Ranch-Style Live-Work
For Sale
$525,000
15 Phillips Road, Glenburn, ME 04401
Flexible property combining residential space, finished office areas, and a detached garage in a visible Glenburn setting.
Property Size3,314 SF
Price / SF$158.42
Days on Market87
Property Features for 15 Phillips Road
General Information
Standard status
Active
Size
3,314 SF
Total Parking Spaces
3
Property subtype
Commercial
Lease Term
[]
Amenities
walking trails
Building Details
Year Built
1988
Buildings
2
Construction
ranch
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
Realty of Maine
Listed By:
Carissa Marsh
(207) 680-3667
Source:
Portsiderealestategroup
Added: Jun 4
Changed: Aug 28
Last Checked: Aug 28 at 1:27PM
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 Realty of Maine
Investment Insights
Based on property information with market context.
This live-work property at 15 Phillips Road combines more than 2,000 square feet of ranch-style living space with approximately 1,300 square feet of finished office area on the lower level. The detached three-car garage adds substantial utility, while the overall property size is 3,314 square feet. Built in 1988, the property has previously accommodated both office and residential functions.
The site is in Glenburn, Maine, with walking trails directly beside the property and a location described as highly visible with convenient access. Its existing combination of living, office, and garage improvements supports consideration of a residence with business space, a professional office arrangement, or another live-work configuration. Buyers should consult the Town of Glenburn regarding permitted and approved uses.
The site is in Glenburn, Maine, with walking trails directly beside the property and a location described as highly visible with convenient access. Its existing combination of living, office, and garage improvements supports consideration of a residence with business space, a professional office arrangement, or another live-work configuration. Buyers should consult the Town of Glenburn regarding permitted and approved uses.
Key Highlights
- More than 2,000 square feet of ranch‑style living space
- Approximately 1,300 square feet of finished lower‑level office space
- Detached 3‑car garage
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
$46,847
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
8.92%
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%
$936,940
$936.9K
Cap Rate 7%
$669,243
$669.2K
Cap Rate 9%
$520,522
$520.5K
Market Conditions
NOI Build-Up for 3,314 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
$71.6K $21.60/SF
− Vacancy
−$9.1K −$2.75/SF
EGI
$62.5K $18.85/SF
− OpEx
−$15.6K −$4.71/SF
NOI
$46.8K $14.14/SF
Area
Penobscot County, ME
Vacancy
12.74%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$936,940
Cap Rate 7%
$669,243
Cap Rate 9%
$520,522
Alternative Uses
Best Use
Office B
$669.2K
$585.6K – $780.8K
NOI $46,847 @ 7.0% cap · market cap 8.92%
Second Best
Mixed Use
$339.3K
$296.9K – $395.8K
NOI $23,749 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$1.07M
$936.5K – $1.25M
NOI $74,923 @ 7.0% cap · market cap 14.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 04401, ME
44,608
Population
20,932
Households
2.1
Avg Household Size
40
Median Age
37%
College-Educated
96%
High-School Grad
100.1 sq mi
ZIP Area
446
Density / Sq Mi
$66,136
Median Household Income
$40,863
Median Earnings
$1,048
Median Rent
$229,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Flexible property combining residential space, finished office areas, and a detached garage in a visible Glenburn setting.
Where is this live-work space located?
The property is located at 15 Phillips Road Glenburn, ME.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: More than 2,000 square feet of ranch‑style living space; Approximately 1,300 square feet of finished lower‑level office space; Detached 3‑car garage
