Flex Space with Garage
For Sale
$1,000,000
36 Water Street, Randolph, ME 04346
Masonry commercial building with an open interior, tall trussed ceilings, concrete floors, parking, and an existing kitchen.
Property Size6,800 SF
Price / SF$146.63
Days on Market11
Property Features for 36 Water Street
General Information
Standard status
Active
Size
6,800 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1967
Buildings
1
Building Size
6,800 SF
Construction
masonry
Listing Agency:
LAER
Listed By:
Christopher Vallee
(207) 680-3667
Source:
Portsiderealestategroup
Added: Sep 8
Changed: Sep 17
Last Checked: Sep 16 at 7:27PM
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 LAER
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.
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 = 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
NOI $586,546 @ 7.0% cap · market cap 58.65%
Second Best
Retail
$940.8K
$823.2K – $1.10M
NOI $65,858 @ 7.0% cap · market cap 6.59%
Theoretical Best
Warehouse
$10.17M
$8.90M – $11.87M
NOI $712,234 @ 7.0% cap · market cap 71.22%
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
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
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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 - 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
