Repurposable Retail/Restaurant
For Sale
Contact for pricing
Pending
262 Main Street, South Portland, ME 04106
Former restaurant and showroom/retail space with repurposing flexibility near Cash Corner.
Property Size6,195 SF
Days on Market119
Property Features for 262 Main Street
General Information
Standard status
Pending
Size
6,195 SF
Property subtype
Retail, Industrial
Zoning
Commercial (C)
Lease Type
NNN
Investment Type
Redevelopment
Building Details
Year Built
1972
Tenancy
Single
Listing Agency:
The Dunham Group
Listed By:
Greg Hastings · License #ME 209023
Source:
Crexi
Added: May 13
Changed: Aug 26
Last Checked: Aug 14 at 7:55AM
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 The Dunham Group
Investment Insights
Based on property information with market context.
This property has a history as both a restaurant and a showroom/retail space. It is a repurposable building that can support many different uses based on the prior restaurant and retail configuration.
The property is located near Cash Corner. It also abuts several other contiguous properties that are available for sale, which may be useful if additional land is needed.
As a former restaurant and retail/showroom facility, the site offers an existing commercial footprint for a buyer looking to reposition the property for a new direction.
The property is located near Cash Corner. It also abuts several other contiguous properties that are available for sale, which may be useful if additional land is needed.
As a former restaurant and retail/showroom facility, the site offers an existing commercial footprint for a buyer looking to reposition the property for a new direction.
Key Highlights
- Year built: 1972
- Former restaurant and showroom/retail space
- Can be repurposed for many uses
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
$64,787
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
6.03%
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%
$1,295,740
$1.3M
Cap Rate 7%
$925,529
$925.5K
Cap Rate 9%
$719,856
$719.9K
Market Conditions
NOI Build-Up for 6,195 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
$111.5K $18.00/SF
− Vacancy
−$19.0K −$3.06/SF
EGI
$92.6K $14.94/SF
− OpEx
−$27.8K −$4.48/SF
NOI
$64.8K $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 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%
$1,295,740
Cap Rate 7%
$925,529
Cap Rate 9%
$719,856
Alternative Uses
Best Use
Retail
$925.5K
$809.8K – $1.08M
NOI $64,787 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,189 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
433
Businesses Nearby
12k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Circle K
Shops & Services
5,548 visits/mo
0.2 miles
Dollar General
Shops & Services
5,135 visits/mo
0.3 miles
Jiffy Lube
Shops & Services
1,118 visits/mo
0.2 miles
Demographics for 04106, ME
26,641
Population
12,849
Households
2.1
Avg Household Size
41
Median Age
49%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
2,184
Density / Sq Mi
$83,744
Median Household Income
$47,818
Median Earnings
$1,642
Median Rent
$403,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Meeting House Designs — 14 Hunnewell Rd, South Portland, ME 04106
- W.J. Grosvenor & Co., Inc. — 2257 Broadway St, South Portland, ME 04106
Frequently Asked Questions
What type of property is this?
Showroom - Former restaurant and showroom/retail space with repurposing flexibility near Cash Corner.
Where is this showroom located?
The property is located at 262 Main Street South Portland, ME.
What is the asking price?
The asking price for this property is $1,074,500.
What are key features of this property?
This property features: Year built: 1972; Former restaurant and showroom/retail space; Can be repurposed for many uses
