Four-Bay Flex
For Sale
$349,000
385 S Main Street, Brewer, ME 04412
Commercial zoning, dedicated work areas, parking, and a bonus room support varied operating needs.
Property Size5,281 SF
Price / SF$66.09
Days on Market14
Property Features for 385 S Main Street
General Information
Standard status
Active
Size
5,281 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Drive-In Doors
4
Building Details
Year Built
1948
Listing Agency:
CENTURY 21 Queen City Real Estate
(207) 249-6214
Listed By:
Christopher Pepin
Source:
Portsiderealestategroup
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 6:29PM
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 CENTURY 21 Queen City Real Estate
Investment Insights
Based on property information with market context.
This vacant flex property provides 5,281 square feet of commercial space in a configuration that combines operational and administrative areas. Improvements include four garage bays, a waiting room, dedicated office and work space, and a full bathroom with laundry. A bonus room above one garage bay adds additional enclosed space for office use, storage, or other business functions.
The property fronts South Main Street in Brewer with Penobscot River views and established commercial-corridor exposure. Its setting provides access to both Brewer and Bangor, while on-site parking supports day-to-day use. Commercial zoning and the existing mix of garage, office, waiting, and support areas provide a practical foundation for a range of business operations.
The property fronts South Main Street in Brewer with Penobscot River views and established commercial-corridor exposure. Its setting provides access to both Brewer and Bangor, while on-site parking supports day-to-day use. Commercial zoning and the existing mix of garage, office, waiting, and support areas provide a practical foundation for a range of business operations.
Key Highlights
- 5,281‑square‑foot vacant flex property
- Four total garage bays
- Bonus room above one garage bay
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
$31,108
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
8.91%
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%
$622,160
$622.2K
Cap Rate 7%
$444,400
$444.4K
Cap Rate 9%
$345,644
$345.6K
Market Conditions
NOI Build-Up for 5,281 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
$47.5K $9.00/SF
− Vacancy
−$3.1K −$0.59/SF
EGI
$44.4K $8.42/SF
− OpEx
−$13.3K −$2.52/SF
NOI
$31.1K $5.89/SF
Area
Penobscot County, ME
Vacancy
6.50%
Lease Rate
$9.00 /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%
$622,160
Cap Rate 7%
$444,400
Cap Rate 9%
$345,644
Alternative Uses
Best Use
Flex RnD
$650.6K
$569.3K – $759.1K
NOI $45,544 @ 7.0% cap · market cap 13.05%
Second Best
Industrial
$444.4K
$388.9K – $518.5K
NOI $31,108 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,393 @ 7.0% cap · market cap 34.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 04412, ME
9,672
Population
4,565
Households
2.1
Avg Household Size
43
Median Age
31%
College-Educated
95%
High-School Grad
15.2 sq mi
ZIP Area
636
Density / Sq Mi
$51,490
Median Household Income
$35,700
Median Earnings
$984
Median Rent
$218,100
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Chef on Demand — 480 S Main St, Brewer, ME 04412
- Jeff's Catering & Event Center — 15 Eventcenter Way, Brewer, ME 04412
Frequently Asked Questions
What type of property is this?
Flex space - Commercial zoning, dedicated work areas, parking, and a bonus room support varied operating needs.
Where is this flex space located?
The property is located at 385 S Main Street Brewer, ME.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 5,281‑square‑foot vacant flex property; Four total garage bays; Bonus room above one garage bay
