Office Building in Former Train
For Sale
$1,250,000
12 Depot Street, Kennebunk, ME 04043
Historic office property with adaptable commercial space, central air, and on-site parking near downtown Kennebunk.
Property Size4,125 SF
Price / SF$303.03
Days on Market10
Property Features for 12 Depot Street
General Information
Standard status
Active
Size
4,125 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$6,955
Amenities
Central Air
3
Gravel.
0.72
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Pack Maynard and Associates
(207) 967-3883
Listed By:
Heidi Maynar Corey Tracy
(207) 967-3883
Source:
Xome
Added: Aug 9
Changed: Aug 18
Last Checked: Aug 18 at 4:43AM
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 Pack Maynard and Associates
Investment Insights
Based on property information with market context.
Built in 1900, this former train station now provides 4,125 square feet of office and commercial space. The building retains its station-era character while offering a flexible interior arrangement suited to professional office use, collaborative workspace, creative operations, or other commercial applications. Central air and on-site parking support day-to-day occupancy and visitor access.
The property is located at 12 Depot Street in Kennebunk, near downtown businesses, restaurants, shops, and other amenities. Its distinctive building identity and adaptable layout create a setting that differs from conventional office inventory while retaining practical commercial functionality.
The property is located at 12 Depot Street in Kennebunk, near downtown businesses, restaurants, shops, and other amenities. Its distinctive building identity and adaptable layout create a setting that differs from conventional office inventory while retaining practical commercial functionality.
Key Highlights
- 4,125 square feet of office and commercial space
- Former antique train station built in 1900
- Flexible layout for office and other commercial uses
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
$67,568
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
5.41%
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%
$1,351,360
$1.4M
Cap Rate 7%
$965,257
$965.3K
Cap Rate 9%
$750,756
$750.8K
Market Conditions
NOI Build-Up for 4,125 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
$103.0K $24.96/SF
− Vacancy
−$12.9K −$3.12/SF
EGI
$90.1K $21.84/SF
− OpEx
−$22.5K −$5.46/SF
NOI
$67.6K $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 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%
$1,351,360
Cap Rate 7%
$965,257
Cap Rate 9%
$750,756
Alternative Uses
Best Use
Office B
$965.3K
$844.6K – $1.13M
NOI $67,568 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.14M – $1.53M
NOI $91,532 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Explore this area
Business Placement
Demographics for 04043, ME
11,536
Population
6,243
Households
1.8
Avg Household Size
52
Median Age
50%
College-Educated
97%
High-School Grad
35.1 sq mi
ZIP Area
329
Density / Sq Mi
$101,204
Median Household Income
$53,283
Median Earnings
$1,405
Median Rent
$460,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic office property with adaptable commercial space, central air, and on-site parking near downtown Kennebunk.
Where is this office building located?
The property is located at 12 Depot Street Kennebunk, ME.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 4,125 square feet of office and commercial space; Former antique train station built in 1900; Flexible layout for office and other commercial uses
