Insulated Garage Workshop
For Sale
$303,250
177 Town Farm Road, Harrison, ME 04040
Fully insulated, sheet-rocked garage/workshop on a 1.15-acre lot with 16-foot ceilings and two large automatic doors.
Property Size1,904 SF
Price / SF$159.27
Days on Market81
Property Features for 177 Town Farm Road
General Information
Standard status
Active
Size
1,904 SF
Property subtype
Commercial
Building Details
Year Built
1997
Listing Agency:
Kezar Realty
Listed By:
Pamela Sessions
(603) 433-3350
Source:
Greatislandrealty
Added: Jun 24
Changed: Sep 11
Last Checked: Sep 11 at 1:56PM
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 Kezar Realty
Investment Insights
Based on property information with market context.
This fully insulated, sheet-rocked garage/workshop building includes an addition built in 2014 for additional storage and/or workshop space. The interior features 16-foot ceilings and two automatic garage doors: one 12-foot door and one 14-foot door. The property also includes a full bathroom and a dedicated loft library space that can be used as a reading retreat, office, or additional sleeping area.
The building is situated on a 1.15-acre lot in Harrison, near lakes and recreational opportunities. On-site utilities include 220-amp power, a private well, and a septic system.
For RV owners, the property provides a dedicated hookup with power, water, and sewer. The layout offers substantial room for parking and work, with any conversion or additional uses subject to local zoning and municipal approvals.
The building is situated on a 1.15-acre lot in Harrison, near lakes and recreational opportunities. On-site utilities include 220-amp power, a private well, and a septic system.
For RV owners, the property provides a dedicated hookup with power, water, and sewer. The layout offers substantial room for parking and work, with any conversion or additional uses subject to local zoning and municipal approvals.
Key Highlights
- 34' x 50' fully insulated, sheet‑rocked garage/workshop built in 1997 with an addition storage/workshop area added in 2014
- 1.15‑acre lot in Harrison near lakes and recreational opportunities
- Interior features 16‑ft ceilings plus one 12‑ft automatic garage door and one 14‑ft automatic garage door
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
$14,795
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
4.88%
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%
$295,900
$295.9K
Cap Rate 7%
$211,357
$211.4K
Cap Rate 9%
$164,389
$164.4K
Market Conditions
NOI Build-Up for 1,904 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
$18.0K $9.48/SF
− Vacancy
−$644 −$0.34/SF
EGI
$17.4K $9.14/SF
− OpEx
−$2.6K −$1.37/SF
NOI
$14.8K $7.77/SF
Area
Cumberland County, ME
Vacancy
3.57%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$295,900
Cap Rate 7%
$211,357
Cap Rate 9%
$164,389
Alternative Uses
Best Use
Warehouse
$211.4K
$184.9K – $246.6K
NOI $14,795 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$523.3K
$457.9K – $610.5K
NOI $36,632 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04040, ME
2,853
Population
2,128
Households
1.3
Avg Household Size
52
Median Age
32%
College-Educated
94%
High-School Grad
62.0 sq mi
ZIP Area
46
Density / Sq Mi
$58,267
Median Household Income
$40,176
Median Earnings
$795
Median Rent
$243,600
Median Home Value
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Warehouse - Fully insulated, sheet-rocked garage/workshop on a 1.15-acre lot with 16-foot ceilings and two large automatic doors.
Where is this warehouse located?
The property is located at 177 Town Farm Road Harrison, ME.
What is the asking price?
The asking price for this property is $303,250.
What are key features of this property?
This property features: 34' x 50' fully insulated, sheet‑rocked garage/workshop built in 1997 with an addition storage/workshop area added in 2014; 1.15‑acre lot in Harrison near lakes and recreational opportunities; Interior features 16‑ft ceilings plus one 12‑ft automatic garage door and one 14‑ft automatic garage door
