Building Details

Building Size 6,766 SF

Year Built 2008

Buildings 1

Stories 2

Tenancy Multi

Listing Agency: Anchor Real Estate

Listed By: Dan Amero Show Phone

Source: Amerorealty

Added: Jan 12, 2024 Changed: Nov 1 Last Checked: Oct 31 at 2:36PM

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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 Anchor Real Estate

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Investment Insights

Based on property information with market context.

Built in 2008, this 6,766-square-foot office condominium building contains eight business units. Several first-level spaces have private exterior entrances; a shared entrance serves the second-floor units. One unit is configured as a common kitchen and lounge, while the other seven are occupied by a hair salon, spa, psychiatrist, event planner, irrigation company, and lawn care company. The existing leases are structured on a triple-net basis.

The property is on Route 1 in Cape Neddick, within York, Maine, and is zoned RT1-5.

Key Highlights

• Eight condominium business units in a 6,766‑square‑foot office building
• Built in 2008
• Several first‑level spaces have private exterior entrances; second‑floor units use a common entrance

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$110,827

Cap Rate

8.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,216,540 $2.2M

Cap Rate 7%

$1,583,243 $1.6M

Cap Rate 9%

$1,231,411 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,766 SF

Gross rent

$168.9K $24.96/SF

− Vacancy

−$21.1K −$3.12/SF

EGI

$147.8K $21.84/SF

− OpEx

−$36.9K −$5.46/SF

NOI

$110.8K $16.38/SF

Area

York County, ME

Vacancy

12.50%

Lease Rate

$24.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,216,540

Cap Rate 7%

$1,583,243

Cap Rate 9%

$1,231,411

Alternative Uses

Best Use

Office B

$1.58M

$1.39M – $1.85M (±1% cap)

NOI $110,827 @ 7.0% cap · market cap 8.53%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.14M

$1.88M – $2.50M (±1% cap)

NOI $150,135 @ 7.0% cap · market cap 11.55%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office buildings

Suggested Use

Top Pick Building Supply Auto Repair Shop (Bike/Boat/Book/etc) Store Garden Center Locksmith Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

8

Office units

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

78

Businesses Nearby

Explore this area Business Placement

Demographics for 03909, ME

10,938

Population

7,101

Households

1.5

Avg Household Size

53

Median Age

50%

College-Educated

98%

High-School Grad

35.2 sq mi

ZIP Area

311

Density / Sq Mi

$108,889

Median Household Income

$55,540

Median Earnings

$1,438

Median Rent

$589,400

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Several ground-level suites have private exterior entrances, while upper-level spaces share a common entrance.

Where is this office building located?

The property is located at 1132 Us Route 1 #1-8 York, ME.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: Eight condominium business units in a 6,766‑square‑foot office building; Built in 2008; Several first‑level spaces have private exterior entrances; second‑floor units use a common entrance