Former Walgreens Retail
For Sale
Contact for pricing
297-311 Main Street, Lewiston, ME
Redevelopment opportunity near Central Maine Medical Center.
Property Size10,692 SF
Lot Size1.43 Acres
Price / SF$167.88
Days on Market808
Property Features for 297-311 Main Street
General Information
Standard status
Active
Size
10,692 SF
Lot size
1.43 Acres
Property subtype
RETAIL
Listing Agency:
The Boulos Company
(207) 939-4147
Listed By:
Christopher Paszyc, CCIM, SIOR
(207) 939-4147
Source:
Moodyscre
Added: May 21, 2024
Changed: Jul 10
Last Checked: Jul 21 at 5:48AM
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 Boulos Company
Investment Insights
Based on property information with market context.
This is a 10,692 square foot property, formerly a Walgreens, situated on a 1.43 acre lot. The building features a 7,200 square foot main level and a 3,492 square foot lower level. The property is located directly across the street from Central Maine Medical Center. Traffic counts in the area exceed 17,000 vehicles per day. The property is ideal for redevelopment as a medical, office, or retail space.
Key Highlights
- Directly across the street from Central Maine Medical Center
- High traffic counts (17,000+ vehicles per day)
- Ideal for redevelopment (medical, office, or retail)
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $192.5k | $18.00 |
| − Vacancy | −$32.7k | −$3.06 |
| EGI | $159.7k | $14.94 |
| − OpEx | −$47.9k | −$4.48 |
| NOI | $111.8k | $10.46 |
10,692 SF · lease $18.00/SF/yr · vacancy 17.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.60M
$1.40M – $1.86M
NOI $111,817 @ 7.0% cap · market cap 6.23%
Second Best
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,259 @ 7.0% cap · market cap 4.81%
Theoretical Best
Warehouse
$18.99M
$16.62M – $22.15M
NOI $1,329,286 @ 7.0% cap · market cap 74.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,973
Businesses Nearby
28k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 45%
Hotels & Casinos 10%
Dunkin' Donuts
Dining
12,501 visits/mo
0.3 miles
7-Eleven
Shops & Services
8,238 visits/mo
0.1 miles
Citgo
Shops & Services
4,300 visits/mo
0.2 miles
Hampton by Hilton Lewiston-Auburn
Hotels & Casinos
2,646 visits/mo
0.5 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bedard Pharmacy — 61 College St, Lewiston, ME 04240
- Thibault Lori — 300 Main St, Lewiston, ME 04240
- Walgreens Pharmacy — 315 Main St, Lewiston, ME 04240
- Bedard Pharmacy Inc. Lewiston — 61 College St, Lewiston, ME 04240
- Steven Royer — 61 College St, Lewiston, ME 04240
Frequently Asked Questions
What type of property is this?
Drug store - Redevelopment opportunity near Central Maine Medical Center.
Where is this drug store located?
The property is located at 297-311 Main Street Lewiston, ME.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Directly across the street from Central Maine Medical Center; High traffic counts (17,000+ vehicles per day); Ideal for redevelopment (medical, office, or retail)
