Building Details

Building Size 1,904 SF

Year Built 2005

Buildings 1

Listing Agency: Homestead Realty

Listed By: Patricia Ladd Show Phone

Source: Hoangrealty

Added: Oct 9 Changed: Oct 27 Last Checked: Oct 31 at 3:57PM

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Investment Insights

Based on property information with market context.

Built in 2005, this 1,904-square-foot office property is arranged with five perimeter offices and a central conference area. Additional features include a kitchenette, utility room, substantial storage room, and an accessible half bathroom.

Paved parking for approximately 16 vehicles is available on site. The property offers access to I-95 in Augusta and services in the Central Maine area.

Key Highlights

• Five private offices arranged around a shared conference area
• 1,904 square feet; built in 2005
• Kitchenette, utility room, and large storage room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,915

Cap Rate

5.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$538,300 $538.3K

Cap Rate 7%

$384,500 $384.5K

Cap Rate 9%

$299,056 $299.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,904 SF

Gross rent

$41.1K $21.60/SF

− Vacancy

−$5.2K −$2.75/SF

EGI

$35.9K $18.85/SF

− OpEx

−$9.0K −$4.71/SF

NOI

$26.9K $14.14/SF

Area

Kennebec County, ME

Vacancy

12.74%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$538,300

Cap Rate 7%

$384,500

Cap Rate 9%

$299,056

Alternative Uses

Best Use

Office B

$384.5K

$336.4K – $448.6K (±1% cap)

NOI $26,915 @ 7.0% cap · market cap 5.99%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$2.84M

$2.49M – $3.31M (±1% cap)

NOI $198,841 @ 7.0% cap · market cap 44.29%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage Building Supply Bakery (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Storage Facility

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

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

56

Businesses Nearby

Explore this area Business Placement

Demographics for 04355, ME

2,597

Population

1,335

Households

1.9

Avg Household Size

46

Median Age

51%

College-Educated

97%

High-School Grad

29.1 sq mi

ZIP Area

89

Density / Sq Mi

$88,583

Median Household Income

$42,844

Median Earnings

$300,900

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

Frequently Asked Questions

What type of property is this?

Office building - A five-office layout includes a shared meeting area, kitchenette, and accessible half bathroom.

Where is this office building located?

The property is located at 13 Winthrop Road Readfield, ME.

What is the asking price?

The asking price for this property is $449,000.

What are key features of this property?

This property features: Five private offices arranged around a shared conference area; 1,904 square feet; built in 2005; Kitchenette, utility room, and large storage room