Spa & Wellness Property With
New
For Sale
$550,000
156 N Main Street, Brewer, ME 04412
COMMERCIAL - Brewer, ME
Property Size4,782 SF
Lot Size0.31 Acres
Price / SF$115.01
Days on Market3
Property Features for 156 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CB - Conv Business
Interior features
Storage
Basement
Daylight, Crawl Space, Walk-Out Access, Finished
Lot features
Business District, Near Shopping
Standard status
Active
Size
4,782 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7252
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating), Hot Water(Heating), Baseboard, Heat Pump (Heating), Other (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Water front features
Stream
Amenities
studio space
bonus room
sound booth
chef's kitchen
dining room
spa
plunge pool
sauna
retreat rooms
Building Details
Year built
1900
Flooring type
Wood, Tile, Plank, Carpet
Building materials
Wood Frame, Clapboard
Roof type
Shingle, Flat, Slate, Membrane
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Tara Roy
(207) 991-8272
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 9:06PM
MLS# 1659611
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 4,782-square-foot Mansard-style property on 0.31 acres includes a large studio, chef’s kitchen, dining room, three client bathrooms, and three additional rooms suited to office or treatment functions. The lower level contains a plunge pool, sauna, and retreat rooms, while a spiral staircase connects the studio to an upper bonus room. A separate second-floor apartment offers 2 bedrooms and 1 bath. The property was built in 1900 and includes public water, public sewer, heat-pump cooling, and 10+ on-site parking spaces. CB - Conv Business zoning supports the property’s established commercial character. Located on N Main Street in Brewer, the building is near the Brewer Riverwalk and its waterfront and trail connections.
Key Highlights
- 4,782 Square Feet on 0.31 Acres
- CB - Conv Business zoning
- Large studio with upper bonus room and spiral staircase
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
$40,307
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
7.33%
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%
$806,140
$806.1K
Cap Rate 7%
$575,814
$575.8K
Cap Rate 9%
$447,856
$447.9K
Market Conditions
NOI Build-Up for 4,782 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
$77.5K $16.20/SF
− Vacancy
−$4.2K −$0.87/SF
EGI
$73.3K $15.33/SF
− OpEx
−$33.0K −$6.90/SF
NOI
$40.3K $8.43/SF
Area
Penobscot County, ME
Vacancy
5.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$806,140
Cap Rate 7%
$575,814
Cap Rate 9%
$447,856
Alternative Uses
Best Use
Office B
$965.7K
$845.0K – $1.13M
NOI $67,599 @ 7.0% cap · market cap 12.29%
Second Best
Apartment 5plus
$575.8K
$503.8K – $671.8K
NOI $40,307 @ 7.0% cap · market cap 7.33%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,111 @ 7.0% cap · market cap 19.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,827
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- R U Sore — 165 State St, Brewer, ME 04412
- Full Circle — 115 Franklin St STE 1B, Bangor, ME 04401
- Susan Murch — 43 Columbia St, Bangor, ME 04401
- Kinetic Wellness LLC — 191 S Main St, Brewer, ME 04412
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Mansard-style commercial building with studio space, spa amenities, and convenience business zoning.
Where is this spa & wellness property located?
The property is located at 156 N Main Street Brewer, ME.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,782 Square Feet on 0.31 Acres; CB - Conv Business zoning; Large studio with upper bonus room and spiral staircase
