Medical Office Space, Former Surgery
For Sale
$1,350,000
249 Main Street, Lewiston, ME 04240
Former ambulatory surgery center in Lewiston’s 1881 building.
Property Size9,923 SF
Price / SF$136.05
Days on Market90
Property Features for 249 Main Street
General Information
Standard status
Active
Size
9,923 SF
Class
B
Property subtype
Office/Medical
Building Details
Building Size
9,923 SF
Year Built
1881
Listing Agency:
(207) 939-4147
Listed By:
Chris Paszyc, SIOR, CCIM
(207) 939-4147
Source:
Boulos
Added: Jun 2
Changed: Aug 29
Last Checked: Aug 29 at 3:43PM
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 Chris Paszyc, SIOR, CCIM
Investment Insights
Based on property information with market context.
Located at 249 Main Street in Lewiston, Maine, this medical office property contains approximately 9,923± SF and was built in 1881. The building previously operated as an ambulatory surgery center, providing a specialized medical-office setting for continued evaluation. Its established address and medical use history offer a clear foundation for reviewing the property’s layout, improvements, and future occupancy plans.
Key Highlights
- 9,923± SF medical office building
- Former ambulatory surgery center
- Built in 1881
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
$77,929
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
5.77%
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%
$1,558,580
$1.6M
Cap Rate 7%
$1,113,271
$1.1M
Cap Rate 9%
$865,878
$865.9K
Market Conditions
NOI Build-Up for 9,923 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
$148.8K $15.00/SF
− Vacancy
−$19.0K −$1.91/SF
EGI
$129.9K $13.09/SF
− OpEx
−$52.0K −$5.24/SF
NOI
$77.9K $7.85/SF
Area
Androscoggin County, ME
Vacancy
12.74%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,558,580
Cap Rate 7%
$1,113,271
Cap Rate 9%
$865,878
Alternative Uses
Best Use
Office B
$2.30M
$2.01M – $2.68M
NOI $160,792 @ 7.0% cap · market cap 11.91%
Second Best
Healthcare Medical
$1.11M
$974.1K – $1.30M
NOI $77,929 @ 7.0% cap · market cap 5.77%
Theoretical Best
Warehouse
$17.62M
$15.42M – $20.56M
NOI $1,233,679 @ 7.0% cap · market cap 91.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,333
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04240, ME
37,121
Population
16,852
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
34.1 sq mi
ZIP Area
1,089
Density / Sq Mi
$56,558
Median Household Income
$36,734
Median Earnings
$954
Median Rent
$214,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Former ambulatory surgery center in Lewiston’s 1881 building.
Where is this medical office space located?
The property is located at 249 Main Street Lewiston, ME.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 9,923± SF medical office building; Former ambulatory surgery center; Built in 1881
