Building Details

Building Size 1,375 SF

Year Built 1947

Buildings 2

Listing Agency: Elevate Maine Realty i***@elevatemaine.com Show Phone

Listed By: Tyler Stewart · License #BA927955 Show Phone

Source: Amerorealty

Added: May 28, 2024 Changed: Oct 31 Last Checked: Oct 31 at 2:30PM

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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.

This 4.25-acre mixed-use property includes an operating, furnished and equipped garage with a one-bedroom apartment attached to the front office. A detached duplex adds two occupied rental units, and additional storage is also on site.

Located at 58-64 Fairbanks Road in Wayne, Maine, the property is zoned R-5. The garage dates to 1947.

Key Highlights

• 4.25‑acre property zoned R‑5
• Operating garage is furnished and equipped
• One‑bedroom apartment attached to the garage’s front office

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,355

Cap Rate

3.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$307,100 $307.1K

Cap Rate 7%

$219,357 $219.4K

Cap Rate 9%

$170,611 $170.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,375 SF

Gross rent

$22.3K $16.20/SF

− Vacancy

−$339 −$0.25/SF

EGI

$21.9K $15.95/SF

− OpEx

−$6.6K −$4.79/SF

NOI

$15.4K $11.17/SF

Area

Kennebec County, ME

Vacancy

1.52%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$307,100

Cap Rate 7%

$219,357

Cap Rate 9%

$170,611

Alternative Uses

Best Use

Industrial

$1.69M

$1.48M – $1.97M (±1% cap)

NOI $118,255 @ 7.0% cap · market cap 23.89%

Second Best

Multifamily LT 5

$219.4K

$191.9K – $255.9K (±1% cap)

NOI $15,355 @ 7.0% cap · market cap 3.10%

Theoretical Best

Warehouse

$2.05M

$1.79M – $2.39M (±1% cap)

NOI $143,596 @ 7.0% cap · market cap 29.01%

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

Property Analytics

Current Use

Auto shops

Suggested Use

Top Pick Furniture & Home Goods Auto Repair Shop Real Estate Agency Fish Market Food Market Farmer's Market

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

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

9

Businesses Nearby

Explore this area Business Placement

Demographics for 04284, ME

1,113

Population

841

Households

1.3

Avg Household Size

54

Median Age

43%

College-Educated

95%

High-School Grad

18.4 sq mi

ZIP Area

60

Density / Sq Mi

$75,987

Median Household Income

$50,114

Median Earnings

$889

Median Rent

$327,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Mixed-use property - An equipped, operating garage shares the property with an apartment and a detached duplex with occupied rental units.

Where is this mixed-use property located?

The property is located at 58-64 Fairbanks Road Wayne, ME.

What is the asking price?

The asking price for this property is $495,000.

What are key features of this property?

This property features: 4.25‑acre property zoned R‑5; Operating garage is furnished and equipped; One‑bedroom apartment attached to the garage’s front office