Building Details

Building Size 2,800 SF

Year Built 1971

Buildings 1

Stories 1

Listing Agency: Spectrum Real Estate f***@maine.rr.com Show Phone

Listed By: Anthony Donovan Show Phone

Source: Integrityhomesrealestategroup

Added: May 7, 2025 Changed: Oct 30 Last Checked: Oct 30 at 3:26PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

The offering includes two non-adjacent parcels: a 0.75-acre lot improved with a 2,800-square-foot building and a separate 0.85-acre vacant lot. Built in 1971, the building includes a two-bedroom apartment that is currently leased, along with retail street frontage. The former use of the retail space was a cannabis dispensary.

The property is located at 231 Togus Road in Chelsea, Maine. The combination of a commercial building, leased apartment, and separate vacant parcel brings several distinct property components together in one sale.

Key Highlights

• Two non‑adjacent parcels: 0.75 acres and 0.85 acres
• 2,800‑square‑foot building constructed in 1971
• Building includes a currently leased 2‑bedroom apartment

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,039

Cap Rate

9.17%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$540,780 $540.8K

Cap Rate 7%

$386,271 $386.3K

Cap Rate 9%

$300,433 $300.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,800 SF

Gross rent

$40.3K $14.40/SF

− Vacancy

−$1.7K −$0.60/SF

EGI

$38.6K $13.80/SF

− OpEx

−$11.6K −$4.14/SF

NOI

$27.0K $9.66/SF

Area

Kennebec County, ME

Vacancy

4.20%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$540,780

Cap Rate 7%

$386,271

Cap Rate 9%

$300,433

Alternative Uses

Best Use

Mixed Use

$412.7K

$361.1K – $481.4K (±1% cap)

NOI $28,886 @ 7.0% cap · market cap 9.79%

Second Best

Retail

$386.3K

$338.0K – $450.7K (±1% cap)

NOI $27,039 @ 7.0% cap · market cap 9.17%

Theoretical Best

Warehouse

$4.18M

$3.66M – $4.87M (±1% cap)

NOI $292,413 @ 7.0% cap · market cap 99.12%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Wine and Liquor Store

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

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Explore this area Business Placement

Demographics for 04330, ME

26,322

Population

13,017

Households

2

Avg Household Size

44

Median Age

28%

College-Educated

95%

High-School Grad

116.9 sq mi

ZIP Area

225

Density / Sq Mi

$55,158

Median Household Income

$43,177

Median Earnings

$912

Median Rent

$197,600

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Frequently Asked Questions

What type of property is this?

Mixed-use property - Two separate parcels combine a commercial building and vacant land for flexible property configuration.

Where is this mixed-use property located?

The property is located at 231 Togus Road Chelsea, ME.

What is the asking price?

The asking price for this property is $295,000.

What are key features of this property?

This property features: Two non‑adjacent parcels: 0.75 acres and 0.85 acres; 2,800‑square‑foot building constructed in 1971; Building includes a currently leased 2‑bedroom apartment