Two-Story Flex
For Sale
$399,900
34 Bates Street, Lewiston, ME 04240
Commercial Sale, Lewiston, ME
Property Size3,038 SF
Lot Size0.20 Acres
Price / SF$131.63
Days on Market88
Property Features for 34 Bates Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CV
Rooms
Basement
Basement
Full, Finished
Lot features
Public Transport Access, Business District, Near Shopping
Standard status
Active
Size
3,038 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8171
Utilities
Heating system
Hot Water(Heating), Baseboard, Zoned, Oil
Water source
Public
Building Details
Year built
1975
Flooring type
Carpet, Laminate, Tile, Hardwood
Building materials
Wood Frame, Brick
Roof type
Fiberglass
Listing Agency:
Maine Source Realty
(207) 333-6001
Listed By:
Jon Mercier
(207) 333-6001
Added: Jun 5
Changed: Aug 20
Last Checked: Aug 31 at 4:06PM
MLS# 1665453
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 two-level flex space contains approximately 3,038 square feet of finished interior area, with about 1,519 square feet on each floor. The 1975 building has wood-frame construction, a fiberglass roof, public water, and a mix of carpet, laminate, tile, and hardwood flooring. Heating is provided by zoned hot-water baseboard systems using oil. A basement is also included.
The property includes on-site parking and a separate lot at 38 Bates Street. Located in the Centreville zoning district, designated CV, the site supports a broad range of stated uses including retail, office, restaurant, personal services, fitness, entertainment, and light industrial activity. The existing configuration can accommodate commercial occupancy or interior reworking for a different use.
The property includes on-site parking and a separate lot at 38 Bates Street. Located in the Centreville zoning district, designated CV, the site supports a broad range of stated uses including retail, office, restaurant, personal services, fitness, entertainment, and light industrial activity. The existing configuration can accommodate commercial occupancy or interior reworking for a different use.
Key Highlights
- Approximately 3,038± square feet of finished space across two floors
- Each floor contains approximately 1,519± square feet
- Separate lot at 38 Bates Street included with the property
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
$18,254
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
4.56%
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%
$365,080
$365.1K
Cap Rate 7%
$260,771
$260.8K
Cap Rate 9%
$202,822
$202.8K
Market Conditions
NOI Build-Up for 3,038 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
$28.8K $9.48/SF
− Vacancy
−$717 −$0.24/SF
EGI
$28.1K $9.24/SF
− OpEx
−$9.8K −$3.24/SF
NOI
$18.3K $6.01/SF
Area
Androscoggin County, ME
Vacancy
2.49%
Lease Rate
$9.48 /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%
$365,080
Cap Rate 7%
$260,771
Cap Rate 9%
$202,822
Alternative Uses
Best Use
Industrial
$4.44M
$3.89M – $5.18M
NOI $311,047 @ 7.0% cap · market cap 77.78%
Second Best
Office B
$703.3K
$615.4K – $820.5K
NOI $49,228 @ 7.0% cap · market cap 12.31%
Theoretical Best
Warehouse
$5.40M
$4.72M – $6.30M
NOI $377,700 @ 7.0% cap · market cap 94.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,333
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04240, ME
37,121
Population
16,852
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
34.1 sq mi
ZIP Area
1,089
Density / Sq Mi
$56,558
Median Household Income
$36,734
Median Earnings
$954
Median Rent
$214,200
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?
Flex space - CV-zoned commercial property with finished interior space, on-site parking, and a separate Bates Street lot.
Where is this flex space located?
The property is located at 34 Bates Street Lewiston, ME.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Approximately 3,038± square feet of finished space across two floors; Each floor contains approximately 1,519± square feet; Separate lot at 38 Bates Street included with the property
