Modern Street-Level Office
For Sale
$249,000
298 York Street Unit 3, York, ME 03909
Commercial condominium with heat-pump HVAC and on-street parking in an active village setting.
Property Size426 SF
Price / SF$584.51
Days on Market191
Property Features for 298 York Street Unit 3
General Information
Standard status
Active
Size
426 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Floor
Street Level
Highway Access
Yes
Office Units
1
Building Details
Year Built
2022
Tenancy
Single
Abandoned
No
Listing Agency:
Keller Williams Coastal and Lakes & Mountains Realty
(603) 610-8500
Listed By:
Eric Levin
(207) 536-4222
Source:
Portsiderealestategroup
Added: Feb 20
Changed: Aug 29
Last Checked: Aug 30 at 6:10PM
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 Keller Williams Coastal and Lakes & Mountains Realty
Investment Insights
Based on property information with market context.
This 426-square-foot commercial condominium is a street-level office unit completed in 2022. The space is currently occupied by an appointment-only beauty treatment studio and includes a heat pump. Its modern interior supports continued studio use as well as private-practice or general office functions.
The property is at 298 York Street, Unit 3, in York Village, with access to on-street parking. The location is minutes from the interstate, harbor, beaches, and York Hospital, with restaurants, cafés, bagel shops, and boutiques within walking distance. York Village also benefits from year-round activity associated with local residents, nearby businesses, and hospital staff and visitors.
The property is at 298 York Street, Unit 3, in York Village, with access to on-street parking. The location is minutes from the interstate, harbor, beaches, and York Hospital, with restaurants, cafés, bagel shops, and boutiques within walking distance. York Village also benefits from year-round activity associated with local residents, nearby businesses, and hospital staff and visitors.
Key Highlights
- 426 SF street‑level commercial condominium
- Completed in 2022
- Currently occupied by an appointment‑only beauty treatment studio
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
$6,978
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
2.80%
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%
$139,560
$139.6K
Cap Rate 7%
$99,686
$99.7K
Cap Rate 9%
$77,533
$77.5K
Market Conditions
NOI Build-Up for 426 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
$10.6K $24.96/SF
− Vacancy
−$1.3K −$3.12/SF
EGI
$9.3K $21.84/SF
− OpEx
−$2.3K −$5.46/SF
NOI
$7.0K $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%
$139,560
Cap Rate 7%
$99,686
Cap Rate 9%
$77,533
Alternative Uses
Best Use
Office B
$99.7K
$87.2K – $116.3K
NOI $6,978 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$135.0K
$118.2K – $157.6K
NOI $9,453 @ 7.0% cap · market cap 3.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Highway 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 - Commercial condominium with heat-pump HVAC and on-street parking in an active village setting.
Where is this office units located?
The property is located at 298 York Street Unit 3 York, ME.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 426 SF street‑level commercial condominium; Completed in 2022; Currently occupied by an appointment‑only beauty treatment studio
