Retail Space with Brewing
For Sale
Contact for pricing
187 Lower Main St, Freeport, ME 04032
Multiple improvements provide retail, kitchen, brew, office, and garage areas under flexible zoning.
Property Size9,402 SF
Lot Size3.88 Acres
Price / SF$244.63
Days on Market257
Property Features for 187 Lower Main St
General Information
Standard status
Active
Size
9,402 SF
Lot size
3.88 Acres
Property subtype
RETAIL
Building Details
Buildings
3
Listing Agency:
The Dunham Group
(207) 773-7100
Listed By:
Joe Atwood · License #SA928863
(207) 773-7100
Source:
Moodyscre
Added: Dec 17, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:49AM
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 The Dunham Group
Investment Insights
Based on property information with market context.
This Freeport property includes 9,402± SF of building space across several improvements. The main structure contains a 4,646 SF retail area and a 2,976 SF basement with kitchen and brewing areas. A separate 980 SF office building is occupied by Keller Williams Agency, while an 800 SF outbuilding provides additional office and garage space.
The property encompasses 3.88± acres at 187 Lower Main Street and includes 32,000 SF of paved parking. Flexible zoning supports a broad range of uses. The combination of retail, food-service, brewing, office, and garage areas creates a varied commercial configuration within one property.
The property encompasses 3.88± acres at 187 Lower Main Street and includes 32,000 SF of paved parking. Flexible zoning supports a broad range of uses. The combination of retail, food-service, brewing, office, and garage areas creates a varied commercial configuration within one property.
Key Highlights
- 3.88±-acre property at 187 Lower Main Street in Freeport
- 9,402± SF of building space across four improvements
- 4,646 SF primary retail area
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
$105,349
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
4.58%
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%
$2,106,980
$2.1M
Cap Rate 7%
$1,504,986
$1.5M
Cap Rate 9%
$1,170,544
$1.2M
Market Conditions
NOI Build-Up for 9,402 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
$169.2K $18.00/SF
− Vacancy
−$28.8K −$3.06/SF
EGI
$140.5K $14.94/SF
− OpEx
−$35.1K −$3.74/SF
NOI
$105.3K $11.21/SF
Area
Cumberland County, ME
Vacancy
17.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,106,980
Cap Rate 7%
$1,504,986
Cap Rate 9%
$1,170,544
Alternative Uses
Best Use
Specialty Retail
$1.50M
$1.32M – $1.76M
NOI $105,349 @ 7.0% cap · market cap 4.58%
Second Best
Retail
$1.40M
$1.23M – $1.64M
NOI $98,326 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,890 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 04032, ME
8,737
Population
4,133
Households
2.1
Avg Household Size
47
Median Age
57%
College-Educated
94%
High-School Grad
34.7 sq mi
ZIP Area
252
Density / Sq Mi
$108,864
Median Household Income
$48,222
Median Earnings
$1,436
Median Rent
$445,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Multiple improvements provide retail, kitchen, brew, office, and garage areas under flexible zoning.
Where is this retail space located?
The property is located at 187 Lower Main St Freeport, ME.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 3.88±-acre property at 187 Lower Main Street in Freeport; 9,402± SF of building space across four improvements; 4,646 SF primary retail area
