32 Eldridge Road, Wells, ME 04090

Building Details

Building Size 3,234 SF More

Year Built 1900 More

Stories 2 More

Listing Agency: Portside Real Estate Group i***@portsidereg.com Show Phone

Listed By: Nathan Mayo Show Phone

Source: Integrityhomesrealestategroup

Added: Oct 1, 2024 Changed: Nov 11 Last Checked: Nov 11 at 2:23AM

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Investment Insights

Based on property information with market context.

This 3,234-square-foot mixed-use property pairs a one-bedroom apartment and office on the upper level with a ground-floor commercial space. The commercial area includes a showroom and workshop and is ADA accessible. Built in 1900, the building retains elements of its former schoolhouse architecture and has been renovated. The property is zoned GB.

Nine dedicated parking spaces serve the property. Route 1 is less than 500 feet away, and the site is situated between a seasonal campground and an ice cream shop.

Key Highlights

• 3,234 square feet
• One‑bedroom upstairs apartment with office
• Ground‑floor commercial space includes a showroom and workshop

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,166

Cap Rate

5.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$803,320 $803.3K

Cap Rate 7%

$573,800 $573.8K

Cap Rate 9%

$446,289 $446.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,234 SF

Gross rent

$69.9K $21.60/SF

− Vacancy

−$5.6K −$1.73/SF

EGI

$64.3K $19.87/SF

− OpEx

−$24.1K −$7.45/SF

NOI

$40.2K $12.42/SF

Area

York County, ME

Vacancy

8.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$803,320

Cap Rate 7%

$573,800

Cap Rate 9%

$446,289

Alternative Uses

Best Use

Mixed Use

$573.8K

$502.1K – $669.4K (±1% cap)

NOI $40,166 @ 7.0% cap · market cap 5.54%

Second Best

Retail

$561.0K

$490.9K – $654.6K (±1% cap)

NOI $39,273 @ 7.0% cap · market cap 5.42%

Theoretical Best

Office A

$1.03M

$897.0K – $1.20M (±1% cap)

NOI $71,761 @ 7.0% cap · market cap 9.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

S.E. Hall Furniture ... Production Facility

Suggested Use

Top Pick HVAC Service Electrical Service Law Firm Auto Parts Store (Bike/Boat/Book/etc) Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

103

Businesses Nearby

8k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Mobil Shops & Services

5,136 visits/mo 0.2 miles

Alltown Shops & Services

2,650 visits/mo 0.3 miles

Demographics for 04090, ME

11,314

Population

9,590

Households

1.2

Avg Household Size

53

Median Age

38%

College-Educated

92%

High-School Grad

57.7 sq mi

ZIP Area

196

Density / Sq Mi

$83,900

Median Household Income

$47,928

Median Earnings

$1,313

Median Rent

$445,800

Median Home Value

Market

Average Price Trend$/SF for Mixed-use properties in York County, ME

$424 Jul

$374 Aug

$323 Sep

$283 Oct

Properties on Market for Mixed-use properties in York County

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two levels combine an upstairs residence with a ground-floor commercial area and workshop.

Where is this mixed-use property located?

The property is located at 32 Eldridge Road Wells, ME.

What is the asking price?

The asking price for this property is $725,000.

What are key features of this property?

This property features: 3,234 square feet; One‑bedroom upstairs apartment with office; Ground‑floor commercial space includes a showroom and workshop