Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    311 Main St Lewiston, ME

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    10,692 SF former Walgreens space for lease or sale.

    Type:RETAIL
    Property size:
    10,692 SF
    Lot size:
    1.08 Acres
    Added:
    Jun 20, 2022
    Days on Market:
    1410
    Last Refresh:
    Apr 5 at 8:30 pm

    Property Features for 311 Main St

    General Information

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

    Spaces For Lease

    at 311 Main St Contact us

    We can help!

    Listing Contact
    Christopher Paszyc, CCIM, SIOR

    Listing agent Christopher Paszyc, CCIM, SIOR

    Listing office The Boulos Company

    Listing date Jun 20, 2022

    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

    Overview

    Former Walgreens Retail Space Available

    This is a 10,692 square feet retail property, formerly a Walgreens, available for lease or sale. The property includes approximately 7,200 square feet on the main level and 3,492 square feet on the lower level, situated on a 1.43 acre lot. The location benefits from traffic counts exceeding 17,000 vehicles per day. It is directly across the street from Central Maine Medical Center. The property is suitable for redevelopment as a medical, office, or retail space.
    Property Profile Insight Report 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
    • Hannaford Pharmacy — 95 Spring St, Auburn, ME 04210
    • Jennifer Carroll — 95 Spring St, Auburn, ME 042105948
    • Carolyn Tardif — 61 Union St, Auburn, ME 042105475
    • Wagdy Tadros — 61 Union St, Auburn, ME 04210

    Location Insight

    • Map
    • Local Demand
    City
    Lewiston
    County
    Androscoggin
    State
    Maine
    Longitude
    -70.2136
    Latitude
    44.1012

    Nearby Similar for Lease

    • $680/Mo

      Lewiston Downtown Investment Opportunity

      Downtown Lewiston office building with steady cash flow.
      183 Main St, Lewiston, ME
      View Details
    • $1,750/Mo

      Renovated Office/Retail Space Available

      Newly renovated office/retail space with modern finishes and historical details.
      197 Lisbon St, Lewiston, ME
      View Details
    • $18 SF/Yr

      Lewiston Office Space For Rent

      7,671± SF office space available in Lewiston, Maine.
      5 Mollison Way, Lewiston, ME
      View Details
    • $17 SF/Yr

      Medical Office Space Available

      Class A medical office space for lease in Lewiston, Maine.
      77 Bates St, Lewiston, ME
      View Details
    • $15 SF/Yr

      Retail/Office Space with Drive-Thru

      Prime retail and office spaces with high visibility and parking.
      217 Main St, Lewiston, ME
      View Details
    • $14 SF/Yr

      Prime Office/Retail Space Available

      Class A space for lease with road frontage and high visibility.
      1896 Lisbon St, Lewiston, ME
      View Details
    • $8 SF/Yr

      Lewiston Office Building For Sale

      60,120± SF office building on 5.97± AC available.
      19-0 Mollison Way, Lewiston, ME
      View Details
    • $20 SF/Yr

      Retail/Office Space on Lisbon Street

      Prime retail or office space in a high-traffic location.
      810 Lisbon St, Lewiston, ME
      View Details
    • $9 SF/Yr

      Lewiston Warehouse Space For Rent

      Warehouse space with 19' ceilings in Lewiston, Maine.
      777 Main St, Lewiston, ME
      View Details
    • $10 SF/Yr

      Lewiston Mall Retail Spaces Available

      Retail spaces for lease in enclosed Lewiston Mall.
      20 East Ave, Lewiston, ME
      View Details
    • Contact for pricing

      Lewiston Warehouse Space For Rent

      Warehouse space with 15' ceilings in Lewiston's traffic corridor.
      785 Main St, Lewiston, ME
      View Details
    • $7 SF/Yr

      Lewiston Warehouse and Storage Space

      Multiple heated and cold storage spaces available for lease.
      44 Strawberry Avenue, Lewiston, ME
      View Details

    FAQs

    What type of property is this?
    Drug store - 10,692 SF former Walgreens space for lease or sale.
    Where is this drug store located?
    The property is located at 311 Main St Lewiston, ME.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: Directly across the street from Central Maine Medical Center; 10,692+\/- SF former Walgreens building; Ideal for redevelopment as medical, office, or retail use
    (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
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!