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    Former Walgreens Retail Opportunity Title is generated by Realmo AI

    297-311 Main Street, Lewiston, ME

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    Redevelopment opportunity near Central Maine Medical Center.

    Type:RETAIL
    Property size:
    10,692 SF
    Lot size:
    1.43 Acres
    Price / SF:
    $167/SF
    Added:
    May 21, 2024
    Days on Market:
    762
    Last Refresh:
    May 20 at 8:36 pm

    Property Features for 297-311 Main Street

    General Information

    Standard status
    Active
    Size
    10,692 SF
    Lot size
    1.43 Acres
    Property subtype
    RETAIL

    Properties For Sale

    at 297-311 Main Street Contact us

    We can help!

    Listing Contact
    Christopher Paszyc, CCIM, SIOR

    Listing agent Christopher Paszyc, CCIM, SIOR

    Listing office The Boulos Company

    Listing date May 21, 2024

    Source Moodyscre

    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

    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)
    • Large building size: 10,692+/- SF
    • Significant land area: 1.43+/- AC
    • Available for sale at $395,000 (297 Main Street)

    Overview

    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.

    Local 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 (±1% cap)
    NOI $111,817 @ 7.0% cap · market cap 6.23%
    Second Best
    Specialty Retail
    $1.23M
    $1.08M – $1.44M (±1% cap)
    NOI $86,259 @ 7.0% cap · market cap 4.81%
    Theoretical Best
    Warehouse
    $18.99M
    $16.62M – $22.15M (±1% cap)
    NOI $1,329,286 @ 7.0% cap · market cap 74.05%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places 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

    Location Insight

    • Map
    • Local Demand
    City
    Lewiston
    County
    Androscoggin
    State
    Maine
    Longitude
    -70.2142
    Latitude
    44.1008

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    FAQs

    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)
    (207) 939-4147 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Christopher Paszyc, CCIM, SIOR
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