Two-Story Office
For Sale
$329,900
2386 North Belfast Avenue, Augusta, ME 04330
Well-maintained two-story office building with flexible layouts, reception space, and separate second-floor studio entry.
Property Size1,237 SF
Price / SF$266.69
Days on Market113
Property Features for 2386 North Belfast Avenue
General Information
Standard status
Active
Size
1,237 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,920
Amenities
Heat Pump
3
On Site, Paved Driveway.
0.41
Building Details
Year Built
1939
Stories
2
Listing Agency:
Sprague & Curtis Real Estate
(207) 623-1123
Listed By:
Lori Dube
(207) 623-1123
Source:
Xome
Added: May 10
Changed: Aug 21
Last Checked: Aug 30 at 1:23PM
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 Sprague & Curtis Real Estate
Investment Insights
Based on property information with market context.
This well-maintained two-story office building offers flexible layouts for a range of professional uses. The first floor features a bright entryway, a reception area, two private offices, a kitchen, a half bathroom, and hardwood flooring. The second floor includes a studio space with a kitchenette, a three-quarter bathroom, and a private exterior entrance. Interior access from the first floor could be converted, providing options for how the space is configured.
Located at 2386 North Belfast Avenue in Augusta, the property is positioned for visibility and exposure in a high-traffic area. The offering also includes ample parking and strong curb appeal, with convenient access to downtown, the hospital, the interstate, and local amenities.
For tenants, owners, or investors seeking an office property with multiple functional spaces, the building’s combination of reception and private offices on the first floor, along with the self-contained second-floor studio setup, can support everything from professional services to administrative operations. The maintained condition and documented improvements over the years add practicality for an owner-occupant or a buyer looking for a professional office asset with adaptable configuration possibilities.
Located at 2386 North Belfast Avenue in Augusta, the property is positioned for visibility and exposure in a high-traffic area. The offering also includes ample parking and strong curb appeal, with convenient access to downtown, the hospital, the interstate, and local amenities.
For tenants, owners, or investors seeking an office property with multiple functional spaces, the building’s combination of reception and private offices on the first floor, along with the self-contained second-floor studio setup, can support everything from professional services to administrative operations. The maintained condition and documented improvements over the years add practicality for an owner-occupant or a buyer looking for a professional office asset with adaptable configuration possibilities.
Key Highlights
- Well‑maintained two‑story office building built in 1939
- First‑floor office includes reception area, 2 private offices, kitchen, 1/2 bath, and hardwood flooring
- Second‑floor studio space with kitchenette and 3/4 bath, plus a 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
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained two-story office building with flexible layouts, reception space, and separate second-floor studio entry.
Where is this office building located?
The property is located at 2386 North 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: Well‑maintained two‑story office building built in 1939; First‑floor office includes reception area, 2 private offices, kitchen, 1/2 bath, and hardwood flooring; Second‑floor studio space with kitchenette and 3/4 bath, plus a private exterior entrance
