Building Details

Year Built 1967

Buildings 1

Building Size 6,800 SF

Construction masonry

Listing Agency: LAER

Listed By: Christopher Vallee · License #DB900305 Show Phone

Source: Portsiderealestategroup

Added: Sep 1 Changed: Oct 26 Last Checked: Nov 3 at 6:49AM

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Investment Insights

Based on property information with market context.

This masonry flex-space property, built in 1967, features a broad open interior with webbed trusses, high ceilings, poured concrete flooring, an entrance area, and a kitchen. The building is currently configured for use as an auction hall and includes garage access, providing a practical foundation for a range of commercial layouts.

The property is located at 36 Water Street in Randolph, Maine, with parking for more than 100 vehicles. Its combination of open floor area, durable construction, customer parking, and existing functional improvements supports continued event-oriented use or adaptation for showroom, display, or other commercial purposes supported by the building’s configuration.

Key Highlights

• Masonry building constructed in 1967
• Open interior with webbed trusses and high ceilings
• Poured concrete floors, entrance area, and kitchen

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$65,858

Cap Rate

6.59%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,317,160 $1.3M

Cap Rate 7%

$940,829 $940.8K

Cap Rate 9%

$731,756 $731.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,820 SF

Gross rent

$98.2K $14.40/SF

− Vacancy

−$4.1K −$0.60/SF

EGI

$94.1K $13.80/SF

− OpEx

−$28.2K −$4.14/SF

NOI

$65.9K $9.66/SF

Area

Kennebec County, ME

Vacancy

4.20%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,317,160

Cap Rate 7%

$940,829

Cap Rate 9%

$731,756

Alternative Uses

Best Use

Industrial

$8.38M

$7.33M – $9.78M (±1% cap)

NOI $586,546 @ 7.0% cap · market cap 58.65%

Second Best

Retail

$940.8K

$823.2K – $1.10M (±1% cap)

NOI $65,858 @ 7.0% cap · market cap 6.59%

Theoretical Best

Warehouse

$10.17M

$8.90M – $11.87M (±1% cap)

NOI $712,234 @ 7.0% cap · market cap 71.22%

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

Farrin's Country Auctions Trade Show Venue

Suggested Use

Top Pick Building Supply Real Estate Agency Restaurant Electrical Service Kitchen & Bath Showroom Furniture & Home Goods

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

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 04346, ME

1,743

Population

888

Households

2

Avg Household Size

48

Median Age

17%

College-Educated

93%

High-School Grad

2.1 sq mi

ZIP Area

830

Density / Sq Mi

$52,917

Median Household Income

$42,357

Median Earnings

$779

Median Rent

$157,000

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Frequently Asked Questions

What type of property is this?

Flex space - Masonry commercial building with an open interior, tall trussed ceilings, concrete floors, parking, and an existing kitchen.

Where is this flex space located?

The property is located at 36 Water Street Randolph, ME.

What is the asking price?

The asking price for this property is $1,000,000.

What are key features of this property?

This property features: Masonry building constructed in 1967; Open interior with webbed trusses and high ceilings; Poured concrete floors, entrance area, and kitchen