Heated Flex Space with Garage
New
For Sale
$210,000
356 N Berwick Road, Wells, ME 04090
Wells, ME
Property Size1,200 SF
Price / SF$175
Days on Market3
Property Features for 356 N Berwick Road
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
1,200 SF
Building Details
Year built
2004
Listing Agency:
Sanford, Maine · Better Homes and Gardens Real Estate
(207) 490-2900
Listed By:
John Caramihalis
(207) 651-0242
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 12 at 10:06AM
MLS# 1680117
Copyright © 2026 Better Homes and Gardens-The Masiello Group. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,200-square-foot flex property in Wells, Maine, was built in 2004 and provides heated commercial space for a range of business operations. The building includes a 12' x 14' overhead garage door, generator hookup, wiring for a welder, and a newer water heater. An office area may be finished, while upstairs storage adds functional space for equipment or materials.
The property also conveys deeded outdoor space, extending the usable area beyond the building itself. Located at 356 N Berwick Road in Wells, the site offers a practical combination of enclosed workspace, storage capability, utility features, and exterior area for commercial use.
The property also conveys deeded outdoor space, extending the usable area beyond the building itself. Located at 356 N Berwick Road in Wells, the site offers a practical combination of enclosed workspace, storage capability, utility features, and exterior area for commercial use.
Key Highlights
- 1,200 square feet of heated flex space
- 12' x 14' overhead garage door
- Generator hookup and wiring for a welder
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
$16,822
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
8.01%
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%
$336,440
$336.4K
Cap Rate 7%
$240,314
$240.3K
Cap Rate 9%
$186,911
$186.9K
Market Conditions
NOI Build-Up for 1,200 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
$26.4K $21.96/SF
− Vacancy
−$472 −$0.39/SF
EGI
$25.9K $21.57/SF
− OpEx
−$9.1K −$7.55/SF
NOI
$16.8K $14.02/SF
Area
York County, ME
Vacancy
1.79%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
35.00%
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%
$336,440
Cap Rate 7%
$240,314
Cap Rate 9%
$186,911
Alternative Uses
Best Use
Flex RnD
$240.3K
$210.3K – $280.4K
NOI $16,822 @ 7.0% cap · market cap 8.01%
Second Best
Industrial
$176.8K
$154.7K – $206.2K
NOI $12,374 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$380.4K
$332.9K – $443.8K
NOI $26,628 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Heated commercial space with generator hookup, welder wiring, and deeded outdoor area.
Where is this flex space located?
The property is located at 356 N Berwick Road Wells, ME.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: 1,200 square feet of heated flex space; 12' x 14' overhead garage door; Generator hookup and wiring for a welder
