
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    31 Western Ave
    Kennebunk, ME 04043-7354
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    31 Western Ave, Kennebunk, ME, 04043
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!