Mixed-Use Property with Rental
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 Market46
Property Features for 164 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
OR
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 3, Bathroom 2, Bathroom 1
Parking features
Open, Off Street
Patio and Porch features
Deck, Porch
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
Zoned, Baseboard, Hot Water(Heating), Heat Pump (Heating), Electric (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
Laminate, Carpet, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Composition, Shingle
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 21
Last Checked: Sep 26 at 2:06PM
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 at 164 Main Street combines a two-level residence with professional office and apartment components. The primary dwelling provides approximately 3,118 square feet of finished living area, 4/5 bedrooms, 2 full baths, and an attached 2-car garage. Interior features include storage, an attic, walk-in closets, and a primary bedroom with bath. An approximately 826-square-foot office suite at the rear is leased for medical use and includes a waiting area, office and exam rooms, storage, a bathroom, ADA access, and dedicated parking. A separate approximately 644-square-foot, one-bedroom apartment above the garage is also rented.
The 0.85-acre property is served by public water and public sewer and includes open, off-street parking, a deck, and a porch. Its Office Residential zoning supports the current blend of residential and professional space, while any future change or expansion would require municipal review and applicable approvals. The property is located near downtown Gorham, with access to local businesses, restaurants, and services.
The 0.85-acre property is served by public water and public sewer and includes open, off-street parking, a deck, and a porch. Its Office Residential zoning supports the current blend of residential and professional space, while any future change or expansion would require municipal review and applicable approvals. The property is located near downtown Gorham, with access to local businesses, restaurants, and services.
Key Highlights
- 0.85‑acre mixed‑use property at 164 Main Street, Gorham, ME 04038
- Approximately 3,118 square feet of finished residential space with 4/5 bedrooms and 2 full baths
- Approximately 826‑square‑foot leased medical office with ADA access and dedicated parking
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
1
Office units
2
Residential units
Single-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 - Well-maintained Colonial combining a residence, leased medical office, and rented apartment under Office Residential 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 $1,250,000.
What are key features of this property?
This property features: 0.85‑acre mixed‑use property at 164 Main Street, Gorham, ME 04038; Approximately 3,118 square feet of finished residential space with 4/5 bedrooms and 2 full baths; Approximately 826‑square‑foot leased medical office with ADA access and dedicated parking
