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    First Park Medical/Office Space Title is generated by Realmo AI

    11 Evergreen Dr, Oakland, ME

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    Modern medical/office space in First Park, Waterville, Central Maine.

    Type:OFFICE
    Property size:
    3,440 SF
    Lot size:
    1.60 Acres
    Price / SF:
    $159/SF
    Added:
    Oct 25, 2025
    Days on Market:
    211
    Last Refresh:
    Apr 5 at 8:09 pm

    Property Features for 11 Evergreen Dr

    General Information

    Standard status
    Active
    Size
    3,440 SF
    Lot size
    1.60 Acres
    Property subtype
    OFFICE

    Properties For Sale

    at 11 Evergreen Dr Contact us

    We can help!

    Listing Contact
    Bruce Holmes
    Bruce Holmes

    Listing agent Bruce Holmes

    Listing office CENTURY 21 Venture Ltd.

    Listing date Oct 25, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Venture Ltd.

    HighLights

    • Prime First Park location, convenient to Waterville and Central Maine.
    • Modern, attractive building suitable for medical or office use.
    • Spacious: 1720 SF to 3440 SF available for lease.
    • Previously a medical building, remodeled to a high standard by Maine General.
    • Ample parking: 35+ spaces.
    • Well‑equipped with reception area, exam rooms, offices, procedure room, break room, and IT room.

    Overview

    Located in First Park, this modern and attractive building offers between 1720 and 3440 square feet of space for lease. Previously a Maine General Health Care (MGHC) professional medical building, the 3440 square foot space is ideally situated in a convenient location accessible to Waterville and all of Central Maine. The property features over 35 parking spaces, a spacious reception area, five exam rooms, three offices, one procedure room, a break room, and an IT room equipped with existing racks. The electrical and mechanical systems are in excellent condition. Well-suited for any medical practice, the space can also be easily subdivided and converted for general office use. The unit was remodeled to a very high standard for medical use.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $540.3K
    NOI $48,628 @ 9.00% cap · cautious / downside scenario
    Moderate
    $694.7K
    NOI $48,628 @ 7.00% cap · market / base-case scenario
    Aggressive
    $972.6K
    NOI $48,628 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $74.3k $21.60
    − Vacancy −$9.5k −$2.75
    EGI $64.8k $18.85
    − OpEx −$16.2k −$4.71
    NOI $48.6k $14.14
    3,440 SF · lease $21.60/SF/yr · vacancy 12.74% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $694.7K
    $607.9K – $810.5K (±1% cap)
    NOI $48,628 @ 7.0% cap · market cap 8.84%
    Second Best
    Healthcare Medical
    $665.0K
    $581.9K – $775.8K (±1% cap)
    NOI $46,549 @ 7.0% cap · market cap 8.46%
    Theoretical Best
    Warehouse
    $5.13M
    $4.49M – $5.99M (±1% cap)
    NOI $359,250 @ 7.0% cap · market cap 65.32%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Real Estate Agency Restaurant Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Hotel & Motel Nail Salon

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

    Similar Places Nearby

    • Animal Hospital of Waterville — 20 Washington St, Waterville, ME 04901
    • Balboni Paul L DVM — 20 Washington St, Waterville, ME 04901
    • Chiasson Tim — 20 Washington St, Waterville, ME 04901
    • Rice Nicole I DVM — 20 Washington St, Waterville, ME 04901
    • Mac Millan Heather D DVM — 20 Washington St, Waterville, ME 04901, United States

    Location Insight

    • Map
    • Local Demand
    City
    Oakland
    County
    Kennebec
    State
    Maine
    Longitude
    -69.6836198
    Latitude
    44.5503032

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    FAQs

    What type of property is this?
    Medical Office Space - Modern medical/office space in First Park, Waterville, Central Maine.
    Where is this medical office space located?
    The property is located at 11 Evergreen Dr Oakland, ME.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Prime First Park location, convenient to Waterville and Central Maine.; Modern, attractive building suitable for medical or office use.; Spacious: **1720 SF to 3440 SF available for lease.**
    (207) 622-6221 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bruce Holmes
    Bruce Holmes
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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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