Two-Level Office
For Sale
$329,900
2386 N Belfast Avenue, Augusta, ME 04330
Commercial Sale, Augusta, ME
Property Size1,237 SF
Lot Size0.41 Acres
Price / SF$266.69
Days on Market82
Property Features for 2386 N Belfast Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Comm
Rooms
Basement
Basement
Unfinished, Full
Lot features
Near Shopping
Standard status
Active
Size
1,237 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3920
Utilities
Sewer type
Private Sewer
Heating system
Forced Air, Zoned, Oil, Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Private
Building Details
Year built
1939
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Stucco
Roof type
Shingle
Listing Agency:
Sprague & Curtis Real Estate
Listed By:
Lori Dube
(207) 623-1123
Added: Jul 7
Changed: Sep 12
Last Checked: Sep 26 at 4:06PM
MLS# 1661819
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 1,237-square-foot office building sits on 0.41 acres and provides a two-level configuration suited to a range of office arrangements. The first floor includes an entry area, reception space, 2 private offices, a kitchen, a 1/2 bathroom, and wood flooring. Upstairs, a studio-style area offers a kitchenette, a 3/4 bathroom, and its own exterior entrance. Interior access between floors could be converted.
Built in 1939, the property has wood-frame and stucco construction, a shingle roof, wood and vinyl flooring, heat-pump cooling, and zoned heating supported by oil, forced air, and electric systems. The site uses private water and private sewer, includes a basement, and is designated Commercial zoning.
Built in 1939, the property has wood-frame and stucco construction, a shingle roof, wood and vinyl flooring, heat-pump cooling, and zoned heating supported by oil, forced air, and electric systems. The site uses private water and private sewer, includes a basement, and is designated Commercial zoning.
Key Highlights
- 1,237‑square‑foot office building on 0.41 acres
- Two private offices, reception area, kitchen, and 1/2 bathroom on the first floor
- Second‑floor studio with kitchenette, 3/4 bathroom, and private exterior entrance
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
$17,486
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
5.30%
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%
$349,720
$349.7K
Cap Rate 7%
$249,800
$249.8K
Cap Rate 9%
$194,289
$194.3K
Market Conditions
NOI Build-Up for 1,237 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
$26.7K $21.60/SF
− Vacancy
−$3.4K −$2.75/SF
EGI
$23.3K $18.85/SF
− OpEx
−$5.8K −$4.71/SF
NOI
$17.5K $14.14/SF
Area
Kennebec County, ME
Vacancy
12.74%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$349,720
Cap Rate 7%
$249,800
Cap Rate 9%
$194,289
Alternative Uses
Best Use
Office B
$249.8K
$218.6K – $291.4K
NOI $17,486 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.85M
$1.61M – $2.15M
NOI $129,184 @ 7.0% cap · market cap 39.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Explore this area
Business Placement
Demographics for 04330, ME
26,322
Population
13,017
Households
2
Avg Household Size
44
Median Age
28%
College-Educated
95%
High-School Grad
116.9 sq mi
ZIP Area
225
Density / Sq Mi
$55,158
Median Household Income
$43,177
Median Earnings
$912
Median Rent
$197,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office layout with private rooms, kitchenette, reception area, and separate second-floor entrance.
Where is this office building located?
The property is located at 2386 N Belfast Avenue Augusta, ME.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 1,237‑square‑foot office building on 0.41 acres; Two private offices, reception area, kitchen, and 1/2 bathroom on the first floor; Second‑floor studio with kitchenette, 3/4 bathroom, and private exterior entrance
