Office Suites with Outdoor
For Sale
$325,000
120 Drummond Avenue, Waterville, ME 04901
COMMERCIAL - Waterville, ME
Property Size2,908 SF
Lot Size1.92 Acres
Price / SF$111.76
Days on Market82
Property Features for 120 Drummond Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IND
Lot features
Other Location
Standard status
Active
Size
2,908 SF
Lot size
1.92 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Propane (Heating), Hot Water(Heating), Electric (Heating), Oil, Baseboard, Space Heater
Cooling system
Heat Pump
Water source
Well
Building Details
Year built
1976
Flooring type
Carpet, Concrete, Vinyl
Building materials
Metal Clad
Roof type
Metal
Listing Agency:
Coldwell Banker Plourde Real Estate · Coldwell Banker Real Estate
(207) 872-7650
Listed By:
Donald Plourde
(207) 861-2462
Added: Jun 11
Changed: Aug 4
Last Checked: Aug 31 at 12:06PM
MLS# 1646806
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property offers three private office or mixed-use suites within a versatile layout, plus a spacious outdoor canopy suited for gatherings and events. The building features metal-clad construction with a metal roof, and interior finishes including concrete, vinyl, and carpet. Heating is provided by a combination of space heater, heat pump (heating), propane (heating), electric (heating), oil, baseboard, and hot water, and the property includes cooling via a heat pump.
The site sits on 1.92 acres and contains approximately 2,908 square feet. Water service is provided by a well, and sewer service is via public sewer. The property is zoned IND.
Built in 1976, this office-suites property is positioned as a flexible site for an office-focused user or other special-use concepts that can take advantage of the existing suite configuration and outdoor canopy.
The site sits on 1.92 acres and contains approximately 2,908 square feet. Water service is provided by a well, and sewer service is via public sewer. The property is zoned IND.
Built in 1976, this office-suites property is positioned as a flexible site for an office-focused user or other special-use concepts that can take advantage of the existing suite configuration and outdoor canopy.
Key Highlights
- 1.92‑acre site with three private office or mixed‑use suites
- Spacious outdoor canopy for gatherings and events
- Approximately 2,908 SF total building area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,358
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$367,160
$367.2K
Cap Rate 7%
$262,257
$262.3K
Cap Rate 9%
$203,978
$204.0K
Market Conditions
NOI Build-Up for 2,908 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.0K $9.96/SF
− Vacancy
−$721 −$0.25/SF
EGI
$28.2K $9.71/SF
− OpEx
−$9.9K −$3.40/SF
NOI
$18.4K $6.31/SF
Area
Kennebec County, ME
Vacancy
2.49%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$367,160
Cap Rate 7%
$262,257
Cap Rate 9%
$203,978
Alternative Uses
Best Use
Industrial
$3.57M
$3.13M – $4.17M
NOI $250,099 @ 7.0% cap · market cap 76.95%
Second Best
Office B
$587.3K
$513.9K – $685.1K
NOI $41,108 @ 7.0% cap · market cap 12.65%
Theoretical Best
Warehouse
$4.34M
$3.80M – $5.06M
NOI $303,692 @ 7.0% cap · market cap 93.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Three private office or mixed-use suites on 1.92 acres in IND zoning, with an outdoor canopy for gatherings and events.
Where is this office units located?
The property is located at 120 Drummond Avenue Waterville, ME.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1.92‑acre site with three private office or mixed‑use suites; Spacious outdoor canopy for gatherings and events; Approximately 2,908 SF total building area
