Mixed-Use Property with Medical
New
For Sale
$1,499,000
164 Main Street, Gorham, ME 04038
COMMERCIAL - Gorham, ME
Property Size4,515 SF
Lot Size0.85 Acres
Price / SF$332
Days on Market1
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, Natural Gas, Electric (Heating), Hot Water(Heating), Baseboard, Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
waiting area
office/exam rooms
storage
bathroom
ADA access
Building Details
Year built
1905
Flooring type
Carpet, Laminate, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle, Composition
Additional Structures
Storage
Listing Agency:
Maine Real Estate Experts
(207) 642-2100
Listed By:
Christy Arnett
(207) 653-3433
Added: Aug 12
Last Checked: Aug 12 at 12:06PM
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.
Located at 164 Main Street, this mixed-use property combines a two-floor residence with professional office space and a separate apartment. The home contains approximately 3,118 square feet of finished living area, 4/5 bedrooms, 2 full baths, and an attached 2-car garage. Interior finishes include carpet, laminate, and wood flooring, with storage and a basement.
The rear office component measures approximately 826 square feet and is leased for medical-office use. It includes a waiting area, office and exam rooms, storage, a bathroom, ADA access, and dedicated parking. A one-bedroom apartment of approximately 644 square feet sits above the garage and is also rented. The property occupies 0.85 acres, is served by public water and public sewer, and carries OR zoning. Built in 1905, the property is near downtown Gorham and its local businesses, restaurants, and services.
The rear office component measures approximately 826 square feet and is leased for medical-office use. It includes a waiting area, office and exam rooms, storage, a bathroom, ADA access, and dedicated parking. A one-bedroom apartment of approximately 644 square feet sits above the garage and is also rented. The property occupies 0.85 acres, is served by public water and public sewer, and carries OR zoning. Built in 1905, the property is near downtown Gorham and its local businesses, restaurants, and services.
Key Highlights
- Approximately 3,118 square feet of finished residential living space
- Approximately 826‑square‑foot leased medical office with ADA access
- Approximately 644‑square‑foot rented, 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
4.95%
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 4.95%
Second Best
Healthcare Medical
$939.5K
$822.0K – $1.10M
NOI $65,763 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,867 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines a residence with leased medical-office space and a rented apartment under OR zoning.
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 $1,499,000.
What are key features of this property?
This property features: Approximately 3,118 square feet of finished residential living space; Approximately 826‑square‑foot leased medical office with ADA access; Approximately 644‑square‑foot rented, one‑bedroom apartment above the garage
