Mixed-Use Property with Medical
For Sale
$1,199,000
164 Main Street, Gorham, ME 04038
Office, residential, and apartment components support multiple occupancy arrangements at a centrally located Main Street property.
Property Size4,515 SF
Price / SF$265.56
Days on Market57
Property Features for 164 Main Street
General Information
Standard status
Active
Size
4,515 SF
Property subtype
Multi-family
Zoning
Office Residential
Units
Unit Mix
1 x 4/5BR/2BA, 1 x 1BR
Multifamily Units
2
Office Units
1
Additional Details
Road Access
Yes
Building Details
Year Built
1905
Tenancy
Single
Owner Occupied
No
Listing Agency:
Maine Real Estate Experts
Listed By:
Christy Arnett
(603) 866-2942
Source:
Profoundrealestate
Added: Aug 11
Changed: Oct 6
Last Checked: Oct 5 at 9:00PM
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 Maine Real Estate Experts
Investment Insights
Based on property information with market context.
Built in 1905, this mixed-use property combines a primary residence, professional office space, and a separate apartment within one well-maintained asset. The residence contains approximately 3,118 square feet of finished living area across two floors, with 4/5 bedrooms, 2 full baths, and an attached 2-car garage. The rear professional office comprises approximately 826 square feet and includes a waiting area, office and exam rooms, storage, a bathroom, ADA access, and dedicated parking. It is currently leased for medical office use.
An additional approximately 644-square-foot, one-bedroom apartment is located above the garage and is currently rented. The property is zoned Office Residential and may support expanded units, additional development, a possible backlot, or other uses subject to municipal approvals, applicable zoning, and buyer due diligence. Its address at 164 Main Street places it near Gorham’s walkable downtown, including local businesses, restaurants, services, and area amenities.
An additional approximately 644-square-foot, one-bedroom apartment is located above the garage and is currently rented. The property is zoned Office Residential and may support expanded units, additional development, a possible backlot, or other uses subject to municipal approvals, applicable zoning, and buyer due diligence. Its address at 164 Main Street places it near Gorham’s walkable downtown, including local businesses, restaurants, services, and area amenities.
Key Highlights
- Approximately 3,118 SF residence with 4/5 bedrooms, 2 full baths, and an attached 2‑car garage
- Approximately 826 SF professional office currently leased for medical office use
- Office includes waiting area, exam rooms, storage, bathroom, ADA access, and dedicated parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,229
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,484,580
$1.5M
Cap Rate 7%
$1,060,414
$1.1M
Cap Rate 9%
$824,767
$824.8K
Market Conditions
NOI Build-Up for 4,515 SF
Gross rent
$143.6K $31.80/SF
− Vacancy
−$8.6K −$1.91/SF
EGI
$135.0K $29.89/SF
− OpEx
−$60.7K −$13.45/SF
NOI
$74.2K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,484,580
Cap Rate 7%
$1,060,414
Cap Rate 9%
$824,767
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$927.9K – $1.24M
NOI $74,229 @ 7.0% cap · market cap 6.19%
Second Best
Healthcare Medical
$939.5K
$822.0K – $1.10M
NOI $65,763 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,867 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
2
Residential units
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 04038, ME
18,336
Population
6,527
Households
2.8
Avg Household Size
39
Median Age
46%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
362
Density / Sq Mi
$110,181
Median Household Income
$53,122
Median Earnings
$1,567
Median Rent
$426,300
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office, residential, and apartment components support multiple occupancy arrangements at a centrally located Main Street property.
Where is this mixed-use property located?
The property is located at 164 Main Street Gorham, ME.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Approximately 3,118 SF residence with 4/5 bedrooms, 2 full baths, and an attached 2‑car garage; Approximately 826 SF professional office currently leased for medical office use; Office includes waiting area, exam rooms, storage, bathroom, ADA access, and dedicated parking
