Mixed-Use Building with
New
For Sale
$1,167,520
209 Sanford Rd., Wells, ME 04090
COMMERCIAL - Wells, ME
Property Size7,126 SF
Lot Size0.97 Acres
Price / SF$163.84
Days on Market6
Property Features for 209 Sanford Rd.
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Lot size
0.97 Acres
Amenities
oil fired hot water heat
public utilities
paved parking
deck
Listing Agency:
Keenan Auction Company, Inc.
(207) 885-5100
Listed By:
Richard Keenan
(207) 885-5100
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 21 at 11:06PM
MLS# 11938254
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property combines a retail storefront with a commercial garage component and two three-bedroom apartments. Each apartment includes a kitchen and dining area, living room, and bathroom. The wood-framed building dates to circa 1988, while the garage was added in 2006. Improvements include oil-fired hot water heat, public utilities, paved parking, and a deck.
The property occupies a 0.97+/- acre parcel with approximately 170+/- feet of frontage on Route 9 at 209 Sanford Rd. in Wells, Maine. The Maine Turnpike is approximately 1 mile away. The building contains 7,126+/- SF in total, offering a combination of commercial and residential space within one property.
The property occupies a 0.97+/- acre parcel with approximately 170+/- feet of frontage on Route 9 at 209 Sanford Rd. in Wells, Maine. The Maine Turnpike is approximately 1 mile away. The building contains 7,126+/- SF in total, offering a combination of commercial and residential space within one property.
Key Highlights
- 7,126+/- SF mixed‑use building on a 0.97+/- acre parcel
- Retail storefront plus commercial 4‑bay garage space
- Two 3‑bedroom apartments, each with kitchen/dining area, living room, and bath
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
$88,505
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
7.58%
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%
$1,770,100
$1.8M
Cap Rate 7%
$1,264,357
$1.3M
Cap Rate 9%
$983,389
$983.4K
Market Conditions
NOI Build-Up for 7,126 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
$153.9K $21.60/SF
− Vacancy
−$12.3K −$1.73/SF
EGI
$141.6K $19.87/SF
− OpEx
−$53.1K −$7.45/SF
NOI
$88.5K $12.42/SF
Area
York County, ME
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,770,100
Cap Rate 7%
$1,264,357
Cap Rate 9%
$983,389
Alternative Uses
Best Use
Multifamily LT 5
$1.72M
$1.51M – $2.01M
NOI $120,631 @ 7.0% cap · market cap 10.33%
Second Best
Apartment 5plus
$1.57M
$1.38M – $1.84M
NOI $110,127 @ 7.0% cap · market cap 9.43%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,123 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Property includes a retail storefront, commercial garage, and two residential apartments.
Where is this mixed-use property located?
The property is located at 209 Sanford Rd. Wells, ME.
What is the asking price?
The asking price for this property is $1,167,520.
What are key features of this property?
This property features: 7,126+/- SF mixed‑use building on a 0.97+/- acre parcel; Retail storefront plus commercial 4‑bay garage space; Two 3‑bedroom apartments, each with kitchen/dining area, living room, and bath
