Two-Story Office
For Sale
$399,900
34 Bates Street, Lewiston, ME 04240
CV-zoned property with on-site parking and a separate lot.
Property Size3,038 SF
Days on Market70
Property Features for 34 Bates Street
General Information
Standard status
Active
Size
3,038 SF
Property subtype
Commercial
Zoning
CV
Taxes and HOA fees
Annual Taxes
$8,171
Building Details
Building Size
3,038 SF
Year Built
1975
Stories
2
Listing Agency:
Maine Source Realty
(207) 333-6001
Listed By:
Jon Mercier
(207) 333-6001
Source:
Startpoint
Added: Jun 4
Changed: Aug 10
Last Checked: Aug 11 at 2:19PM
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 two-level commercial building contains approximately 3,038± sq ft of finished space, arranged as 1,519± sq ft on each floor. Constructed in 1975, the former bank property offers a configuration that can support office occupancy, retail conversion, or other commercial applications. Existing improvements provide a foundation for professional, customer-facing, or service-oriented use.
The property includes parking on site and an additional parcel at 38 Bates Street, creating separate space that may be used for parking or storage. Located at 34 Bates Street in Lewiston’s downtown core, the property is within the Centreville zoning district, identified as CV. Permitted use categories listed for the district include retail, office, restaurant, personal services, fitness, entertainment, and light industrial uses.
The property includes parking on site and an additional parcel at 38 Bates Street, creating separate space that may be used for parking or storage. Located at 34 Bates Street in Lewiston’s downtown core, the property is within the Centreville zoning district, identified as CV. Permitted use categories listed for the district include retail, office, restaurant, personal services, fitness, entertainment, and light industrial uses.
Key Highlights
- Approximately 3,038± sq ft of finished space across two floors
- Two‑floor layout with 1,519± sq ft on each level
- CV zoning supports retail, office, restaurant, personal services, fitness, entertainment, and light industrial uses
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 - CV-zoned property with on-site parking and a separate lot.
Where is this office building located?
The property is located at 34 Bates Street 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± sq ft of finished space across two floors; Two‑floor layout with 1,519± sq ft on each level; CV zoning supports retail, office, restaurant, personal services, fitness, entertainment, and light industrial uses
