Two-Building Storefront
For Sale
$980,000
149 State Street, Brewer, ME 04412
Multiple tenant spaces include remodeled areas, established occupancy, and natural gas service.
Property Size9,439 SF
Days on Market251
Property Features for 149 State Street
General Information
Standard status
Active
Size
9,439 SF
Property subtype
Commercial
Zoning
Comm
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$14,262
Building Details
Building Size
9,439 SF
Buildings
2
Listing Agency:
CENTURY 21 Queen City Real Estate
(207) 478-9562
Listed By:
Karen Burns
(207) 478-9562
Source:
Startpoint
Added: Dec 2, 2025
Changed: Aug 8
Last Checked: Aug 10 at 12:08PM
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 CENTURY 21 Queen City Real Estate
Investment Insights
Based on property information with market context.
This commercial property includes two buildings configured for multiple small-business tenants. Several interior business areas have been remodeled, and the property is served by natural gas. The layout includes substantial on-site parking and supports a variety of storefront uses.
The property occupies just under 2 acres and is located at 149 State Street in Brewer, Maine. Tenants are described as long-term occupants, providing an established operating profile across the buildings. The combination of multiple commercial spaces, updated areas, natural gas service, and on-site parking creates a flexible storefront property with an existing tenant base.
The property occupies just under 2 acres and is located at 149 State Street in Brewer, Maine. Tenants are described as long-term occupants, providing an established operating profile across the buildings. The combination of multiple commercial spaces, updated areas, natural gas service, and on-site parking creates a flexible storefront property with an existing tenant base.
Key Highlights
- Two commercial buildings serving multiple small‑business tenants
- Just under 2 acres
- Many business areas have been remodeled
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
$78,970
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
8.06%
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%
$1,579,400
$1.6M
Cap Rate 7%
$1,128,143
$1.1M
Cap Rate 9%
$877,444
$877.4K
Market Conditions
NOI Build-Up for 9,439 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
$135.9K $14.40/SF
− Vacancy
−$23.1K −$2.45/SF
EGI
$112.8K $11.95/SF
− OpEx
−$33.8K −$3.59/SF
NOI
$79.0K $8.37/SF
Area
Penobscot County, ME
Vacancy
17.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,579,400
Cap Rate 7%
$1,128,143
Cap Rate 9%
$877,444
Alternative Uses
Best Use
Retail
$1.13M
$987.1K – $1.32M
NOI $78,970 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,397 @ 7.0% cap · market cap 21.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
682
Businesses Nearby
25k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Beauty & Spa 18%
Irving Oil
Shops & Services
11,804 visits/mo
0.4 miles
Circle K
Shops & Services
7,874 visits/mo
0.4 miles
Salon Centric
Beauty & Spa
1,738 visits/mo
0.5 miles
Sun Tan City
Beauty & Spa
1,346 visits/mo
0.5 miles
Cosmoprof
Beauty & Spa
1,337 visits/mo
0.5 miles
Demographics for 04412, ME
9,672
Population
4,565
Households
2.1
Avg Household Size
43
Median Age
31%
College-Educated
95%
High-School Grad
15.2 sq mi
ZIP Area
636
Density / Sq Mi
$51,490
Median Household Income
$35,700
Median Earnings
$984
Median Rent
$218,100
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?
Storefront property - Multiple tenant spaces include remodeled areas, established occupancy, and natural gas service.
Where is this storefront property located?
The property is located at 149 State Street Brewer, ME.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Two commercial buildings serving multiple small‑business tenants; Just under 2 acres; Many business areas have been remodeled
