For Sale
$2,100,000

242 Commercial StRockport, ME 04856

High-Yield Coastal Maine Investment

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional value-add opportunity presents a 21-unit property in the vibrant coastal town of Rockport, Maine, boasting a compelling 9.61% cap rate. The property, located at 242 Commercial Street, comprises a 20-unit motel and a single apartment, totaling 8,264 square feet on a 3.26-acre lot. Built in 1970 and renovated in 2020, the property currently enjoys 100% occupancy, generating a net operating income (NOI) of $201,746. The asking price is $2,100,000. Situated minutes from the popular tourist destination of Camden, Maine, this property benefits from its proximity to numerous restaurants and shops, catering to a thriving summer community. The property's zoning (MBR) allows for flexibility in its operation, presenting the potential for continued use as a motel or conversion to short-term rentals via platforms like Airbnb, offering significant upside potential. This turnkey investment is an ideal opportunity for those seeking a high-return property in a desirable coastal location. The property features 21 keys and is situated in Knox County, Maine, zip code 04856. This is a single-building property with significant potential for growth and profitability.

Highlights

  • $2,100,000 Asking Price
  • 21-unit motel and apartment building in Rockport, ME
  • 9.61% Cap Rate, $201,746 NOI, 100% Occupancy
  • 8,264 square feet on a 3.26-acre lot
  • Built in 1970, Renovated in 2020
  • Value-Add investment opportunity.

Property Details for 242 Commercial St

Property type
Hospitality properties, Motels
Square Feet
8,264 SF
Year Built/Renovated
1970/2020
Buildings
1
Lot Size (sq. ft)
142,006 SF
Units
21

Location Insight

City
Rockport
County
Knox
State
Maine
Latitude
44.1840832
Longitude
-69.0827531
242 Commercial St, Rockport, Maine

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
242 Commercial St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message