Mixed-Use Property with
For Sale
$450,000
103 Provencher Drive, Limerick, ME 04048
Combines residential living space with warehouse, shop, office, and garage areas.
Property Size4,000 SF
Days on Market783
Property Features for 103 Provencher Drive
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
RFF
Building Details
Building Size
4,000 SF
Year Built
2000
Listing Agency:
Keller Williams Realty
(207) 740-8577
Listed By:
Malachi Winslow · License #925500
(207) 740-8577
Source:
Startpoint
Added: Jun 21, 2024
Changed: Aug 10
Last Checked: Aug 11 at 2:12PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This mixed-use property, built in 2000, combines two residential units with substantial warehouse and shop space. The commercial portion also includes an office, while a two-car garage provides additional enclosed vehicle or storage capacity.
Located at 103 Provencher Drive in Limerick, Maine, the property carries RFF zoning. Its combination of residential accommodations, work or storage space, office area, and garage improvements creates a varied existing configuration within one property.
Located at 103 Provencher Drive in Limerick, Maine, the property carries RFF zoning. Its combination of residential accommodations, work or storage space, office area, and garage improvements creates a varied existing configuration within one property.
Key Highlights
- Two residential units included
- Warehouse and shop space with an office
- Two‑car garage
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
$41,248
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
9.17%
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%
$824,960
$825.0K
Cap Rate 7%
$589,257
$589.3K
Cap Rate 9%
$458,311
$458.3K
Market Conditions
NOI Build-Up for 4,000 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
$60.0K $15.00/SF
− Vacancy
−$1.1K −$0.27/SF
EGI
$58.9K $14.73/SF
− OpEx
−$17.7K −$4.42/SF
NOI
$41.2K $10.31/SF
Area
York County, ME
Vacancy
1.79%
Lease Rate
$15.00 /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%
$824,960
Cap Rate 7%
$589,257
Cap Rate 9%
$458,311
Alternative Uses
Best Use
Office B
$936.0K
$819.0K – $1.09M
NOI $65,520 @ 7.0% cap · market cap 14.56%
Second Best
Flex RnD
$801.1K
$700.9K – $934.6K
NOI $56,074 @ 7.0% cap · market cap 12.46%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,759 @ 7.0% cap · market cap 19.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 04048, ME
3,188
Population
1,565
Households
2
Avg Household Size
41
Median Age
24%
College-Educated
94%
High-School Grad
27.1 sq mi
ZIP Area
118
Density / Sq Mi
$90,125
Median Household Income
$45,791
Median Earnings
$1,153
Median Rent
$264,200
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?
Mixed-use property - Combines residential living space with warehouse, shop, office, and garage areas.
Where is this mixed-use property located?
The property is located at 103 Provencher Drive Limerick, ME.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two residential units included; Warehouse and shop space with an office; Two‑car garage
