Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    23 Spring St Scarborough, ME

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    High-quality office/medical space with ample parking near major routes.

    Type:OFFICE
    Property size:
    3,000 SF
    Lot size:
    1.25 Acres
    Added:
    Nov 24, 2025
    Days on Market:
    127
    Last Refresh:
    Mar 29 at 10:42 pm

    Property Features for 23 Spring St

    General Information

    Standard status
    Active
    Size
    3,000 SF
    Lot size
    1.25 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Thomas Gadbois
    Thomas Gadbois

    Listing agent Thomas Gadbois License #BA918504

    Listing office F.O. Bailey Real Estate

    Listing date Nov 24, 2025

    Source Moodyscre

    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 F.O. Bailey Real Estate

    Overview

    Scarborough Office or Medical Space

    This property offers an opportunity to lease a high-quality office or medical space. It features an abundance of parking. The property is located on Spring Street in Scarborough, near interstates 295 and 95, and Portland's Old Port. The location is also near Scarborough Downs and close to future development. The property has a size of 3000 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Northpoint Mortgage, Inc. Loan Service Lighthouse Foot and Ankle ... Physician Michele Kurlanski, DPM Physician David Hurst Physician Solamar Hospice Care Nursing Home

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Big Box & Wholesale Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Scarborough
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3448
    Latitude
    43.6208

    Nearby Similar for Lease

    • Contact for pricing

      Scarborough Office Space on Route 1

      1,552± SF office space with high visibility and parking.
      254 US Rte 1, Scarborough, ME
      View Details
    • Contact for pricing

      Scarborough Retail Space For Lease

      1,500± SF retail space with high visibility on Route 1.
      326 Route 1, Scarborough, ME
      View Details
    • $16/mo

      Industrial Condo in Innovation District

      2,000± SF industrial condo for lease in Scarborough, ME.
      51 Dynamic Dr, Scarborough, ME
      View Details
    • $15/mo

      Scarborough Downs Flex Space Opportunity

      Flex space with loading docks and drive-in bays for lease.
      106 Innovation Way, Scarborough, ME
      View Details
    • $11/mo

      Scarborough Industrial Park Opportunity

      Industrial property in Scarborough's premier park with highway access.
      16 Washington Ave, Scarborough, ME
      View Details
    • $12/mo

      Scarborough Industrial Space Available

      4,000± SF industrial space suitable for various uses.
      3 Commercial Rd, Scarborough, ME
      View Details
    • $15/mo

      Class A Office Building

      Suburban office building with remarkable amenities and on-site parking.
      6 Ashley Dr, Scarborough, ME
      View Details
    • $11/mo

      Industrial Property with Outdoor Space

      9,420 SF industrial property on 2.33 acre lot.
      125 Pleasant Hill Rd, Scarborough, ME
      View Details
    • Contact for pricing

      Retail Space in Mixed-Use Building

      Retail space for lease in The Downs Town Center.
      276 Scarborough Downs Rd, Scarborough, ME
      View Details
    • $16/mo

      Scarborough Office Space For Lease

      11,616± SF office space with dedicated parking available for lease.
      600 Roundwood Drive, Scarborough, ME
      View Details
    • $18/mo

      Scarborough Retail/Warehouse Space Available

      9,000+/- SF building with warehouse and loading dock for lease.
      400 Roundwood Dr, Scarborough, ME
      View Details
    • $14/mo

      Scarborough Office and Medical Suites

      Class A office and medical suites for lease in Scarborough.
      71 US-1, Scarborough, ME
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - High-quality office/medical space with ample parking near major routes.
    Where is this medical office space located?
    The property is located at 23 Spring St Scarborough, ME.
    What are key features of this property?
    This property features: High‑quality, built‑out office or medical space.; Abundance of parking.; Highly desirable Spring Street location in Scarborough.
    (207) 781-1111
    We can help!
    Listing Contact
    Thomas Gadbois
    Thomas Gadbois
    Real Estate License ID: BA918504
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!