Renovated Single-Level Office
For Sale
$499,000
118 Alfred Road, Biddeford, ME 04005
Renovated office property with on-site parking and MSRD2 zoning.
Property Size2,416 SF
Days on Market756
Property Features for 118 Alfred Road
General Information
Standard status
Active
Size
2,416 SF
Property subtype
Commercial
Zoning
MSRD2
Taxes and HOA fees
Annual Taxes
$4,504
Building Details
Building Size
2,416 SF
Year Built
1976
Buildings
1
Stories
1
Listing Agency:
EXP Realty
(207) 450-3230
Listed By:
Roslind Anton
(207) 450-3230
Source:
Startpoint
Added: Jul 18, 2024
Changed: Aug 12
Last Checked: Aug 12 at 6:30AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This single-level office building offers over 2,400 square feet of workspace and has undergone renovation. Built in 1976, the property is currently configured for office use and includes on-site parking. The existing business has outgrown the premises, creating a larger office requirement than the building currently accommodates.
Located at 118 Alfred Road in Biddeford, the property is near restaurants and shops. MSRD2 zoning supports the current office configuration and allows multiple use options within the district.
Located at 118 Alfred Road in Biddeford, the property is near restaurants and shops. MSRD2 zoning supports the current office configuration and allows multiple use options within the district.
Key Highlights
- Over 2,400 square feet of office space
- Renovated single‑level building
- 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
$39,574
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
7.93%
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%
$791,480
$791.5K
Cap Rate 7%
$565,343
$565.3K
Cap Rate 9%
$439,711
$439.7K
Market Conditions
NOI Build-Up for 2,416 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
$60.3K $24.96/SF
− Vacancy
−$7.5K −$3.12/SF
EGI
$52.8K $21.84/SF
− OpEx
−$13.2K −$5.46/SF
NOI
$39.6K $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%
$791,480
Cap Rate 7%
$565,343
Cap Rate 9%
$439,711
Alternative Uses
Best Use
Office B
$565.3K
$494.7K – $659.6K
NOI $39,574 @ 7.0% cap · market cap 7.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$765.9K
$670.1K – $893.5K
NOI $53,610 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
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 - Renovated office property with on-site parking and MSRD2 zoning.
Where is this office building located?
The property is located at 118 Alfred Road Biddeford, ME.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Over 2,400 square feet of office space; Renovated single‑level building; On‑site parking
