Two-Story Office
For Sale
$399,900
34 Bates St, Lewiston, ME 04240
Finished commercial space includes on-site parking and a separate lot for additional operational flexibility.
Property Size3,038 SF
Price / SF$131.63
Days on Market41
Property Features for 34 Bates St
General Information
Standard status
Active
Size
3,038 SF
Zoning
Centreville
Amenities
on-site parking
additional separate lot
Building Details
Year Built
1975
Buildings
1
Stories
2
Building Size
3,038 SF
Listing Agency:
Maine Source Realty
(207) 333-6001
Listed By:
Jon Mercier
Source:
Aroostookrealestate
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 11:48AM
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 Maine Source Realty
Investment Insights
Based on property information with market context.
This former bank property contains approximately 3,038± square feet of finished space arranged across two floors, with approximately 1,519± square feet on each level. The existing configuration can support professional office use, retail conversion, or mixed-use redevelopment. On-site parking is included, along with a separate lot at 38 Bates Street that may provide additional parking, storage, or future development capacity.
The property is located within Lewiston’s Centreville zoning district, where stated permitted uses include office, retail, restaurant, personal services, fitness, entertainment, and light industrial applications. Built in 1975, the building offers a central commercial setting with multiple potential use paths for an owner-user or investor.
The property is located within Lewiston’s Centreville zoning district, where stated permitted uses include office, retail, restaurant, personal services, fitness, entertainment, and light industrial applications. Built in 1975, the building offers a central commercial setting with multiple potential use paths for an owner-user or investor.
Key Highlights
- Approximately 3,038± SF of finished space across two floors
- Approximately 1,519± SF on each floor
- Former bank building with an existing commercial layout
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
$31,771
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
7.94%
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%
$635,420
$635.4K
Cap Rate 7%
$453,871
$453.9K
Cap Rate 9%
$353,011
$353.0K
Market Conditions
NOI Build-Up for 3,038 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
$54.7K $18.00/SF
− Vacancy
−$9.3K −$3.06/SF
EGI
$45.4K $14.94/SF
− OpEx
−$13.6K −$4.48/SF
NOI
$31.8K $10.46/SF
Area
Androscoggin County, ME
Vacancy
17.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$635,420
Cap Rate 7%
$453,871
Cap Rate 9%
$353,011
Alternative Uses
Best Use
Office B
$703.3K
$615.4K – $820.5K
NOI $49,228 @ 7.0% cap · market cap 12.31%
Second Best
Retail
$453.9K
$397.1K – $529.5K
NOI $31,771 @ 7.0% cap · market cap 7.94%
Theoretical Best
Warehouse
$5.40M
$4.72M – $6.30M
NOI $377,700 @ 7.0% cap · market cap 94.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,333
Businesses Nearby
Explore this area
Business Placement
Demographics for 04240, ME
37,121
Population
16,852
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
34.1 sq mi
ZIP Area
1,089
Density / Sq Mi
$56,558
Median Household Income
$36,734
Median Earnings
$954
Median Rent
$214,200
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 building - Finished commercial space includes on-site parking and a separate lot for additional operational flexibility.
Where is this office building located?
The property is located at 34 Bates St Lewiston, ME.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Approximately 3,038± SF of finished space across two floors; Approximately 1,519± SF on each floor; Former bank building with an existing commercial layout
