Flex Space With Work
New
For Sale
$750,000
1509 Washington Street N, Auburn, ME 04210
COMMERCIAL - Auburn, ME
Property Size3,600 SF
Lot Size1.00 Acre
Price / SF$208.33
Days on Market4
Property Features for 1509 Washington Street N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
General Commercial
Lot features
Near Turnpike/ Interstate
Standard status
Active
Size
3,600 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5018
Utilities
Sewer type
Private Sewer
Heating system
Natural Gas, Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Private
Building Details
Year built
1972
Flooring type
Concrete
Building materials
Steel Frame, Metal Clad
Roof type
Membrane
Listing Agency:
Coldwell Banker Plourde Real Estate · Coldwell Banker Real Estate
(207) 872-7650
Listed By:
Dana Michaud
(207) 314-2268
Added: Aug 19
Last Checked: Aug 22 at 8:06AM
MLS# 1676774
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,600-square-foot flex property occupies 1 acre and includes a showroom, office, storage area, and two vehicle work bays. Built in 1972, the building has a steel-frame, metal-clad construction with concrete flooring, a membrane roof, heat-pump heating and cooling, and natural gas heat. The property is served by private water and private sewer.
The site is located at 1509 Washington Street N in Auburn, Maine, with close proximity to I-95 and the Southern Maine Auto Auction. General Commercial zoning supports the property's commercial use profile. Its combination of customer-facing space, work areas, and storage provides a practical configuration for a range of retail or service-oriented operations.
The site is located at 1509 Washington Street N in Auburn, Maine, with close proximity to I-95 and the Southern Maine Auto Auction. General Commercial zoning supports the property's commercial use profile. Its combination of customer-facing space, work areas, and storage provides a practical configuration for a range of retail or service-oriented operations.
Key Highlights
- 3,600‑square‑foot flex building on 1 acre
- Showroom, office, storage area, and two vehicle work bays
- General Commercial zoning
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
$37,649
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
5.02%
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%
$752,980
$753.0K
Cap Rate 7%
$537,843
$537.8K
Cap Rate 9%
$418,322
$418.3K
Market Conditions
NOI Build-Up for 3,600 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
$64.8K $18.00/SF
− Vacancy
−$11.0K −$3.06/SF
EGI
$53.8K $14.94/SF
− OpEx
−$16.1K −$4.48/SF
NOI
$37.6K $10.46/SF
Area
Androscoggin 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 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%
$752,980
Cap Rate 7%
$537,843
Cap Rate 9%
$418,322
Alternative Uses
Best Use
Industrial
$5.27M
$4.61M – $6.14M
NOI $368,588 @ 7.0% cap · market cap 49.15%
Second Best
Retail
$537.8K
$470.6K – $627.5K
NOI $37,649 @ 7.0% cap · market cap 5.02%
Theoretical Best
Warehouse
$6.39M
$5.59M – $7.46M
NOI $447,571 @ 7.0% cap · market cap 59.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial building combining showroom, office, storage, and vehicle service areas under General Commercial zoning.
Where is this flex space located?
The property is located at 1509 Washington Street N Auburn, ME.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,600‑square‑foot flex building on 1 acre; Showroom, office, storage area, and two vehicle work bays; General Commercial zoning
