Open-Plan Office Condo
For Sale
$89,000
298 York Street, York, ME 03909
Compact office condominium with kitchenette, accessible entry, and shared bathroom facilities.
Property Size302 SF
Price / SF$294.70
Days on Market344
Property Features for 298 York Street
General Information
Standard status
Active
Size
302 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Sprinkler System
Yes
Amenities
efficiency kitchen
handicap accessible
shared bathroom
security
Building Details
Year Built
2022
Listing Agency:
Coldwell Banker Yorke Realty
Listed By:
Lorilyn Barrett
(603) 433-3350
Source:
Greatislandrealty
Added: Sep 18, 2025
Changed: Aug 25
Last Checked: Aug 26 at 9:41AM
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 Coldwell Banker Yorke Realty
Investment Insights
Based on property information with market context.
This 302-square-foot office condominium is located within a mixed-use building completed in 2022. The unit provides an open workspace with an efficiency kitchen featuring a sink, small refrigerator, upper and lower cabinets, and microwave space. A private electrical panel, fire-suppression system, and in-unit security features are also included.
The property is at 298 York Street in York Village, with access to major roads and a 10-minute drive to the New Hampshire border. The building provides full handicap accessibility and a shared bathroom. A larger unit on the same level is also available under MLS #5064060.
The property is at 298 York Street in York Village, with access to major roads and a 10-minute drive to the New Hampshire border. The building provides full handicap accessibility and a shared bathroom. A larger unit on the same level is also available under MLS #5064060.
Key Highlights
- 302 SF open‑concept office condominium
- Completed in 2022 within a mixed‑use building
- Efficiency kitchen with sink, small fridge, cabinetry, and microwave space
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
$4,947
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
5.56%
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%
$98,940
$98.9K
Cap Rate 7%
$70,671
$70.7K
Cap Rate 9%
$54,967
$55.0K
Market Conditions
NOI Build-Up for 302 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
$7.5K $24.96/SF
− Vacancy
−$942 −$3.12/SF
EGI
$6.6K $21.84/SF
− OpEx
−$1.6K −$5.46/SF
NOI
$4.9K $16.38/SF
Area
York County, ME
Vacancy
12.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$98,940
Cap Rate 7%
$70,671
Cap Rate 9%
$54,967
Alternative Uses
Best Use
Office B
$70.7K
$61.8K – $82.5K
NOI $4,947 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$95.7K
$83.8K – $111.7K
NOI $6,701 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
Explore this area
Business Placement
Demographics for 03909, ME
10,938
Population
7,101
Households
1.5
Avg Household Size
53
Median Age
50%
College-Educated
98%
High-School Grad
35.2 sq mi
ZIP Area
311
Density / Sq Mi
$108,889
Median Household Income
$55,540
Median Earnings
$1,438
Median Rent
$589,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Compact office condominium with kitchenette, accessible entry, and shared bathroom facilities.
Where is this office units located?
The property is located at 298 York Street York, ME.
What is the asking price?
The asking price for this property is $89,000.
What are key features of this property?
This property features: 302 SF open‑concept office condominium; Completed in 2022 within a mixed‑use building; Efficiency kitchen with sink, small fridge, cabinetry, and microwave space
