Renovated Mixed-Use
For Sale
$725,000
32 Eldridge Road, Wells, ME 04090
Includes an upstairs apartment and ADA-accessible commercial space with showroom and workshop areas.
Property Size3,234 SF
Days on Market700
Property Features for 32 Eldridge Road
General Information
Standard status
Active
Size
3,234 SF
Total Parking Spaces
9
Property subtype
Commercial
Zoning
GB
Units
Unit Mix
1 x 1BR+office
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,725
Building Details
Building Size
3,234 SF
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Portside Real Estate Group
(207) 651-4260
Listed By:
Nathan Mayo
(207) 651-4260
Source:
Startpoint
Added: Oct 1, 2024
Changed: Aug 30
Last Checked: Aug 30 at 5:44PM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
This mixed-use property combines a renovated historic structure with separate residential and commercial components. The upper level contains a one-bedroom apartment with an office, while the first floor offers an ADA-accessible commercial area configured with showroom and workshop space. The building dates to 1900 and retains elements of its original schoolhouse architecture.
The property is located at 32 Eldridge Road in Wells, Maine, between a seasonal campground and an ice cream shop, and less than 500 feet from Route 1. Nine dedicated parking spaces support the commercial use, with the source information also indicating room for additional parking. GB zoning is in place.
The property is located at 32 Eldridge Road in Wells, Maine, between a seasonal campground and an ice cream shop, and less than 500 feet from Route 1. Nine dedicated parking spaces support the commercial use, with the source information also indicating room for additional parking. GB zoning is in place.
Key Highlights
- Renovated mixed‑use building with residential and commercial components
- Upper‑level one‑bedroom apartment with office
- First‑floor ADA‑accessible commercial space
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
$40,166
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
5.54%
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%
$803,320
$803.3K
Cap Rate 7%
$573,800
$573.8K
Cap Rate 9%
$446,289
$446.3K
Market Conditions
NOI Build-Up for 3,234 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
$69.9K $21.60/SF
− Vacancy
−$5.6K −$1.73/SF
EGI
$64.3K $19.87/SF
− OpEx
−$24.1K −$7.45/SF
NOI
$40.2K $12.42/SF
Area
York County, ME
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$803,320
Cap Rate 7%
$573,800
Cap Rate 9%
$446,289
Alternative Uses
Best Use
Mixed Use
$573.8K
$502.1K – $669.4K
NOI $40,166 @ 7.0% cap · market cap 5.54%
Second Best
Retail
$561.0K
$490.9K – $654.6K
NOI $39,273 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$1.03M
$897.0K – $1.20M
NOI $71,761 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
8k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
5,136 visits/mo
0.2 miles
Alltown
Shops & Services
2,650 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes an upstairs apartment and ADA-accessible commercial space with showroom and workshop areas.
Where is this mixed-use property located?
The property is located at 32 Eldridge Road Wells, ME.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Renovated mixed‑use building with residential and commercial components; Upper‑level one‑bedroom apartment with office; First‑floor ADA‑accessible commercial space
