Adaptable Live-Work
For Sale
$337,500
643 Main Street, Lewiston, ME 04240
Commercial Sale, Lewiston, ME
Property Size1,961 SF
Lot Size0.58 Acres
Price / SF$172.11
Days on Market47
Property Features for 643 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Office Residential
Rooms
Basement
Basement
Walk-Out Access, Unfinished, Full
Lot features
Business District, Near Shopping
Standard status
Active
Size
1,961 SF
Lot size
0.58 Acres
Utilities
Sewer type
Public Sewer
Heating system
Oil, Hot Water(Heating), Other (Heating), Baseboard
Water source
Public
Building Details
Year built
1925
Flooring type
Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 282-5988
Listed By:
Aaron Kollmeyer · License #BA929622
(508) 277-5759
Added: Jul 24
Changed: Sep 5
Last Checked: Sep 8 at 12:06PM
MLS# 1673389
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.
Located at 643 Main Street, this 1,961-square-foot live-work property offers a flexible arrangement across two levels. The first floor includes a broad open area that can accommodate residential or commercial functions, while the upper floor has room for up to four potential bedrooms. A sunroom faces the side parking area and adds usable interior space. The full basement contains a garage bay and half bathroom, along with space suited to storage or workshop use.
The property sits on 0.58 acres and carries Office Residential zoning. Recent improvements include a new boiler, roof, siding, and electrical service. Wood-frame construction, wood flooring, public water, public sewer, and a shingle roof are also identified. Built in 1925, the property provides a combination of residential layout and business-use flexibility.
The property sits on 0.58 acres and carries Office Residential zoning. Recent improvements include a new boiler, roof, siding, and electrical service. Wood-frame construction, wood flooring, public water, public sewer, and a shingle roof are also identified. Built in 1925, the property provides a combination of residential layout and business-use flexibility.
Key Highlights
- 1,961‑square‑foot live‑work property on 0.58 acres
- First floor offers a large open area for residential or commercial use
- Second floor includes up to four potential bedrooms
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
$23,138
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
6.86%
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%
$462,760
$462.8K
Cap Rate 7%
$330,543
$330.5K
Cap Rate 9%
$257,089
$257.1K
Market Conditions
NOI Build-Up for 1,961 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
$42.4K $21.60/SF
− Vacancy
−$5.3K −$2.72/SF
EGI
$37.0K $18.88/SF
− OpEx
−$13.9K −$7.08/SF
NOI
$23.1K $11.80/SF
Area
Androscoggin County, ME
Vacancy
12.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$462,760
Cap Rate 7%
$330,543
Cap Rate 9%
$257,089
Alternative Uses
Best Use
Office B
$453.9K
$397.2K – $529.6K
NOI $31,776 @ 7.0% cap · market cap 9.42%
Second Best
Mixed Use
$330.5K
$289.2K – $385.6K
NOI $23,138 @ 7.0% cap · market cap 6.86%
Theoretical Best
Warehouse
$3.48M
$3.05M – $4.06M
NOI $243,802 @ 7.0% cap · market cap 72.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - The property combines flexible first-floor space, a second level, and a sunroom overlooking the side parking area.
Where is this live-work space located?
The property is located at 643 Main Street Lewiston, ME.
What is the asking price?
The asking price for this property is $337,500.
What are key features of this property?
This property features: 1,961‑square‑foot live‑work property on 0.58 acres; First floor offers a large open area for residential or commercial use; Second floor includes up to four potential bedrooms
