Flex Space with Loading
New
For Sale
$1,300,000
224 Gorham Road, Scarborough, ME 04074
Commercial Sale, Scarborough, ME
Property Size4,960 SF
Lot Size1.33 Acres
Price / SF$262.10
Days on Market4
Property Features for 224 Gorham Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
TVC3
Parking features
Off Street
Interior features
Storage
Lot features
Near Turnpike/ Interstate, Near Shopping
Standard status
Active
Size
4,960 SF
Lot size
1.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9189
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Propane (Heating), Natural Gas
Cooling system
Heat Pump
Water source
Private
Building Details
Year built
1970
Flooring type
Concrete, Laminate, Carpet
Building materials
Steel Frame, Metal Clad
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Alexandru Pirleci
(207) 239-6606
Added: Sep 18
Last Checked: Sep 21 at 6:06AM
MLS# 1681240
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 4,960-square-foot flex property sits on 1.33 acres and combines office, production, flex, and storage areas within a steel-frame, metal-clad building. Loading is supported by one dock-height door and one drive-in bay, while the site includes off-street parking and green space. The building dates to 1970 and features a metal roof, concrete, laminate, and carpet flooring, forced-air heating, heat pump cooling, private water, and public sewer.
Recent work includes a paved parking lot, upgraded dock area and loading ramp, new overhead doors, refreshed office flooring, a new roof, upgraded HVAC, and a third restroom. Pylon signage fronts Gorham Road. The property is near interchanges for I-295 and the Maine Turnpike, with Walmart, Sam's Club, Lowe's, Marden's, Shaw's Supermarket, and Nonesuch River Brewing among the nearby businesses and amenities.
Recent work includes a paved parking lot, upgraded dock area and loading ramp, new overhead doors, refreshed office flooring, a new roof, upgraded HVAC, and a third restroom. Pylon signage fronts Gorham Road. The property is near interchanges for I-295 and the Maine Turnpike, with Walmart, Sam's Club, Lowe's, Marden's, Shaw's Supermarket, and Nonesuch River Brewing among the nearby businesses and amenities.
Key Highlights
- 4,960 SF flex building on 1.33 acres
- One dock‑height door and one drive‑in bay
- Paved parking lot with upgraded dock area and loading ramp
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
$38,541
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
2.96%
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%
$770,820
$770.8K
Cap Rate 7%
$550,586
$550.6K
Cap Rate 9%
$428,233
$428.2K
Market Conditions
NOI Build-Up for 4,960 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
$47.0K $9.48/SF
− Vacancy
−$1.7K −$0.34/SF
EGI
$45.3K $9.14/SF
− OpEx
−$6.8K −$1.37/SF
NOI
$38.5K $7.77/SF
Area
Cumberland County, ME
Vacancy
3.57%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$770,820
Cap Rate 7%
$550,586
Cap Rate 9%
$428,233
Alternative Uses
Best Use
Warehouse
$550.6K
$481.8K – $642.4K
NOI $38,541 @ 7.0% cap · market cap 2.96%
Second Best
Industrial
$453.4K
$396.8K – $529.0K
NOI $31,740 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,428 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04074, ME
21,952
Population
10,561
Households
2.1
Avg Household Size
46
Median Age
58%
College-Educated
99%
High-School Grad
47.6 sq mi
ZIP Area
461
Density / Sq Mi
$125,642
Median Household Income
$55,955
Median Earnings
$1,821
Median Rent
$502,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Office, production, and storage areas support varied commercial operations.
Where is this flex space located?
The property is located at 224 Gorham Road Scarborough, ME.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 4,960 SF flex building on 1.33 acres; One dock‑height door and one drive‑in bay; Paved parking lot with upgraded dock area and loading ramp
