Heated Flex Space with Garage
For Sale
$210,000
Pending
2-356 N Berwick Rd, Wells, ME 04090
Heated commercial space with generator hookup, welder wiring, and deeded outdoor space for added functionality.
Property Size1,200 SF
Days on Market8
Property Features for 2-356 N Berwick Rd
General Information
Standard status
Pending
Size
1,200 SF
Warehouse & Industrial
Drive-In Doors
1
Conditioned Warehouse
Yes
Additional Details
Outdoor Storage
Yes
Taxes and HOA fees
Annual Taxes
$745
Amenities
heated
generator hookup
welder wiring
newer water heater
12' x 14' overhead garage door
upstairs storage
deeded outdoor space
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
(207) 490-2900
Listed By:
John Caramihalis
(207) 651-0242
Source:
Exprealty
Added: Sep 10
Changed: Sep 17
Last Checked: Sep 16 at 6:34PM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This heated flex property provides approximately 1,200 square feet for commercial use, with a 12' x 14' overhead garage door supporting equipment and material access. The building includes a generator hookup, wiring for a welder, and a newer water heater. Upstairs storage adds utility, while an area could be completed as office space.
Located at 2-356 N Berwick Rd in Wells, Maine, the property also includes deeded outdoor space for equipment, materials, or additional storage. Its combination of heated interior area, service-oriented features, storage, and outdoor space supports a range of flexible commercial applications.
Located at 2-356 N Berwick Rd in Wells, Maine, the property also includes deeded outdoor space for equipment, materials, or additional storage. Its combination of heated interior area, service-oriented features, storage, and outdoor space supports a range of flexible commercial applications.
Key Highlights
- Approximately 1,200 square feet of heated flex space
- 12' x 14' overhead garage door
- Generator hookup and wiring for a welder
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
$16,822
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
8.01%
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%
$336,440
$336.4K
Cap Rate 7%
$240,314
$240.3K
Cap Rate 9%
$186,911
$186.9K
Market Conditions
NOI Build-Up for 1,200 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
$26.4K $21.96/SF
− Vacancy
−$472 −$0.39/SF
EGI
$25.9K $21.57/SF
− OpEx
−$9.1K −$7.55/SF
NOI
$16.8K $14.02/SF
Area
York County, ME
Vacancy
1.79%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
35.00%
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%
$336,440
Cap Rate 7%
$240,314
Cap Rate 9%
$186,911
Alternative Uses
Best Use
Flex RnD
$240.3K
$210.3K – $280.4K
NOI $16,822 @ 7.0% cap · market cap 8.01%
Second Best
Warehouse
$214.7K
$187.8K – $250.4K
NOI $15,026 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$380.4K
$332.9K – $443.8K
NOI $26,628 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04090, ME
11,314
Population
9,590
Households
1.2
Avg Household Size
53
Median Age
38%
College-Educated
92%
High-School Grad
57.7 sq mi
ZIP Area
196
Density / Sq Mi
$83,900
Median Household Income
$47,928
Median Earnings
$1,313
Median Rent
$445,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Heated commercial space with generator hookup, welder wiring, and deeded outdoor space for added functionality.
Where is this flex space located?
The property is located at 2-356 N Berwick Rd Wells, ME.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Approximately 1,200 square feet of heated flex space; 12' x 14' overhead garage door; Generator hookup and wiring for a welder
