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    Mixed-Use Main Street Building Title is generated by Realmo AI

    346-348 Main Street, Bingham, ME 04920

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    Claim this Listing
    New
    For Sale
    $199,000

    COMMERCIAL - Bingham, ME

    Property size:
    3,854 SF
    Lot size:
    0.32 Acres
    Price / SF:
    $51/SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 2:06 pm

    Property Features for 346-348 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Rooms
    Basement
    Basement
    Full, Unfinished
    Standard status
    Active
    Size
    3,854 SF
    Lot size
    0.32 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating), Oil, Baseboard, Hot Water(Heating), Electric (Heating)
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Number of units
    4
    Flooring type
    Wood, Vinyl
    Building materials
    Wood Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Aaron Kollmeyer

    Listing agent Aaron Kollmeyer

    Listing office Coldwell Banker Realty 120 Main Street, Suite 243, Saco, ME

    Listing date Jun 3, 2026

    MLS# 1653566

    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

    • Mixed‑use, multi‑unit building at 346‑348 Main Street in downtown Bingham, with flexible configuration for 2‑4 total units.
    • First floor setup offers options for two residential units or commercial/retail space; second floor offers up to two 2‑bedroom, 1‑bath apartments.
    • Former restaurant use includes a grease trap; restaurant equipment conveys with the sale for food service or other commercial reuse.
    • Newer metal roof plus boiler with hot water baseboard heat to both floors; heat pump on the first floor for heating and cooling.
    • Utilities include public water and public sewer; flooring includes wood and vinyl with wood siding construction.
    • Includes the parking lot behind the building with off‑street parking and potential for two additional building lots (buyer to verify).

    Overview

    346-348 Main Street in downtown Bingham is a mixed-use, multi-unit property with flexible potential for either residential income, commercial use, or a combination of both. The building has housed a restaurant with an apartment above, and the current configuration allows for 2 to 4 total units depending on how the space is arranged. On the first floor, the layout could support two residential units or be adapted for commercial or retail use, while the second floor can provide the opportunity for two two-bedroom, one-bath apartments. Restaurant-oriented improvements include a grease trap, and the sale includes restaurant equipment.

    Set on Main Street in the heart of town, the property includes a parking lot behind the building with off-street parking. The parking area also presents potential for two additional building lots, which the buyer would need to verify. Additional improvements include a newer metal roof and a recently serviced boiler supplying hot water baseboard heat to both floors, along with a heat pump on the first floor for added heating and cooling efficiency.

    This offering is well-suited for investors or owner-operators looking for an adaptable downtown asset with on-site parking and a functional foundation for food service if a buyer wants to reopen a dining concept. For those seeking a residential focus, the second-floor apartment setup and the option to configure first-floor space provide multiple paths to generate income. The included equipment may further reduce start-up time for a food service operator ready to restart operations or repurpose the commercial space for another venture.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Restaurant Law Firm Auto Repair Shop Big Box & Wholesale Store Building Supply Dental Office Auto Parts Store Food Market HVAC Service Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Bingham
    County
    Somerset
    State
    Maine
    Longitude
    -69.8823
    Latitude
    45.1348

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    FAQs

    What type of property is this?
    Conventional restaurant - Downtown mixed-use building with flexible unit layouts and existing restaurant infrastructure, including a grease trap and parking lot.
    Where is this conventional restaurant located?
    The property is located at 346-348 Main Street Bingham, ME.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Mixed‑use, multi‑unit building at 346‑348 Main Street in downtown Bingham, with flexible configuration for 2‑4 total units.; First floor setup offers options for two residential units or commercial/retail space; second floor offers up to two 2‑bedroom, 1‑bath apartments.; Former restaurant use includes a grease trap; restaurant equipment conveys with the sale for food service or other commercial reuse.
    (508) 277-5759
    We can help!
    Listing Contact
    Aaron Kollmeyer
    Request Owner's contact information
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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.

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