Self-Storage Facility with 65
For Sale
$1,500,000
36-38 Summer Street, Oakland, ME 04963
Commercial Sale, Oakland, ME
Property Size11,700 SF
Lot Size2.10 Acres
Price / SF$128.21
Days on Market64
Property Features for 36-38 Summer Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
12
Interior features
Storage
Lot features
Near Turnpike/ Interstate, Near Shopping
Standard status
Active
Size
11,700 SF
Lot size
2.10 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7334
Utilities
Sewer type
Private Sewer
Heating system
Forced Air
Water source
Public
Amenities
web-based management system
Building Details
Year built
1979
Building materials
Steel Frame, Metal Clad, Vinyl Siding
Roof type
Metal, Shingle
Additional Structures
Storage
Listing Agency:
Harcourts Waterfront & Fine Properties
(877) 276-5859
Listed By:
Charlene Hamiwka
(207) 671-0085
Added: Jun 24
Changed: Aug 19
Last Checked: Aug 26 at 10:06PM
MLS# 1626329
Copyright © 2026 Maine Listings. 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 under-construction self-storage facility is set up for small-business and tenant convenience, with storage included and a web-based management system for daily operations. The property is described as having durable metal construction and includes forced-air heating. Construction materials include steel frame, metal clad exterior, and vinyl siding, with a metal and shingle roof.
The facility sits on a 2.1-acre lot at 36-38 Summer Street in Oakland, Maine (04963), with public water service and private sewer. The overall property size is listed as 11,700 square feet. The offering also includes a tastefully remodeled 3-bedroom, 1-bath ranch home, which may be used as an additional rental, an office space, or a residence.
Prospective buyers must sign an NDA and provide proof of funds to receive financials.
The facility sits on a 2.1-acre lot at 36-38 Summer Street in Oakland, Maine (04963), with public water service and private sewer. The overall property size is listed as 11,700 square feet. The offering also includes a tastefully remodeled 3-bedroom, 1-bath ranch home, which may be used as an additional rental, an office space, or a residence.
Prospective buyers must sign an NDA and provide proof of funds to receive financials.
Key Highlights
- 65 self‑storage units
- 2.1‑acre lot; 11,700 SF total property size
- Under construction with steel frame, metal clad, and vinyl siding
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
$113,977
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
7.60%
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%
$2,279,540
$2.3M
Cap Rate 7%
$1,628,243
$1.6M
Cap Rate 9%
$1,266,411
$1.3M
Market Conditions
NOI Build-Up for 11,700 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
$210.6K $18.00/SF
− Vacancy
−$3.4K −$0.29/SF
EGI
$207.2K $17.71/SF
− OpEx
−$93.3K −$7.97/SF
NOI
$114.0K $9.74/SF
Area
Kennebec County, ME
Vacancy
1.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,279,540
Cap Rate 7%
$1,628,243
Cap Rate 9%
$1,266,411
Alternative Uses
Best Use
Warehouse
$17.46M
$15.27M – $20.36M
NOI $1,221,869 @ 7.0% cap · market cap 81.46%
Second Best
Apartment 5plus
$1.63M
$1.42M – $1.90M
NOI $113,977 @ 7.0% cap · market cap 7.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Explore this area
Business Placement
Demographics for 04963, ME
7,358
Population
4,279
Households
1.7
Avg Household Size
45
Median Age
24%
College-Educated
95%
High-School Grad
51.1 sq mi
ZIP Area
144
Density / Sq Mi
$73,611
Median Household Income
$49,913
Median Earnings
$885
Median Rent
$228,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Under-construction self-storage facility with a web-based management system and metal-constructed buildings.
Where is this self storage facility located?
The property is located at 36-38 Summer Street Oakland, ME.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 65 self‑storage units; 2.1‑acre lot; 11,700 SF total property size; Under construction with steel frame, metal clad, and vinyl siding
