Freestanding Mixed-Use
For Sale
$895,000
194 Main Street, Freeport, ME 04032
Four office spaces accompany a residential unit in a freestanding commercial property.
Property Size5,152 SF
Price / SF$173.72
Days on Market739
Property Features for 194 Main Street
General Information
Standard status
Active
Size
5,152 SF
Property subtype
Commercial
Zoning
VI
Additional Details
Asking Price
$895,000
Road Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$9,373
Building Details
Building Size
5,152 SF
Year Built
1870
Buildings
1
Stories
2
Listing Agency:
Malone Commercial Brokers, Inc.
(207) 772-2422
Listed By:
Mark Malone · License #911380
(207) 772-2422
Source:
Startpoint
Added: Aug 7, 2024
Changed: Aug 15
Last Checked: Aug 15 at 3:50AM
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 Malone Commercial Brokers, Inc.
Investment Insights
Based on property information with market context.
Constructed in 1870, this 5,152± SF freestanding mixed-use building combines four office spaces with a 1,700± SF residential unit. The property is identified with VI zoning and presents a range of commercial and residential space within one building.
The property offers 153 feet of frontage along Main Street in Freeport Village District, with walkability to downtown Freeport. Its office and residential configuration provides a distinct combination of uses in a single freestanding asset.
The property offers 153 feet of frontage along Main Street in Freeport Village District, with walkability to downtown Freeport. Its office and residential configuration provides a distinct combination of uses in a single freestanding asset.
Key Highlights
- 5,152± SF freestanding mixed‑use building
- Four office spaces plus a 1,700± SF residential unit
- 153' frontage on Main Street
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
$73,757
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
8.24%
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%
$1,475,140
$1.5M
Cap Rate 7%
$1,053,671
$1.1M
Cap Rate 9%
$819,522
$819.5K
Market Conditions
NOI Build-Up for 5,152 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
$112.5K $21.84/SF
− Vacancy
−$14.2K −$2.75/SF
EGI
$98.3K $19.09/SF
− OpEx
−$24.6K −$4.77/SF
NOI
$73.8K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /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%
$1,475,140
Cap Rate 7%
$1,053,671
Cap Rate 9%
$819,522
Alternative Uses
Best Use
Office B
$1.05M
$922.0K – $1.23M
NOI $73,757 @ 7.0% cap · market cap 8.24%
Second Best
Mixed Use
$914.1K
$799.9K – $1.07M
NOI $63,988 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,122 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Explore this area
Business Placement
Demographics for 04032, ME
8,737
Population
4,133
Households
2.1
Avg Household Size
47
Median Age
57%
College-Educated
94%
High-School Grad
34.7 sq mi
ZIP Area
252
Density / Sq Mi
$108,864
Median Household Income
$48,222
Median Earnings
$1,436
Median Rent
$445,800
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 - Four office spaces accompany a residential unit in a freestanding commercial property.
Where is this mixed-use property located?
The property is located at 194 Main Street Freeport, ME.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 5,152± SF freestanding mixed‑use building; Four office spaces plus a 1,700± SF residential unit; 153' frontage on Main Street
