Freestanding Retail Building
For Sale
Contact for pricing
2 W Broadway, Lincoln, ME 04457
12,967 SF retail building leased to Walgreens.
Property Size12,967 SF
Price / SF$118.55
Days on Market1870
Property Features for 2 W Broadway
General Information
Standard status
Active
Size
12,967 SF
Class
B
Total Parking Spaces
50
Property subtype
Retail
Zoning
Commercial Zone 2
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$122,979
Building Details
Year Built
1998
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
The Boulos Company Portland
Listed By:
Chris Paszyc · License #ME BR913433
Source:
Crexi
Added: Jul 9, 2021
Changed: Aug 19
Last Checked: Aug 19 at 9:10PM
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 Boulos Company Portland
Investment Insights
Based on property information with market context.
This is a 12,967 square foot freestanding retail building. The property is currently leased to Walgreens. It is located at the intersection of West Broadway and Main Street.
Key Highlights
- Freestanding retail building
- Leased to Walgreens
- Located at the intersection of West Broadway and Main Street
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
$108,487
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
7.06%
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%
$2,169,740
$2.2M
Cap Rate 7%
$1,549,814
$1.5M
Cap Rate 9%
$1,205,411
$1.2M
Market Conditions
NOI Build-Up for 12,967 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
$186.7K $14.40/SF
− Vacancy
−$31.7K −$2.45/SF
EGI
$155.0K $11.95/SF
− OpEx
−$46.5K −$3.59/SF
NOI
$108.5K $8.37/SF
Area
Penobscot County, ME
Vacancy
17.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,169,740
Cap Rate 7%
$1,549,814
Cap Rate 9%
$1,205,411
Alternative Uses
Best Use
Specialty Retail
$2.52M
$2.21M – $2.94M
NOI $176,646 @ 7.0% cap · market cap 11.49%
Second Best
Retail
$1.55M
$1.36M – $1.81M
NOI $108,487 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$4.19M
$3.66M – $4.89M
NOI $293,158 @ 7.0% cap · market cap 19.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
2k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Thornton Brothers Chrysler Dodge Jeep Ram
Shops & Services
1,136 visits/mo
0.3 miles
Pelletier Ford Of Lincoln
Shops & Services
1,129 visits/mo
0.2 miles
Demographics for 04457, ME
5,689
Population
3,587
Households
1.6
Avg Household Size
48
Median Age
21%
College-Educated
94%
High-School Grad
258.8 sq mi
ZIP Area
22
Density / Sq Mi
$51,403
Median Household Income
$32,646
Median Earnings
$647
Median Rent
$126,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Pharmacy — 2 W Broadway, Lincoln, ME 04457
- COVID-19 Drive-Thru Testing at Walgreens — 2 W Broadway, Lincoln, ME 04457
- Walgreens — 2 W Broadway, Lincoln, ME 04457
- Derek Joseph — 2 W Broadway, Lincoln, ME 044571247
Frequently Asked Questions
What type of property is this?
Drug store - 12,967 SF retail building leased to Walgreens.
Where is this drug store located?
The property is located at 2 W Broadway Lincoln, ME.
What is the asking price?
The asking price for this property is $1,537,237.
What are key features of this property?
This property features: Freestanding retail building; Leased to Walgreens; Located at the intersection of West Broadway and Main Street
