Building Details

Year built 1981

Listing Agency: NextHome Experience Show Phone

Listed By: Chrissy Patin · License #BA924721,PersonLicenseNumber Show Phone

Added: Aug 13 Changed: Aug 28 Last Checked: Aug 31 at 5:06AM

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MLS# 1673767

Copyright © 2026 NextHome, Inc. 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 heated flex property includes approximately 4,900 square feet on 1.5 acres. Built in 1981, the building was formerly used as a fire station and now provides an open interior with two bays and four oversized garage doors. A private well and septic system serve the property, while the site includes ample parking.

Located at 2660 Western Avenue in Newburgh, Maine, the property is suited to a range of potential commercial applications, including contractor operations, storage, light industrial activity, warehouse use, service businesses, and recreational purposes, subject to municipal approval. The combination of flexible interior space, vehicle access, and acreage supports varied operational configurations.

Key Highlights

• Approximately 4,900 square feet on 1.5 acres
• Heated building with an open interior layout
• Four oversized garage doors serving two bays

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

$32,537

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

7.09%

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%

$650,740 $650.7K

Cap Rate 7%

$464,814 $464.8K

Cap Rate 9%

$361,522 $361.5K

Market Conditions

NOI Build-Up for 4,900 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

$41.2K $8.40/SF

− Vacancy

−$2.9K −$0.59/SF

EGI

$38.3K $7.81/SF

− OpEx

−$5.7K −$1.17/SF

NOI

$32.5K $6.64/SF

Area

Penobscot County, ME

Vacancy

7.00%

Lease Rate

$8.40 /SF/Yr

Expense Ratio

15.00%

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%

$650,740

Cap Rate 7%

$464,814

Cap Rate 9%

$361,522

Alternative Uses

Best Use

Flex RnD

$603.7K

$528.2K – $704.3K (±1% cap)

NOI $42,258 @ 7.0% cap · market cap 9.21%

Second Best

Warehouse

$464.8K

$406.7K – $542.3K (±1% cap)

NOI $32,537 @ 7.0% cap · market cap 7.09%

Theoretical Best

Office A

$1.58M

$1.38M – $1.85M (±1% cap)

NOI $110,779 @ 7.0% cap · market cap 24.13%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Newburgh First Selectman City Government Office Newburgh Town Tax ... City Tax Office

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 04444, ME

9,304

Population

3,936

Households

2.4

Avg Household Size

42

Median Age

46%

College-Educated

98%

High-School Grad

69.0 sq mi

ZIP Area

135

Density / Sq Mi

$102,922

Median Household Income

$52,845

Median Earnings

$1,019

Median Rent

$270,900

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Open interior and oversized vehicle access support warehouse, contractor, and service uses subject to municipal approval.

Where is this flex space located?

The property is located at 2660 Western Avenue Newburgh, ME.

What is the asking price?

The asking price for this property is $459,000.

What are key features of this property?

This property features: Approximately 4,900 square feet on 1.5 acres; Heated building with an open interior layout; Four oversized garage doors serving two bays