Building Details

Year built 1900

Flooring type Wood, Vinyl

Building materials Wood Frame, Clapboard

Roof type Shingle, Metal

Listing Agency: Keller Williams Realty k***@kw.com Show Phone

Listed By: Christopher Foster Show Phone

Added: Jul 7 Changed: Sep 12 Last Checked: Sep 17 at 11:06AM

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MLS# 1660132

Copyright © 2026 Maine Listings. 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 storefront property at 221 Main Street includes 2,277 square feet on a 1.02-acre parcel. Built in 1900, the wood-frame building has clapboard siding, wood and vinyl flooring, and a metal and shingle roof. Heating is provided through kerosene and oil systems with zoned forced air.

The property is positioned along Route 202 in Waterboro, with lake waterfront and an accessible approach with ramp. Site infrastructure includes a private water source and private sewer through a septic tank. Village zoning supports its commercial classification.

Key Highlights

• 2,277‑square‑foot storefront property on 1.02 acres
• Located along Route 202 at 221 Main Street
• Lake waterfront included with the property

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

$27,652

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

3.96%

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%

$553,040 $553.0K

Cap Rate 7%

$395,029 $395.0K

Cap Rate 9%

$307,244 $307.2K

Market Conditions

NOI Build-Up for 2,277 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

$43.2K $18.96/SF

− Vacancy

−$3.7K −$1.61/SF

EGI

$39.5K $17.35/SF

− OpEx

−$11.9K −$5.20/SF

NOI

$27.7K $12.14/SF

Area

York County, ME

Vacancy

8.50%

Lease Rate

$18.96 /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%

$553,040

Cap Rate 7%

$395,029

Cap Rate 9%

$307,244

Alternative Uses

Best Use

Retail

$395.0K

$345.7K – $460.9K (±1% cap)

NOI $27,652 @ 7.0% cap · market cap 3.96%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$721.8K

$631.6K – $842.1K (±1% cap)

NOI $50,526 @ 7.0% cap · market cap 7.23%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Plumbing Service Auto Parts Store Big Box & Wholesale Store Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

108

Businesses Nearby

55k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 51% Dining 42% Shops & Services 6%

Hannaford Groceries

28,193 visits/mo 0.2 miles

Aroma Joe's Dining

9,538 visits/mo 0.1 miles

Dunkin' Donuts Dining

7,582 visits/mo 0.1 miles

SUBWAY Dining

6,013 visits/mo 0.1 miles

Napa Auto Parts Shops & Services

3,488 visits/mo 0.1 miles

Demographics for 04030, ME

2,239

Population

1,160

Households

1.9

Avg Household Size

44

Median Age

25%

College-Educated

97%

High-School Grad

15.4 sq mi

ZIP Area

145

Density / Sq Mi

$69,709

Median Household Income

$43,102

Median Earnings

$1,321

Median Rent

$326,700

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - Village-zoned commercial property with an accessible ramp, private well, septic system, and lake waterfront.

Where is this storefront property located?

The property is located at 221 Main Street Waterboro, ME.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: 2,277‑square‑foot storefront property on 1.02 acres; Located along Route 202 at 221 Main Street; Lake waterfront included with the property