Building Details

Year built 1988

Number of units 1

Flooring type Carpet, Vinyl, Wood

Building materials Wood Frame, Wood Siding

Roof type Metal

Listing Agency: Realty of Maine j***@realtyofmaine.com Show Phone

Listed By: Carissa Marsh Show Phone

Added: Jul 20 Changed: Sep 12 Last Checked: Sep 13 at 3:06PM

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MLS# 1667506

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 live-work property at 15 Phillips Road includes 3,314 square feet of space on 1 acre, with modern ranch-style residential areas, finished lower-level office space, and a detached three-car garage. The building was constructed in 1988 and features wood-frame construction with wood siding, a metal roof, baseboard and heat-pump systems, and private well and septic service.

The property has supported both office-and-residential use and restaurant operations in the past. A commercial-sized septic system remains in place. Res/Comm zoning provides a framework for evaluating combined residential and commercial applications, while permitted and approved uses should be confirmed with the Town of Glenburn. The Glenburn address places the property in Penobscot County, Maine.

Key Highlights

• 3,314 square feet on 1 acre
• Detached 3‑car garage
• Approximately 1,300 square feet of finished lower‑level office space

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

$23,749

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

4.75%

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%

$474,980 $475.0K

Cap Rate 7%

$339,271 $339.3K

Cap Rate 9%

$263,878 $263.9K

Market Conditions

NOI Build-Up for 3,314 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

$41.8K $12.60/SF

− Vacancy

−$3.8K −$1.13/SF

EGI

$38.0K $11.47/SF

− OpEx

−$14.2K −$4.30/SF

NOI

$23.7K $7.17/SF

Area

Penobscot County, ME

Vacancy

9.00%

Lease Rate

$12.60 /SF/Yr

Expense Ratio

37.50%

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%

$474,980

Cap Rate 7%

$339,271

Cap Rate 9%

$263,878

Alternative Uses

Best Use

Office B

$669.2K

$585.6K – $780.8K (±1% cap)

NOI $46,847 @ 7.0% cap · market cap 9.37%

Second Best

Mixed Use

$339.3K

$296.9K – $395.8K (±1% cap)

NOI $23,749 @ 7.0% cap · market cap 4.75%

Theoretical Best

Office A

$1.07M

$936.5K – $1.25M (±1% cap)

NOI $74,923 @ 7.0% cap · market cap 14.99%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Live-work space

Suggested Use

Top Pick Furniture & Home Goods Storage Facility Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Location Intelligence

Trade Area within ½ mile

17

Businesses Nearby

Explore this area Business Placement

Demographics for 04401, ME

44,608

Population

20,932

Households

2.1

Avg Household Size

40

Median Age

37%

College-Educated

96%

High-School Grad

100.1 sq mi

ZIP Area

446

Density / Sq Mi

$66,136

Median Household Income

$40,863

Median Earnings

$1,048

Median Rent

$229,600

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this live-work space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Live-work space - Res/Comm-zoned property combines residential space with finished office areas and a detached garage.

Where is this live-work space located?

The property is located at 15 Phillips Road Glenburn, ME.

What is the asking price?

The asking price for this property is $499,900.

What are key features of this property?

This property features: 3,314 square feet on 1 acre; Detached 3‑car garage; Approximately 1,300 square feet of finished lower‑level office space