Mixed-Use Brick
For Sale
$439,900
275 Main Street, South Berwick, ME 03908
Two-level property combines a foodservice-ready commercial space with a character-rich two-bedroom residential unit.
Property Size1,380 SF
Price / SF$318.77
Days on Market326
Property Features for 275 Main Street
General Information
Standard status
Active
Size
1,380 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
B1
Taxes and HOA fees
Annual Taxes
$4,371
Amenities
dry basement
parking spot
Window Unit(s)
Forced Air
Interior, Full
Laminate, Carpet
Yes
2.00
2
Flat, Membrane
Stone, Shingle Siding, Brick, Block, Structural Insulated Panels, Wood Frame
Building Details
Year Built
1850
Units
2
Construction
brick
Tenancy
Multi
Listing Agency:
RE/MAX Shoreline
(646) 525-1672
Listed By:
Andy Yau · License #074320
(646) 525-1672
Source:
Compass
Added: Oct 10, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:07AM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
This 1,380-square-foot mixed-use property pairs a commercial area on the lower level with a two-bedroom residence above. The commercial space is currently configured for catering and includes a dry basement for storage. B1 zoning supports multiple purposes, including retail and office use. The upper unit features high ceilings, exposed brick walls, hardwood flooring, wood kitchen cabinetry, and washer/dryer hookups. Window-unit cooling and forced-air heat are also in place.
Built in 1850, the brick building is located on Main Street in downtown South Berwick. Restaurants, convenience stores, and the seacoast of Maine and New Hampshire are described as within walking distance. The property includes one deeded parking spot behind the building.
Built in 1850, the brick building is located on Main Street in downtown South Berwick. Restaurants, convenience stores, and the seacoast of Maine and New Hampshire are described as within walking distance. The property includes one deeded parking spot behind the building.
Key Highlights
- 1,380‑square‑foot mixed‑use brick duplex
- Lower commercial area configured for catering use
- Two‑bedroom residential unit with high ceilings and brick walls
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
$23,361
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
5.31%
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%
$467,220
$467.2K
Cap Rate 7%
$333,729
$333.7K
Cap Rate 9%
$259,567
$259.6K
Market Conditions
NOI Build-Up for 1,380 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
$35.1K $25.44/SF
− Vacancy
−$1.7K −$1.26/SF
EGI
$33.4K $24.18/SF
− OpEx
−$10.0K −$7.25/SF
NOI
$23.4K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /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%
$467,220
Cap Rate 7%
$333,729
Cap Rate 9%
$259,567
Alternative Uses
Best Use
Multifamily LT 5
$333.7K
$292.0K – $389.4K
NOI $23,361 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$304.7K
$266.6K – $355.5K
NOI $21,327 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$437.5K
$382.8K – $510.4K
NOI $30,622 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 03908, ME
7,468
Population
3,169
Households
2.4
Avg Household Size
41
Median Age
39%
College-Educated
98%
High-School Grad
31.9 sq mi
ZIP Area
234
Density / Sq Mi
$97,927
Median Household Income
$52,008
Median Earnings
$1,535
Median Rent
$385,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level property combines a foodservice-ready commercial space with a character-rich two-bedroom residential unit.
Where is this mixed-use property located?
The property is located at 275 Main Street South Berwick, ME.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 1,380‑square‑foot mixed‑use brick duplex; Lower commercial area configured for catering use; Two‑bedroom residential unit with high ceilings and brick walls
