557 Coles Hill RdWells, ME 04090

Property Details for 557 Coles Hill Rd

Year built

1900

Construction

FRAME

Lot size

2.30 AC

Property size (Sq ft)

2,438 SF

Zone code

R

Property type

Retail properties

Property subtype

Turn key restaurants

APN

WLLS M:071 L:4-B

APU

WLLSM071L4B

Description

This exceptional Wells, Maine restaurant, Merriland Farms, presents a unique investment opportunity. The 3,447 square foot building, constructed in 1900 and renovated in 2017, sits on a 2.3-acre lot with permitted commercial zoning. The property boasts a charming 75-seat dining area, complete with two cozy fireplaces, creating a warm and inviting atmosphere. A significant advantage is the inclusion of a fully equipped commercial kitchen, ensuring a smooth transition for new ownership. Beyond the main dining area, the property features a captivating heated three-season area and an expansive 1,267 square foot outdoor seating space, perfect for enjoying the picturesque setting. This beloved local establishment has cultivated a loyal following among both residents and tourists, ensuring a strong foundation for continued success. The asking price is $750,000. This single-story building offers a turn-key operation in a prime location, making it an ideal acquisition for an experienced restaurateur seeking a well-established business with significant growth potential. The property's established reputation and attractive features combine to create a compelling investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $592,519

  6.5%

  $546,941

  7%

  $507,874

• Comparable approach

  Method

  Valuation

  Relative Method

  $802,744

  Geo Method

  $802,744

• Alternative Use

  Use

  Valuation

  Residential

  $461,365

  Hospitality

  $422,608

  Educational

  $351,605

  Medical

  $363,697

  Retail

  $546,941

Location Insight

City

Wells

County

York

State

Maine

Latitude

43.3524

Longitude

-70.5836

CBSA code

38860

CBSA name

PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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