Mixed-Use Building with
For Sale
$1,300,000
311 Main Street, Biddeford, ME 04005
Street-level commercial space fronts Main Street with three renovated market-rate apartments above.
Property Size6,090 SF
Price / SF$213.46
Days on Market115
Property Features for 311 Main Street
General Information
Standard status
Active
Size
6,090 SF
Property subtype
Commercial
Zoning
MSRD1
Additional Details
Cap Rate
7%
Multifamily Units
3
Building Details
Year Built
1900
Stories
2
Listing Agency:
The Dunham Group
Listed By:
Bryan Plourde
(207) 773-7100
Source:
Greatislandrealty
Added: Jun 26
Changed: Oct 16
Last Checked: Oct 16 at 8:36AM
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 Dunham Group
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Historic Hannaway Building offers a street-level commercial space with exceptional visibility and three market-rate residential apartments above. The first floor is suited for retail, office, or service use and sits within the MSRD1 (Main Street Revitalization District 1) zoning district. An existing commercial tenant currently occupies the space.
The second floor features three renovated two-bedroom, one-bath apartments. Each unit includes in-unit laundry, and the residential units have benefited from recent improvements.
Recent capital improvements include a newer EPDM rubber roof, heat pumps, updated flooring, renovations to the commercial space, and improvements throughout the residential apartments.
The second floor features three renovated two-bedroom, one-bath apartments. Each unit includes in-unit laundry, and the residential units have benefited from recent improvements.
Recent capital improvements include a newer EPDM rubber roof, heat pumps, updated flooring, renovations to the commercial space, and improvements throughout the residential apartments.
Key Highlights
- Historic Hannaway Building built in 1900 with street‑level commercial plus three residential apartments above
- First‑floor commercial space fronts Main Street and is within MSRD1 (Main Street Revitalization District 1) zoning
- MSRD1 zoning permits downtown‑oriented uses including retail, restaurant, office, medical office, and personal service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$103,093
Cap Rate
7.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,061,860
$2.1M
Cap Rate 7%
$1,472,757
$1.5M
Cap Rate 9%
$1,145,478
$1.1M
Market Conditions
NOI Build-Up for 6,090 SF
Gross rent
$154.9K $25.44/SF
− Vacancy
−$7.7K −$1.26/SF
EGI
$147.3K $24.18/SF
− OpEx
−$44.2K −$7.25/SF
NOI
$103.1K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,061,860
Cap Rate 7%
$1,472,757
Cap Rate 9%
$1,145,478
Alternative Uses
Best Use
Multifamily LT 5
$1.47M
$1.29M – $1.72M
NOI $103,093 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$1.34M
$1.18M – $1.57M
NOI $94,117 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,135 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,150
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Street-level commercial space fronts Main Street with three renovated market-rate apartments above.
Where is this triplex located?
The property is located at 311 Main Street Biddeford, ME.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Historic Hannaway Building built in 1900 with street‑level commercial plus three residential apartments above; First‑floor commercial space fronts Main Street and is within MSRD1 (Main Street Revitalization District 1) zoning; MSRD1 zoning permits downtown‑oriented uses including retail, restaurant, office, medical office, and personal service
