Building Details

Year Built 1988

Buildings 2

Construction ranch

Tenancy Single

Owner Occupied Yes

Listing Agency: Realty of Maine

Listed By: Carissa Marsh Show Phone

Source: Portsiderealestategroup

Added: Jun 5 Changed: Oct 11 Last Checked: Oct 14 at 11:06PM

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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.

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 / Yr

$23,749

Cap Rate

4.75%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$474,980 $475.0K

Cap Rate 7%

$339,271 $339.3K

Cap Rate 9%

$263,878 $263.9K

Market Conditions

NOI Build-Up for 3,314 SF

Gross rent

$41.8K $12.60/SF

− Vacancy

−$3.8K −$1.13/SF

EGI

$38.0K $11.47/SF

− OpEx

−$14.2K −$4.30/SF

NOI

$23.7K $7.17/SF

Area

Penobscot County, ME

Vacancy

9.00%

Lease Rate

$12.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$474,980

Cap Rate 7%

$339,271

Cap Rate 9%

$263,878

Alternative Uses

Best Use

Office B

$669.2K

$585.6K – $780.8K (±1% cap)

NOI $46,847 @ 7.0% cap · market cap 9.37%

Second Best

Mixed Use

$339.3K

$296.9K – $395.8K (±1% cap)

NOI $23,749 @ 7.0% cap · market cap 4.75%

Theoretical Best

Office A

$1.07M

$936.5K – $1.25M (±1% cap)

NOI $74,923 @ 7.0% cap · market cap 14.99%

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

Property Analytics

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Current Use

Live-work space

Suggested Use

Top Pick Furniture & Home Goods Storage Facility Auto Repair Shop

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

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this live-work space located? What is the asking price? Find similar properties What are key features of this property?

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 $499,900.

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