Mixed-Use Property with Medical
For Sale
$1,250,000
164 Main Street, Gorham, ME 04038
Multi-Family, Gorham, ME
Property Size4,515 SF
Lot Size0.85 Acres
Price / SF$276.85
Days on Market37
Property Features for 164 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
OR
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 2, Bathroom 1
Parking features
Open, Off Street
Patio and Porch features
Porch, Deck
Pets allowed
No
Interior features
Walk-in Closets, Attic, Bathtub, Storage, Primary Bedroom w/Bath
Basement
Unfinished, Walk-Out Access
Lot features
Well Landscaped, Open, Level, Sidewalks, Intown, Near Shopping, Near Town
Standard status
Active
Size
4,515 SF
Lot size
0.85 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6849
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Zoned, Heat Pump (Heating), Electric (Heating), Hot Water(Heating), Natural Gas
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1905
Floors in Building
2
Number of units
3
Flooring type
Carpet, Wood, Laminate
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle, Composition
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
Maine Real Estate Experts
(207) 642-2100
Listed By:
Christy Arnett
(207) 653-3433
Added: Aug 12
Changed: Sep 15
Last Checked: Sep 17 at 4:06PM
MLS# 1675843
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 Colonial mixed-use property combines a primary residence with professional office space and a separate apartment. The residence spans two floors and includes 4/5 bedrooms, two full baths, a basement, porch, deck, and attached two-car garage. The rear office is configured with a waiting area, office and exam rooms, storage, a bathroom, ADA access, and dedicated parking. An additional one-bedroom apartment is located above the garage.
The property encompasses 0.85 acres and is zoned Office Residential (OR). Public water and sewer serve the site, with natural gas, electric, heat pump, baseboard, and hot-water heating systems identified. Built in 1905, the building features wood-frame construction, vinyl siding, composition and shingle roofing, and off-street open parking. Its setting near walkable downtown Gorham provides access to local businesses, restaurants, services, and area amenities.
The property encompasses 0.85 acres and is zoned Office Residential (OR). Public water and sewer serve the site, with natural gas, electric, heat pump, baseboard, and hot-water heating systems identified. Built in 1905, the building features wood-frame construction, vinyl siding, composition and shingle roofing, and off-street open parking. Its setting near walkable downtown Gorham provides access to local businesses, restaurants, services, and area amenities.
Key Highlights
- Mixed‑use property zoned Office Residential (OR)
- 0.85‑acre site near walkable downtown Gorham
- Primary residence with 4/5 bedrooms, two full baths, and attached two‑car garage
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
$65,763
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
5.26%
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%
$1,315,260
$1.3M
Cap Rate 7%
$939,471
$939.5K
Cap Rate 9%
$730,700
$730.7K
Market Conditions
NOI Build-Up for 4,515 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
$121.9K $27.00/SF
− Vacancy
−$12.3K −$2.72/SF
EGI
$109.6K $24.28/SF
− OpEx
−$43.8K −$9.71/SF
NOI
$65.8K $14.57/SF
Area
Cumberland County, ME
Vacancy
10.09%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,315,260
Cap Rate 7%
$939,471
Cap Rate 9%
$730,700
Alternative Uses
Best Use
Healthcare Medical
$939.5K
$822.0K – $1.10M
NOI $65,763 @ 7.0% cap · market cap 5.26%
Second Best
Mixed Use
$801.1K
$701.0K – $934.6K
NOI $56,076 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,867 @ 7.0% cap · market cap 6.95%
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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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes a leased medical office, primary residence, and rented one-bedroom apartment.
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 $1,250,000.
What are key features of this property?
This property features: Mixed‑use property zoned Office Residential (OR); 0.85‑acre site near walkable downtown Gorham; Primary residence with 4/5 bedrooms, two full baths, and attached two‑car garage
