Office Condominium with Private
For Sale
$245,000
3 Fundy Road #2, Falmouth, ME 04105
The suite includes shared reception, a bathroom and kitchenette alongside its private office layout.
Property Size1,209 SF
Price / SF$202.65
Days on Market1104
Property Features for 3 Fundy Road #2
General Information
Standard status
Active
Size
1,209 SF
Property subtype
Commercial
Zoning
VC1-Village Center 1
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Additional Details
Condition
Move-in Ready
Office Units
6
Property Use
Office
Taxes and HOA fees
Annual Taxes
$3,393
Amenities
shared reception area
bathroom
kitchenette
Building Details
Building Size
1,209 SF
Year Built
1979
Stories
1
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Harborview Properties, Inc.
(207) 878-7802
Listed By:
Loren Ayer · License #913300
(207) 504-4953
Source:
Patryfamilyrealty
Added: Oct 25, 2023
Changed: Oct 31
Last Checked: Oct 31 at 3:14AM
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 Harborview Properties, Inc.
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Investment Insights
Based on property information with market context.
This 1,209 SF office condominium in a professional office building was built in 1979. Its layout includes six private offices, shared reception space, a bathroom and a kitchenette. The suite is currently used as individually leased offices for health and wellness providers, and all six tenants have expressed interest in remaining under a new owner’s direction.
The property is at 3 Fundy Road #2 in Falmouth, just off Route 1, and is zoned VC1-Village Center 1. Association dues cover building expenses including heat, central A/C, water and sewer, electricity, snow removal and landscaping. If the existing use continues, common-area furniture and select office and kitchen equipment may be included.
The property is at 3 Fundy Road #2 in Falmouth, just off Route 1, and is zoned VC1-Village Center 1. Association dues cover building expenses including heat, central A/C, water and sewer, electricity, snow removal and landscaping. If the existing use continues, common-area furniture and select office and kitchen equipment may be included.
Key Highlights
- Six private offices with shared reception, a bathroom and kitchenette
- 1,209 SF office condominium
- Current use includes individually leased offices for health and wellness providers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,610
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$352,200
$352.2K
Cap Rate 7%
$251,571
$251.6K
Cap Rate 9%
$195,667
$195.7K
Market Conditions
NOI Build-Up for 1,209 SF
Gross rent
$32.6K $27.00/SF
− Vacancy
−$3.3K −$2.72/SF
EGI
$29.3K $24.28/SF
− OpEx
−$11.7K −$9.71/SF
NOI
$17.6K $14.57/SF
Area
Cumberland County, ME
Vacancy
10.09%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$352,200
Cap Rate 7%
$251,571
Cap Rate 9%
$195,667
Alternative Uses
Best Use
Healthcare Medical
$251.6K
$220.1K – $293.5K
NOI $17,610 @ 7.0% cap · market cap 7.19%
Second Best
Office B
$247.3K
$216.4K – $288.5K
NOI $17,308 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$332.3K
$290.8K – $387.7K
NOI $23,261 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
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Business Placement
Demographics for 04105, ME
12,406
Population
5,332
Households
2.3
Avg Household Size
48
Median Age
70%
College-Educated
98%
High-School Grad
29.3 sq mi
ZIP Area
423
Density / Sq Mi
$131,833
Median Household Income
$69,303
Median Earnings
$2,070
Median Rent
$669,500
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - The suite includes shared reception, a bathroom and kitchenette alongside its private office layout.
Where is this office unit located?
The property is located at 3 Fundy Road #2 Falmouth, ME.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Six private offices with shared reception, a bathroom and kitchenette; 1,209 SF office condominium; Current use includes individually leased offices for health and wellness providers
