Storefront with Renovated
For Sale
$399,000
89 Washington Street N, Auburn, ME 04210
Renovated second-floor offices complement a paved commercial lot with frontage along two street sides.
Property Size1,728 SF
Days on Market539
Property Features for 89 Washington Street N
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Commercial
Zoning
T- 5.1
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Floor
2
Taxes and HOA fees
Annual Taxes
$4,043
Building Details
Building Size
1,728 SF
Year Built
1950
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
(207) 740-6934
Listed By:
Jane Cyr
(207) 740-6934
Source:
Startpoint
Added: Feb 19, 2025
Changed: Aug 9
Last Checked: Aug 11 at 2:02PM
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.
Built in 1950, this storefront property includes renovated office space on the second level and a substantial paved lot for on-site parking. The property previously operated as a used car dealership, providing a commercial layout suited to a range of storefront-oriented uses.
The site is positioned at the Auburn rotary with exposure from three sides and frontage on two streets. Its location also provides convenient access to the ME Turnpike. The property is zoned T- 5.1 and addressed at 89 Washington Street N in Auburn, Maine.
The site is positioned at the Auburn rotary with exposure from three sides and frontage on two streets. Its location also provides convenient access to the ME Turnpike. The property is zoned T- 5.1 and addressed at 89 Washington Street N in Auburn, Maine.
Key Highlights
- Storefront property built in 1950
- Renovated office area on the second level
- Paved lot with ample on‑site parking
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
$28,000
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
7.02%
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%
$560,000
$560.0K
Cap Rate 7%
$400,000
$400.0K
Cap Rate 9%
$311,111
$311.1K
Market Conditions
NOI Build-Up for 1,728 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
$42.7K $24.72/SF
− Vacancy
−$5.4K −$3.11/SF
EGI
$37.3K $21.61/SF
− OpEx
−$9.3K −$5.40/SF
NOI
$28.0K $16.20/SF
Area
Androscoggin County, ME
Vacancy
12.60%
Lease Rate
$24.72 /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%
$560,000
Cap Rate 7%
$400,000
Cap Rate 9%
$311,111
Alternative Uses
Best Use
Industrial
$2.53M
$2.21M – $2.95M
NOI $176,922 @ 7.0% cap · market cap 44.34%
Second Best
Office B
$400.0K
$350.0K – $466.7K
NOI $28,000 @ 7.0% cap · market cap 7.02%
Theoretical Best
Warehouse
$3.07M
$2.69M – $3.58M
NOI $214,834 @ 7.0% cap · market cap 53.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Renovated second-floor offices complement a paved commercial lot with frontage along two street sides.
Where is this storefront property located?
The property is located at 89 Washington Street N Auburn, 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: Storefront property built in 1950; Renovated office area on the second level; Paved lot with ample on‑site parking
