Flex Space with Loft and
For Sale
$940,000
204 Gray Road, Cumberland, ME 04021
Adaptable commercial building with two open areas, high ceilings, and dual entrances.
Property Size2,023 SF
Days on Market343
Property Features for 204 Gray Road
General Information
Standard status
Active
Size
2,023 SF
Property subtype
Commercial
Zoning
VCC
Taxes and HOA fees
Annual Taxes
$7,135
Building Details
Building Size
2,023 SF
Year Built
2010
Listing Agency:
Maine Real Estate Co
(207) 523-0198
Listed By:
Karen Edgcombe
(207) 523-0198
Source:
Startpoint
Added: Sep 3, 2025
Changed: Aug 7
Last Checked: Aug 11 at 2:05PM
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 Maine Real Estate Co
Investment Insights
Based on property information with market context.
Built in 2010, this flex space at 204 Gray Road combines two expansive open areas with high ceilings, abundant natural light, and a layout that can be configured for different business operations. A lofted area provides office or storage space, while the full basement adds substantial storage or expansion capacity. The building also includes a metal roof and two entrances for convenient circulation.
The property is positioned on Route 100 in Cumberland, with connections to I-95. On-site parking accommodates 15+/- vehicles. The VCC zoning permits uses including professional office, veterinary care, fitness studio, catering, and daycare. Natural gas can be connected at the street if desired.
The property is positioned on Route 100 in Cumberland, with connections to I-95. On-site parking accommodates 15+/- vehicles. The VCC zoning permits uses including professional office, veterinary care, fitness studio, catering, and daycare. Natural gas can be connected at the street if desired.
Key Highlights
- Flex space built in 2010 with a durable metal roof
- Two large open areas with high ceilings and natural light
- Lofted office or storage area plus a full basement
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
$28,962
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
3.08%
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%
$579,240
$579.2K
Cap Rate 7%
$413,743
$413.7K
Cap Rate 9%
$321,800
$321.8K
Market Conditions
NOI Build-Up for 2,023 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
$44.2K $21.84/SF
− Vacancy
−$5.6K −$2.75/SF
EGI
$38.6K $19.09/SF
− OpEx
−$9.7K −$4.77/SF
NOI
$29.0K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /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%
$579,240
Cap Rate 7%
$413,743
Cap Rate 9%
$321,800
Alternative Uses
Best Use
Office B
$413.7K
$362.0K – $482.7K
NOI $28,962 @ 7.0% cap · market cap 3.08%
Second Best
Industrial
$184.9K
$161.8K – $215.8K
NOI $12,945 @ 7.0% cap · market cap 1.38%
Theoretical Best
Office A
$556.0K
$486.5K – $648.7K
NOI $38,922 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04021, ME
6,729
Population
2,428
Households
2.8
Avg Household Size
42
Median Age
70%
College-Educated
99%
High-School Grad
20.5 sq mi
ZIP Area
328
Density / Sq Mi
$145,833
Median Household Income
$70,304
Median Earnings
$506,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building with two open areas, high ceilings, and dual entrances.
Where is this flex space located?
The property is located at 204 Gray Road Cumberland, ME.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: Flex space built in 2010 with a durable metal roof; Two large open areas with high ceilings and natural light; Lofted office or storage area plus a full basement
