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    346-348 Main Street Bingham, ME 04920

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    For Sale
    $229,000

    COMMERCIAL - Bingham, ME

    Property size:
    3,854 SF
    Lot size:
    0.32 Acres
    Added:
    Mar 6, 2026
    Days on Market:
    35
    Last Refresh:
    Apr 9 at 11:06 pm

    Property Features for 346-348 Main Street

    General Information

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

    Utilities

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

    Building Details

    Number of units
    4
    Flooring type
    Vinyl, Wood
    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 Mar 6, 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.

    Overview

    Mixed-Use Investment Opportunity

    Located on Main Street in downtown Bingham, 346-348 Main Street is a mixed-use, multi-unit investment opportunity. The 3,854 square foot property, formerly a restaurant with an apartment above, offers flexible potential with 2-4 total units depending on configuration. The first floor could accommodate two residential units or commercial/retail spaces, while the second floor offers the possibility of two 2-bedroom, 1-bath apartments. The commercial setup includes a grease trap, making it well-suited for restaurant or food service use. The property features a newer metal roof, a recently serviced boiler providing hot water baseboard heat to both floors, and a heat pump on the first floor for additional heating and cooling efficiency. The sale also includes the parking lot behind the building, which offers ample off-street parking and potential for two additional building lots. Restaurant equipment will convey with the sale, creating an opportunity for someone looking to reopen a dining establishment or repurpose the space for another commercial venture. Positioned in the heart of town with strong redevelopment potential, this property on a 0.32-acre lot offers a unique chance to invest in downtown Bingham.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    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

    Nearby Similar for Sale

    • $975,000
      24,940 SF

      Industrial Warehouse Space on Rt 201

      Prime industrial property on a major thoroughfare in Bingham, Maine.
      399 Main Street, Bingham, ME 04920
      View Details
    • $226,000
      2,442 SF

      Bingham Two-Unit Income Property

      Ready-to-rent 2-unit property in Bingham with income potential.
      18 Preble Street, Bingham, ME 04920
      View Details
    • $975,000
      24,940 SF

      Industrial Warehouse Space on Rt 201

      24,940 SF industrial property on a major thoroughfare.
      399 Main Street, Bingham, ME 04920
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with redevelopment potential in downtown Bingham, Maine.
    Where is this mixed-use property located?
    The property is located at 346-348 Main Street Bingham, ME.
    What is the asking price?
    The asking price for this property is $229,000.
    What are key features of this property?
    This property features: Prime downtown location on Main Street in Bingham with strong redevelopment potential.; Flexible mixed‑use potential with 2‑4 units possible, suitable for residential or commercial use.; Includes parking lot behind the building with ample off‑street parking and potential for two additional building lots.
    (508) 277-5759
    We can help!
    Listing Contact
    Aaron Kollmeyer
    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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