Mixed-Use Property with Rental
For Sale
$1,250,000
164 Main Street, Gorham, ME 04038
Commercial Sale, Gorham, ME
Property Size4,515 SF
Lot Size0.85 Acres
Price / SF$276.85
Days on Market46
Property Features for 164 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OR
Rooms
Basement
Parking features
Off Street
Interior features
Storage
Basement
Unfinished, Walk-Out Access
Lot features
Downtown, Bus Line, Near Shopping
Standard status
Active
Size
4,515 SF
Lot size
0.85 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6849
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Baseboard, Hot Water(Heating), Heat Pump (Heating), Electric (Heating), Natural Gas
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1905
Flooring type
Laminate, Carpet, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Composition, Shingle
Additional Structures
Storage
Listing Agency:
Maine Real Estate Experts
(207) 642-2100
Listed By:
Christy Arnett
(207) 653-3433
Added: Aug 12
Changed: Sep 21
Last Checked: Sep 26 at 3:06PM
MLS# 1675851
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 mixed-use property combines a substantial two-level residence with professional office space and a separate apartment above the garage. The home provides approximately 3,118 square feet of finished living area, four or five bedrooms, two full bathrooms, and an attached two-car garage. A finished office component of approximately 826 square feet includes a waiting area, office and exam rooms, storage, a bathroom, ADA access, and dedicated parking. The garage-level apartment adds approximately 644 square feet with one bedroom and is currently rented.
The property occupies 0.85 acres at 164 Main Street in Gorham, near the community’s walkable downtown, local businesses, restaurants, services, and area amenities. Zoned Office Residential, the site has public water and public sewer. Additional development or expanded use would require municipal approvals and buyer due diligence.
The property occupies 0.85 acres at 164 Main Street in Gorham, near the community’s walkable downtown, local businesses, restaurants, services, and area amenities. Zoned Office Residential, the site has public water and public sewer. Additional development or expanded use would require municipal approvals and buyer due diligence.
Key Highlights
- Approximately 3,118 square feet of finished residence with 4/5 bedrooms and 2 full baths
- Approximately 826‑square‑foot professional office with exam rooms, ADA access, and dedicated parking
- Approximately 644‑square‑foot one‑bedroom apartment above the 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
$74,229
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
5.94%
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%
$1,484,580
$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
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
$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 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%
$1,484,580
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 5.94%
Second Best
Healthcare Medical
$939.5K
$822.0K – $1.10M
NOI $65,763 @ 7.0% cap · market cap 5.26%
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
2
Residential units
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 zoning supports a combination of residential, professional office, and leased apartment uses.
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: Approximately 3,118 square feet of finished residence with 4/5 bedrooms and 2 full baths; Approximately 826‑square‑foot professional office with exam rooms, ADA access, and dedicated parking; Approximately 644‑square‑foot one‑bedroom apartment above the garage
