Building Details

Building Size 4,580 SF

Year Built 1920

Listing Agency: Keller Williams Realty k***@kw.com Show Phone

Listed By: Scott Balfour · License #DB106566 Show Phone

Source: Amerorealty

Added: Apr 24, 2024 Changed: Oct 31 Last Checked: Oct 31 at 2:19PM

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Investment Insights

Based on property information with market context.

This 4,580-square-foot retail space dates to 1920 and has an open floorplan, hardwood floors, and abundant natural light. The property is zoned C III.

Located at 148 Main Street in Freeport, the property is one block from L.L.Bean and across from Thomas Moser Furniture. Freeport’s downtown draws thousands of tourists year-round.

Key Highlights

• 4,580 square feet of retail space
• Open floorplan with hardwood flooring and natural light
• Built in 1920; zoned C III

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$47,898

Cap Rate

5.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$957,960 $958.0K

Cap Rate 7%

$684,257 $684.3K

Cap Rate 9%

$532,200 $532.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,580 SF

Gross rent

$82.4K $18.00/SF

− Vacancy

−$14.0K −$3.06/SF

EGI

$68.4K $14.94/SF

− OpEx

−$20.5K −$4.48/SF

NOI

$47.9K $10.46/SF

Area

Cumberland County, ME

Vacancy

17.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$957,960

Cap Rate 7%

$684,257

Cap Rate 9%

$532,200

Alternative Uses

Best Use

Retail

$684.3K

$598.7K – $798.3K (±1% cap)

NOI $47,898 @ 7.0% cap · market cap 5.35%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.26M

$1.10M – $1.47M (±1% cap)

NOI $88,117 @ 7.0% cap · market cap 9.83%

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

Retail space

Suggested Use

Top Pick Auto Repair Shop Dental Office Pharmacy Nail Salon Storage Facility Kitchen & Bath Showroom

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

Location Intelligence

Trade Area within ½ mile

532

Businesses Nearby

115k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Apparel 50% Dining 41% Shops & Services 5% Hotels & Casinos 4%

McDonald's Dining

27,911 visits/mo 0.1 miles

American Eagle Outfitters Apparel

16,571 visits/mo 0.3 miles

Starbucks Dining

11,519 visits/mo 0.2 miles

Coach Apparel

7,454 visits/mo 0.2 miles

Domino's Pizza Dining

5,170 visits/mo 0.1 miles

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 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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Frequently Asked Questions

What type of property is this?

Retail space - The open interior features hardwood flooring and natural light in a downtown setting.

Where is this retail space located?

The property is located at 148 Main Street Freeport, ME.

What is the asking price?

The asking price for this property is $896,000.

What are key features of this property?

This property features: 4,580 square feet of retail space; Open floorplan with hardwood flooring and natural light; Built in 1920; zoned C III