Building Details

Year built 1967

Flooring type Concrete

Building materials Masonry, Steel Frame, Block

Roof type Membrane

Listing Agency: LAER j***@aol.com Show Phone

Listed By: Christopher Vallee · License #DB900305 Show Phone

Added: Sep 12 Last Checked: Sep 12 at 9:06AM

Report an Issue

MLS# 1680316

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 flex property at 36 Water Street is a 1967 masonry building with a steel-frame and block construction system. The interior provides a broad, open configuration with webbed trusses, poured concrete flooring, an entrance area, kitchen, and garage access. The building is currently used as an auction hall, offering a substantial commercial setting that can accommodate varied operational layouts.

The 1.38-acre property includes parking for 100+ vehicles and is served by public water and public sewer. Steam, forced-air, and oil heating systems are present, along with a membrane roof. Located in Randolph, Maine, the site combines a sizable open interior with on-site vehicle capacity and direct building access.

Key Highlights

• 1.38‑acre commercial property at 36 Water Street, Randolph, ME 04346
• Masonry, steel‑frame, and block construction
• Open interior with webbed trusses and poured concrete flooring

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

$65,858

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

6.59%

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%

$1,317,160 $1.3M

Cap Rate 7%

$940,829 $940.8K

Cap Rate 9%

$731,756 $731.8K

Market Conditions

NOI Build-Up for 6,820 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

$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 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%

$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.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Open commercial space with concrete floors, high ceilings, garage access, and parking for vehicles.

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: 1.38‑acre commercial property at 36 Water Street, Randolph, ME 04346; Masonry, steel‑frame, and block construction; Open interior with webbed trusses and poured concrete flooring