Office Condo with Existing
28 State Street #3, Gorham, ME 04038
For Sale
$225,000
GVC-zoned office space is occupied by Edward Jones under a lease with four years remaining.
Property Size960 SF
Price / SF$234.38
Days on Market374
Property Features for 28 State Street #3
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Tenant in Place
Property Use
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
Malone Commercial Brokers, Inc.
Listed By:
Michael Anderson
(207) 772-2422
Source:
Integrityhomesrealestategroup
Added: Nov 3, 2025
Changed: Nov 11
Last Checked: Nov 11 at 2:23AM
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 Malone Commercial Brokers, Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 960± SF office condominium at 28 State Street #3 is leased to Edward Jones, with four years remaining on the lease. The building dates to 1880, and the property is zoned GVC.
State Street is also identified as Route 202, where the 2023 AADT is 17,160± vehicles per day. Main Street is nearby, and the property sits in Gorham Village among businesses, restaurants, and shops.
State Street is also identified as Route 202, where the 2023 AADT is 17,160± vehicles per day. Main Street is nearby, and the property sits in Gorham Village among businesses, restaurants, and shops.
Key Highlights
- 960± SF office condominium
- Edward Jones lease with four years remaining
- 1880 construction date
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,743
Cap Rate
6.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$274,860
$274.9K
Cap Rate 7%
$196,329
$196.3K
Cap Rate 9%
$152,700
$152.7K
Market Conditions
NOI Build-Up for 960 SF
Gross rent
$21.0K $21.84/SF
− Vacancy
−$2.6K −$2.75/SF
EGI
$18.3K $19.09/SF
− OpEx
−$4.6K −$4.77/SF
NOI
$13.7K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$274,860
Cap Rate 7%
$196,329
Cap Rate 9%
$152,700
Alternative Uses
Best Use
Office B
$196.3K
$171.8K – $229.1K
NOI $13,743 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.9K
$230.9K – $307.8K
NOI $18,470 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Explore this area
Business Placement
Demographics for 04038, ME
18,336
Population
6,527
Households
2.8
Avg Household Size
39
Median Age
46%
College-Educated
97%
High-School Grad
50.6 sq mi
ZIP Area
362
Density / Sq Mi
$110,181
Median Household Income
$53,122
Median Earnings
$1,567
Median Rent
$426,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office Units in Cumberland County, ME
Properties on Market for Office Units in Cumberland County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - GVC-zoned office space is occupied by Edward Jones under a lease with four years remaining.
Where is this office unit located?
The property is located at 28 State Street #3 Gorham, ME.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 960± SF office condominium; Edward Jones lease with four years remaining; 1880 construction date
