Warehouse with Residential
For Sale
$800,000
133 Eldridge Road, Wells, ME 04090
COMMERCIAL - Wells, ME
Property Size2,145 SF
Lot Size0.69 Acres
Price / SF$372.96
Days on Market24
Property Features for 133 Eldridge Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RA
Rooms
Basement
Basement
Full
Lot features
Other Location, Near Shopping
Standard status
Active
Size
2,145 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5190
Utilities
Sewer type
Public Sewer
Heating system
Wood, Hot Water(Heating), Baseboard, Oil, Wood Stove
Water source
Public
Building Details
Year built
1920
Flooring type
Wood, Carpet, Vinyl
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
EXIT Oceanside Realty · EXIT Realty
(207) 646-8333
Listed By:
Rick Coyne Pamela Coyne
(207) 646-8333
Added: Jul 20
Changed: Aug 4
Last Checked: Aug 12 at 10:06AM
MLS# 1655479
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 133 Eldridge Road in Wells, this offering combines a classic 1920 residence with an on-site warehouse. The home features 5 bedrooms and 2 baths and is described as full of character and ready for updates. In addition, the property includes a substantial 5,600 square foot warehouse described as having grandfathered commercial use, adding flexibility for storage, business use, investment, or mixed-use scenarios.
The property is presented as first offered in over 50 years and sits along Route 1 on the desirable east side, approximately one mile from the beach. Zoning is listed as RA, and the lot size is 0.69 acres.
For buyers or tenants seeking a combined live-and-work layout, the warehouse and residence are on the same site, with convenient access tied to Route 1.
The property is presented as first offered in over 50 years and sits along Route 1 on the desirable east side, approximately one mile from the beach. Zoning is listed as RA, and the lot size is 0.69 acres.
For buyers or tenants seeking a combined live-and-work layout, the warehouse and residence are on the same site, with convenient access tied to Route 1.
Key Highlights
- Classic 1920 home with 5 bedrooms and 2 baths
- Includes a 5,600 SF warehouse with grandfathered commercial use
- Heating includes wood stove, wood, oil, baseboard, and hot water (heating)
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
$33,149
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
4.14%
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%
$662,980
$663.0K
Cap Rate 7%
$473,557
$473.6K
Cap Rate 9%
$368,322
$368.3K
Market Conditions
NOI Build-Up for 2,145 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
$63.6K $29.64/SF
− Vacancy
−$3.3K −$1.54/SF
EGI
$60.3K $28.10/SF
− OpEx
−$27.1K −$12.64/SF
NOI
$33.1K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
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%
$662,980
Cap Rate 7%
$473,557
Cap Rate 9%
$368,322
Alternative Uses
Best Use
Apartment 5plus
$473.6K
$414.4K – $552.5K
NOI $33,149 @ 7.0% cap · market cap 4.14%
Second Best
Warehouse
$383.7K
$335.7K – $447.7K
NOI $26,859 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$680.0K
$595.0K – $793.3K
NOI $47,597 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 04090, ME
11,314
Population
9,590
Households
1.2
Avg Household Size
53
Median Age
38%
College-Educated
92%
High-School Grad
57.7 sq mi
ZIP Area
196
Density / Sq Mi
$83,900
Median Household Income
$47,928
Median Earnings
$1,313
Median Rent
$445,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Warehouse - Features a 5-bedroom home and a 5,600 sq ft warehouse with grandfathered commercial use on Route 1.
Where is this warehouse located?
The property is located at 133 Eldridge Road Wells, ME.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Classic 1920 home with 5 bedrooms and 2 baths; Includes a 5,600 SF warehouse with grandfathered commercial use; Heating includes wood stove, wood, oil, baseboard, and hot water (heating)
