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    20 Estes Avenue Palmyra, ME 04965

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    Claim this Listing
    For Sale
    $475,000

    COMMERCIAL - Palmyra, ME

    Type:Retail
    Property size:
    2,640 SF
    Lot size:
    3.30 Acres
    Price / SF:
    $179/SF
    Added:
    Mar 28, 2026
    Days on Market:
    29
    Last Refresh:
    Apr 25 at 4:06 pm

    Property Features for 20 Estes Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMM
    Interior features
    Storage
    Standard status
    Active
    Size
    2,640 SF
    Lot size
    3.30 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    2213

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air
    Water source
    Well

    Building Details

    Year built
    1970
    Flooring type
    Concrete, Carpet
    Building materials
    Metal Clad, Wood Frame
    Roof type
    Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Frances Riley

    Listing agent Frances Riley

    Listing office United Realty 307 Belmont Avenue, Belfast, ME

    Listing date Mar 28, 2026

    MLS# 1629164

    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.

    Overview

    Palmyra Commercial Building on 3.3 Acres

    This commercial property in Palmyra, Maine, features a 40' x 66' building previously operated as an automobile dealership. The building includes a 20' x 34' showroom with glass doors, a lounge area, and a 20' x 32' front section with offices, a coffee room, and bathrooms. The rear section, measuring 20' x 66', offers three heated bays of workspace, including an automotive lift and compressor. The property is equipped with a metal roof and siding, a cold storage shed, and a 200 amp electrical service with 3 Phase Power at the street. Heating is provided by oil, wood, and electric sources. Situated on a level 3.3-acre lot with approximately 150' of paved frontage on Route 152 (Estes Avenue), the site includes a drilled well and septic system, as well as 300+/-' frontage on Rt. 152. It is located 4 miles from Main Street in Pittsfield, 6 miles from Newport, 7 miles from Canaan, and 17 miles from Skowhegan. Additional abutting land is available at the corner of Rt. 2 and Rt. 152, potentially allowing for an abundance of uses when combined with this property. The building's layout and location make it suitable for retail or automotive businesses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Auto Repair Shop Garden Center (Bike/Boat/Book/etc) Store

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

    Similar Places Nearby

    • Ben's Auto Body — 214 Estes Ave, Palmyra, ME 04965
    • Ricks Repair — 55 Ell Hill Rd, Palmyra, ME 04965

    Location Insight

    • Map
    • Local Demand
    City
    Palmyra
    County
    Somerset
    State
    Maine
    Longitude
    -69.4140071
    Latitude
    44.8307591

    FAQs

    What type of property is this?
    Auto shop - Commercial building suitable for retail or automotive businesses.
    Where is this auto shop located?
    The property is located at 20 Estes Avenue Palmyra, ME.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Prime location on 3.3 level acres with 150' paved frontage on Route 152, offering high visibility and accessibility.; Large 40' x 66' commercial building suitable for various uses, previously a successful automobile dealership.; Includes a showroom (20' x 34') with glass doors, offices, coffee room, and bathrooms in the front section.
    (207) 323-7000
    We can help!
    Listing Contact
    Frances Riley
    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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