Mixed-Use Property with
For Sale
$525,000
1638 Main Street, Lewiston, ME 04240
The property combines a commercial office and warehouse component with a separate two-unit residential building.
Property Size4,228 SF
Lot Size1.90 Acres
Price / SF$270.62
Days on Market556
Property Features for 1638 Main Street
General Information
Standard status
Active
Size
4,228 SF
Lot size
1.90 Acres
Property subtype
Commercial
Zoning
HB
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
2
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,645
Building Details
Building Size
4,228 SF
Year Built
2007
Buildings
2
Stories
2
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
(207) 782-8311
Listed By:
Mark Pilot
(207) 782-8311
Source:
Startpoint
Added: Feb 12, 2025
Changed: Aug 21
Last Checked: Aug 21 at 1:24PM
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.
This mixed-use property occupies a 1.9-acre parcel at 1638 Main Street along Route 202 in Lewiston. Improvements include a 1,940-square-foot office and warehouse building completed in 2011, along with a separate two-unit residential building completed in 2007. The residential structure contains two two-bedroom units totaling 2,288 square feet of living space.
The commercial building features an open reception area, private office, kitchenette, half bath, one heated garage, and one unheated garage. Both garage areas have overhead doors and can also be accessed through the office. Ample off-street parking serves the residential and commercial improvements. The property is zoned HB, and city planning permits additional expansion for commercial uses, including additional rental units, subject to verification of the intended use and proposed expansion.
The commercial building features an open reception area, private office, kitchenette, half bath, one heated garage, and one unheated garage. Both garage areas have overhead doors and can also be accessed through the office. Ample off-street parking serves the residential and commercial improvements. The property is zoned HB, and city planning permits additional expansion for commercial uses, including additional rental units, subject to verification of the intended use and proposed expansion.
Key Highlights
- 1.9‑acre mixed‑use parcel at 1638 Main Street along Route 202 in Lewiston
- 1,940‑square‑foot office and warehouse building completed in 2011
- Separate two‑unit building completed in 2007 with two two‑bedroom units
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
$31,436
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
5.99%
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%
$628,720
$628.7K
Cap Rate 7%
$449,086
$449.1K
Cap Rate 9%
$349,289
$349.3K
Market Conditions
NOI Build-Up for 1,940 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
$48.0K $24.72/SF
− Vacancy
−$6.0K −$3.11/SF
EGI
$41.9K $21.61/SF
− OpEx
−$10.5K −$5.40/SF
NOI
$31.4K $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%
$628,720
Cap Rate 7%
$449,086
Cap Rate 9%
$349,289
Alternative Uses
Best Use
Warehouse
$3.45M
$3.01M – $4.02M
NOI $241,191 @ 7.0% cap · market cap 45.94%
Second Best
Office B
$449.1K
$393.0K – $523.9K
NOI $31,436 @ 7.0% cap · market cap 5.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 04240, ME
37,121
Population
16,852
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
34.1 sq mi
ZIP Area
1,089
Density / Sq Mi
$56,558
Median Household Income
$36,734
Median Earnings
$954
Median Rent
$214,200
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 - The property combines a commercial office and warehouse component with a separate two-unit residential building.
Where is this mixed-use property located?
The property is located at 1638 Main Street Lewiston, ME.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1.9‑acre mixed‑use parcel at 1638 Main Street along Route 202 in Lewiston; 1,940‑square‑foot office and warehouse building completed in 2011; Separate two‑unit building completed in 2007 with two two‑bedroom units
