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    Property profile & analytics

    359 Mile Rd Wells, ME 04090

    • Retail properties
    • 3,240 SF
    • 0.05 lot acres
    OFF-MARKET
    Value Estimations
    $320,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0457679
    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

    • Boardwalk Arcade / Amusement Center

    Property Details for 359 Mile Rd

    Year built
    1980
    Construction
    FRAME
    Lot size
    0.05 lot acres
    Property size
    3,240 SF
    Zone code
    BB
    Property type
    Retail properties
    APN
    WLLS M:122 L:37
    APU
    WLLSM122L37

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $351,000
      Market price range: $231k - $551k

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

    Location Insight

    • Map
    • Local Demand
    City
    Wells
    County
    York
    State
    Maine
    Longitude
    -70.5685
    Latitude
    43.3031
    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
    $4,133
    $574,660
    $118,840
    $693,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $295,000
      2,882 SF

      1516 Post Rd

      DEPARTMENT STORE • 2,882 SF
      1516 Post Rd, Wells, ME 04090
      View Details
    • Value Estimation
      $260,000
      2,546 SF

      32 Eldridge Rd

      DEPARTMENT STORE • 2,546 SF
      32 Eldridge Rd, Wells, ME 04090-4046
      View Details
    • Value Estimation
      $275,000
      3,390 SF

      2190 Post Rd

      DEPARTMENT STORE • 3,390 SF
      2190 Post Rd, Wells, ME 04090-4715
      View Details
    • Value Estimation
      $270,000
      4,310 SF

      2049 Post Rd

      DEPARTMENT STORE • 4,310 SF
      2049 Post Rd, Wells, ME 04090-4717
      View Details
    • Value Estimation
      $295,000
      2,624 SF

      1378 Post Rd

      DEPARTMENT STORE • 2,624 SF
      1378 Post Rd, Wells, ME 04090-4507
      View Details
    • Value Estimation
      $245,000
      2,400 SF

      2136 Sanford Rd

      DEPARTMENT STORE • 2,400 SF
      2136 Sanford Rd, Wells, ME 04090-6422
      View Details

    Similar Nearby for Sale

    • $749,000
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      Prime Wells, ME Retail Site

      Vacant, 2,079 SF, High Visibility
      910 Post Rd, Wells, ME 04090
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    • $750,000
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      Merriland Farms Restaurant: Wells, ME

      Turn-key Restaurant, Established Clientele
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    • $725,000
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      Mixed-Use Property with Residential Living

      Mixed-use property with business space and residential home.
      417 Sanford Rd, Wells, ME 04090
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    • $1,695,000
      8,684 SF

      Restaurant and Residential Property in Wells

      Two-story building with restaurant, event space, and residential condo.
      60 Mile Rd, Wells, ME 04090
      View Details
    • $975,000
      5,458 SF

      Unique Retail Building Opportunity

      Iconic retail building with expansion potential on 0.92 acres.
      259 Post Rd, Wells, ME 04090
      View Details
    • $685,000
      3,447 SF

      Turn-Key Restaurant Opportunity

      Beloved local restaurant with outdoor seating and equipped kitchen.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,676 SF

      Retail Space in Wells Plaza

      1,676± SF retail space available for lease.
      75 Wells Plz, Wells, ME 04090
      View Details
    • $1,700,000
      1,500 SF

      Sanford Road Automotive Repair Space

      Automotive repair space with lifts and ample parking available forrent.
      209 Sanford Rd, Wells, ME 04090
      View Details
    • Contact for pricing
      93,263 SF

      Wells Plaza Retail Space Available

      Prime Retail Space, Route 1 Visibility
      40-75 Wells Plz, Wells, ME 04090
      View Details
    • $20 SF/Yr
      11,104 SF

      Retail Space on US Route 1

      Retail space with drive-thru and ample parking available for lease.
      1036 Post Rd, Wells, ME 04090
      View Details
    • $17 SF/Yr
      1,500 SF

      Retail Space in Colonial Square

      Commercial space for lease with high traffic and visibility.
      952 Post Rd, Wells, ME 04090
      View Details
    • $7 SF/Yr
      243,346 SF

      High-Bay Manufacturing/Distribution Warehouse Space

      243,346± SF high-bay warehouse space near Maine Turnpike.
      90 Spencer Dr, Wells, ME 04090
      View Details
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    359 Mile Rd
    Wells, ME 04090
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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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