Multi-Level Retail
For Sale
$369,000
228 Lewiston Road, Gray, ME 04039
Commercially zoned property features multiple rooms, reception and service areas, and two large basement spaces.
Property Size1,600 SF
Price / SF$230.63
Days on Market1232
Property Features for 228 Lewiston Road
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Commercial
Zoning
commercial / BD1
Additional Details
Currently Operating
Yes
Property Use
grooming/ pet enrichment center
Taxes and HOA fees
Annual Taxes
$3,570
Building Details
Building Size
1,600 SF
Year Built
1985
Buildings
1
Stories
2
Listing Agency:
Hearth & Key Realty
(207) 241-2327
Listed By:
Elizabeth Splane
(207) 650-8173
Source:
Amerorealty
Added: Jun 19, 2023
Changed: Oct 31
Last Checked: Oct 31 at 2:21PM
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 Hearth & Key Realty
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Investment Insights
Based on property information with market context.
This retail property has an upper level with 8 rooms, 2 office spaces, a reception and waiting area, a bathroom, grooming room, kitchen area, break room, and wash area. The basement adds 2 large spaces and a laundry area. The current use is a grooming and pet enrichment center; the property previously served as a veterinary office. Zoning is commercial / BD1.
Key Highlights
- Upper level includes 8 rooms and 2 office spaces
- Reception and waiting area, bathroom, grooming room, kitchen area, break room, and wash area
- Basement contains 2 large spaces and a laundry area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,733
Cap Rate
4.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$334,660
$334.7K
Cap Rate 7%
$239,043
$239.0K
Cap Rate 9%
$185,922
$185.9K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$28.8K $18.00/SF
− Vacancy
−$4.9K −$3.06/SF
EGI
$23.9K $14.94/SF
− OpEx
−$7.2K −$4.48/SF
NOI
$16.7K $10.46/SF
Area
Cumberland County, ME
Vacancy
17.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$334,660
Cap Rate 7%
$239,043
Cap Rate 9%
$185,922
Alternative Uses
Best Use
Retail
$239.0K
$209.2K – $278.9K
NOI $16,733 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$439.8K
$384.8K – $513.1K
NOI $30,783 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
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Business Placement
Demographics for 04039, ME
7,922
Population
4,265
Households
1.9
Avg Household Size
43
Median Age
46%
College-Educated
97%
High-School Grad
40.9 sq mi
ZIP Area
194
Density / Sq Mi
$94,284
Median Household Income
$55,646
Median Earnings
$1,321
Median Rent
$333,200
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Retail space - Commercially zoned property features multiple rooms, reception and service areas, and two large basement spaces.
Where is this retail space located?
The property is located at 228 Lewiston Road Gray, ME.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Upper level includes 8 rooms and 2 office spaces; Reception and waiting area, bathroom, grooming room, kitchen area, break room, and wash area; Basement contains 2 large spaces and a laundry area
