242 Commercial StRockport, ME 04856

Property Details for 242 Commercial St

Year built

1970

Construction

FRAME

Lot size

3.26 AC

Property size (Sq ft)

8,264 SF

Property type

Hospitality properties

Property subtype

Motels

APN

ROCT M:027 B:159

APU

ROCTM027B159

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,551,873

  6.5%

  $1,432,498

  7%

  $1,330,177

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,537,470

  Geo Method

  $2,537,470

• Alternative Use

  Use

  Valuation

  Residential

  $1,563,872

  Hospitality

  $1,432,498

  Educational

  $1,191,822

  Medical

  $1,232,810

  Retail

  $1,853,945

Location Insight

City

Rockport

County

Knox

State

Maine

Latitude

44.1839

Longitude

-69.0822

CBSA code

40500

CBSA name

ROCKLAND, ME MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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