Former Gas Station with
For Sale
$399,000
1115 Main Street, Sanford, ME 04073
Tanks have been removed in compliance with DEP at this former gas station on Main Street in Sanford.
Property Size1,248 SF
Price / SF$319.71
Days on Market182
Property Features for 1115 Main Street
General Information
Standard status
Active
Size
1,248 SF
Property subtype
Commercial
Amenities
Downtown
Near Shopping
Retail Strip
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
Listed By:
John Caramihalis
(603) 433-3350
Source:
Greatislandrealty
Added: Mar 8
Changed: Sep 5
Last Checked: Sep 5 at 8:38AM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This former gas station offers strong street visibility and flexibility, with tanks removed in compliance with DEP. The property includes existing structures that may be used as-is or redeveloped for other allowed uses.
Located on Main Street in Sanford, the site sits in a downtown setting near shopping and within a retail strip context.
The combination of an already-developed site and multiple allowed use options can support a range of redevelopment or continued use approaches, subject to applicable requirements.
Located on Main Street in Sanford, the site sits in a downtown setting near shopping and within a retail strip context.
The combination of an already-developed site and multiple allowed use options can support a range of redevelopment or continued use approaches, subject to applicable requirements.
Key Highlights
- Former gas station on Main Street in Sanford
- Underground tanks removed in compliance with DEP
- Property has many uses allowed
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
$15,156
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
3.80%
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%
$303,120
$303.1K
Cap Rate 7%
$216,514
$216.5K
Cap Rate 9%
$168,400
$168.4K
Market Conditions
NOI Build-Up for 1,248 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
$23.7K $18.96/SF
− Vacancy
−$2.0K −$1.61/SF
EGI
$21.7K $17.35/SF
− OpEx
−$6.5K −$5.20/SF
NOI
$15.2K $12.14/SF
Area
York County, ME
Vacancy
8.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$303,120
Cap Rate 7%
$216,514
Cap Rate 9%
$168,400
Alternative Uses
Best Use
Retail
$216.5K
$189.5K – $252.6K
NOI $15,156 @ 7.0% cap · market cap 3.80%
Second Best
Specialty Retail
$215.6K
$188.7K – $251.6K
NOI $15,094 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$395.6K
$346.2K – $461.6K
NOI $27,693 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Electronics 32%
AutoZone
Shops & Services
2,568 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
2,354 visits/mo
0.0 miles
Verizon
Electronics
2,281 visits/mo
0.5 miles
Demographics for 04073, ME
17,283
Population
7,772
Households
2.2
Avg Household Size
41
Median Age
21%
College-Educated
90%
High-School Grad
37.7 sq mi
ZIP Area
458
Density / Sq Mi
$69,135
Median Household Income
$42,758
Median Earnings
$1,145
Median Rent
$259,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - Tanks have been removed in compliance with DEP at this former gas station on Main Street in Sanford.
Where is this gas station located?
The property is located at 1115 Main Street Sanford, ME.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Former gas station on Main Street in Sanford; Underground tanks removed in compliance with DEP; Property has many uses allowed
