Building Details

Building Size 2,552 SF

Year Built 1956

Stories 1

Listing Agency: Sprague & Curtis Real Estate i***@spragueandcurtis.com Show Phone

Listed By: James Pepin Show Phone

Source: Amerorealty

Added: Aug 25, 2022 Changed: Oct 22 Last Checked: Oct 22 at 2:36PM

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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 Sprague & Curtis Real Estate

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 2,552-square-foot automotive property in Augusta has five garage bays, along with dedicated office and customer areas. The building dates to 1956 and occupies a corner lot with road frontage on Stone Street.

The site is zoned CB/Commercial. A lease possibility is also noted alongside the property’s sale offering.

Key Highlights

• Five garage bays
• 2,552 SF building with office and customer areas
• Corner parcel with road frontage on Stone Street

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,644

Cap Rate

8.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$492,880 $492.9K

Cap Rate 7%

$352,057 $352.1K

Cap Rate 9%

$273,822 $273.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,552 SF

Gross rent

$36.7K $14.40/SF

− Vacancy

−$1.5K −$0.60/SF

EGI

$35.2K $13.80/SF

− OpEx

−$10.6K −$4.14/SF

NOI

$24.6K $9.66/SF

Area

Kennebec County, ME

Vacancy

4.20%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$492,880

Cap Rate 7%

$352,057

Cap Rate 9%

$273,822

Alternative Uses

Best Use

Industrial

$3.14M

$2.74M – $3.66M (±1% cap)

NOI $219,482 @ 7.0% cap · market cap 74.40%

Second Best

Retail

$352.1K

$308.1K – $410.7K (±1% cap)

NOI $24,644 @ 7.0% cap · market cap 8.35%

Theoretical Best

Warehouse

$3.81M

$3.33M – $4.44M (±1% cap)

NOI $266,514 @ 7.0% cap · market cap 90.34%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Crochere Heating & Plumbing Plumbing Service

Suggested Use

Top Pick Big Box & Wholesale Store Auto Parts Store Real Estate Agency Electrical Service Building Supply Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Service bays

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

907

Businesses Nearby

56k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 68% Dining 20% Shops & Services 12%

Hannaford Groceries

38,047 visits/mo 0.4 miles

Aroma Joe's Dining

11,216 visits/mo 0.5 miles

Dollar Tree Shops & Services

6,701 visits/mo 0.4 miles

Demographics for 04330, ME

26,322

Population

13,017

Households

2

Avg Household Size

44

Median Age

28%

College-Educated

95%

High-School Grad

116.9 sq mi

ZIP Area

225

Density / Sq Mi

$55,158

Median Household Income

$43,177

Median Earnings

$912

Median Rent

$197,600

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Similar Off Market Nearby

• Moody's Collision & Auto Body Repair Center — 38 Powhattan St, Augusta, ME 04330
• 1st Choice Auto Repair — 99 Stone St, Augusta, ME 04330
• Rotary Garage — 383 Water St, Augusta, ME 04330
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• Rescue Wheels Towing Aid — 51 Water St, Augusta, ME 04330

Frequently Asked Questions

What type of property is this?

Auto shop - Office and customer space complement the service-bay layout.

Where is this auto shop located?

The property is located at 89 Stone Street Augusta, ME.

What is the asking price?

The asking price for this property is $295,000.

What are key features of this property?

This property features: Five garage bays; 2,552 SF building with office and customer areas; Corner parcel with road frontage on Stone Street