Former Gas Station Retail
For Sale
Contact for pricing
1115 Main Street, Sanford, ME 04073
Former gas station on Main Street with DEP-compliant tank removal and multiple redevelopment use possibilities.
Property Size1,200 SF
Price / SF$354.17
Days on Market168
Property Features for 1115 Main Street
General Information
Standard status
Active
Size
1,200 SF
Property subtype
RETAIL
Listing Agency:
BHGRE - The Masiello Group | Sanford
(207) 490-2900
Listed By:
John Caramihalis
(207) 651-0242
Source:
Moodyscre
Added: Mar 24
Changed: Aug 15
Last Checked: Aug 14 at 8:00AM
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 BHGRE - The Masiello Group | Sanford
Investment Insights
Based on property information with market context.
This former gas station property offers a versatile commercial site on Main Street. The underground tanks have been removed in compliance with DEP, and the property includes existing structures that can be utilized or redeveloped for other uses.
The location is positioned for strong street-level presence on Main Street in Sanford, ME, supporting a wide range of potential commercial configurations based on allowed uses.
For buyers and brokers looking for a flexible site, the asset’s current improvements and the option to redevelop provide multiple paths forward while maintaining DEP compliance following tank removal.
The location is positioned for strong street-level presence on Main Street in Sanford, ME, supporting a wide range of potential commercial configurations based on allowed uses.
For buyers and brokers looking for a flexible site, the asset’s current improvements and the option to redevelop provide multiple paths forward while maintaining DEP compliance following tank removal.
Key Highlights
- Former gas station on Main Street
- DEP‑compliant removal of underground tanks
- Multiple redevelopment use possibilities, using existing structures or redeveloping
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
$14,573
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
3.43%
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%
$291,460
$291.5K
Cap Rate 7%
$208,186
$208.2K
Cap Rate 9%
$161,922
$161.9K
Market Conditions
NOI Build-Up for 1,200 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
$22.8K $18.96/SF
− Vacancy
−$1.9K −$1.61/SF
EGI
$20.8K $17.35/SF
− OpEx
−$6.2K −$5.20/SF
NOI
$14.6K $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%
$291,460
Cap Rate 7%
$208,186
Cap Rate 9%
$161,922
Alternative Uses
Best Use
Retail
$208.2K
$182.2K – $242.9K
NOI $14,573 @ 7.0% cap · market cap 3.43%
Second Best
Specialty Retail
$207.3K
$181.4K – $241.9K
NOI $14,514 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$380.4K
$332.9K – $443.8K
NOI $26,628 @ 7.0% cap · market cap 6.27%
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 - Former gas station on Main Street with DEP-compliant tank removal and multiple redevelopment use possibilities.
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 $425,000.
What are key features of this property?
This property features: Former gas station on Main Street; DEP‑compliant removal of underground tanks; Multiple redevelopment use possibilities, using existing structures or redeveloping
