Renovated Office
For Sale
$350,000
16 Depot Street, Windham, ME 04062
Commercial condominium with multiple offices, flexible meeting space, updated kitchen, and two restrooms, including one ADA-compliant facility.
Property Size2,136 SF
Price / SF$163.86
Days on Market773
Property Features for 16 Depot Street
General Information
Standard status
Active
Size
2,136 SF
Property subtype
Commercial
Zoning
VC
Taxes and HOA fees
Annual Taxes
$1,778
Amenities
two bathrooms
updated kitchen
gathering room/meeting room
stone fireplace
wide plank floors
large windows
Building Details
Building Size
2,136 SF
Year Built
1950
Buildings
1
Listing Agency:
Dream Home Realty LLC
(207) 239-2220
Listed By:
Lisa Andrade
(207) 239-2220
Source:
Startpoint
Added: Jul 1, 2024
Changed: Aug 11
Last Checked: Aug 11 at 7:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Dream Home Realty LLC
Investment Insights
Based on property information with market context.
This renovated commercial condominium provides 2,136 square feet of office space within a 1950 building. The layout includes seven individual office spaces, two bathrooms, an updated kitchen, and a rear gathering room that can function as meeting or flex space. One bathroom is plumbed for a shower, while the other is ADA compliant.
The gathering room features a stone fireplace, wide-plank floors, and large windows, creating a distinct setting for meetings or events. The property is near Main St., the Sebago to Sea Trail, and the South Windham area. VC zoning is also in place.
The gathering room features a stone fireplace, wide-plank floors, and large windows, creating a distinct setting for meetings or events. The property is near Main St., the Sebago to Sea Trail, and the South Windham area. VC zoning is also in place.
Key Highlights
- 2,136 SF commercial condominium office building
- Seven individual office spaces within the layout
- Two bathrooms, including one ADA‑compliant facility
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
$30,579
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
8.74%
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%
$611,580
$611.6K
Cap Rate 7%
$436,843
$436.8K
Cap Rate 9%
$339,767
$339.8K
Market Conditions
NOI Build-Up for 2,136 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
$46.7K $21.84/SF
− Vacancy
−$5.9K −$2.75/SF
EGI
$40.8K $19.09/SF
− OpEx
−$10.2K −$4.77/SF
NOI
$30.6K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
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%
$611,580
Cap Rate 7%
$436,843
Cap Rate 9%
$339,767
Alternative Uses
Best Use
Office B
$436.8K
$382.2K – $509.7K
NOI $30,579 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.1K
$513.7K – $684.9K
NOI $41,096 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
Explore this area
Business Placement
Demographics for 04062, ME
18,464
Population
8,695
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
46.7 sq mi
ZIP Area
395
Density / Sq Mi
$98,946
Median Household Income
$57,505
Median Earnings
$1,189
Median Rent
$370,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Commercial condominium with multiple offices, flexible meeting space, updated kitchen, and two restrooms, including one ADA-compliant facility.
Where is this office building located?
The property is located at 16 Depot Street Windham, ME.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,136 SF commercial condominium office building; Seven individual office spaces within the layout; Two bathrooms, including one ADA‑compliant facility
