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    Mixed-Use Property with Commercial Space Title is generated by Realmo AI

    188 Lincoln Street, Lewiston, ME 04240

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    For Sale
    $799,000

    COMMERCIAL - Lewiston, ME

    Property size:
    8,220 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $97/SF
    Added:
    May 13, 2026
    Days on Market:
    1
    Last Refresh:
    May 13 at 8:06 pm

    Property Features for 188 Lincoln Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Mill (2)
    Rooms
    Basement
    Parking features
    Offsite, Off Street
    Interior features
    Storage
    Basement
    Finished, Full
    Standard status
    Active
    Size
    8,220 SF
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8487

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Solar (Heating), Electric (Heating), Heat Pump (Heating), Forced Air, Natural Gas, Zoned
    Cooling system
    Central Air, Heat Pump
    Water source
    Public

    Building Details

    Year built
    1964
    Number of units
    4
    Flooring type
    Concrete, Cork
    Building materials
    Masonry, Brick
    Roof type
    Membrane, Flat
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Amanda Reynolds

    Listing agent Amanda Reynolds

    Listing office Keller Williams Realty 50 Sewall Street, Portland, ME

    Listing date May 13, 2026

    MLS# 1662061

    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.

    HighLights

    • Great Location on Major Hwy
    • Rustic and Ready
    • Various types of businesses will fit
    • Over 2 Acres
    • Fully furnished with equipment, tables, chairs etc.
    • Turn Key Operations

    Overview

    The property at 188 Lincoln Street is a renovated mixed-use property featuring both residential and commercial spaces. Originally a fire station constructed in 1964, the building was renovated in 2020. The property includes two residential units, designed in a Midcentury Modern style, situated above approximately 5,554 square feet of commercial space located on the ground and lower levels. The commercial area's layout allows for configuration as up to four separate units. The property features open ceilings and natural light. Energy-efficient heating and cooling systems are in place, complemented by seller-owned PV solar panels. Ample parking is available adjacent to the building. The location benefits from traffic counts of 20,000 cars per day, street frontage, and signage opportunities. The property, with a total size of 8,220 square feet on a 0.2-acre lot, is zoned Mill (2). The commercial space is suitable for offices, creative studios, retail, or a restaurant. This property offers potential for investors, owner-occupants, or entrepreneurs seeking a property with income potential and flexibility.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lewiston
    County
    Androscoggin
    State
    Maine
    Longitude
    -70.219638
    Latitude
    44.093785

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    FAQs

    What type of property is this?
    Mixed-use property - Renovated mixed-use property with residential and commercial units.
    Where is this mixed-use property located?
    The property is located at 188 Lincoln Street Lewiston, ME.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: Great Location on Major Hwy; Rustic and Ready; Various types of businesses will fit
    (603) 767-7411
    We can help!
    Listing Contact
    Amanda Reynolds
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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