Self-Storage Portfolio
For Sale
$2,750,000
39 River Rd, Lincoln, ME 04457
Two-property self-storage portfolio with 170 drive-up, non-climate-controlled units totaling approximately 29,900 net rentable square feet.
Property Size29,900 SF
Price / SF$91.97
Days on Market82
Property Features for 39 River Rd
General Information
Standard status
Active
Size
29,900 SF
Property subtype
Self-Storage Facility
Occupancy
82%
Amenities
Two-Property Self-Storage Portfolio with 170 Drive-Up Units Totaling 29,900 Net Rentable Square Feet
Strong In-Place Performance with 94.7 Percent Occupancy and Potential for Operational Upside
Convenient Locations Within a 10-Minute Drive Allowing for Efficient Management and Streamlined Operations
Situated in a Stable Lincoln Market with Strong Senior Demographics and Regional Connectivity Supporting Long-Term Demand
Building Details
Building Size
29,900 SF
Year Built
2010
Listing Agency:
Marcus & Millichap - Philadelphia
Listed By:
Andreas Makris · License #License(s): PA: RS366906, NC: LC1037
(215) 531-7088
Source:
Marcusmillichap
Added: Jun 17
Changed: Sep 3
Last Checked: Sep 5 at 3:45AM
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 Marcus & Millichap - Philadelphia
Investment Insights
Based on property information with market context.
Marcus & Millichap presents a for-sale self-storage portfolio consisting of two properties. The offering includes a combined total of 170 drive-up, non-climate-controlled storage units, totaling approximately 29,900 net rentable square feet. The portfolio is currently 94.7% occupied.
The two facilities are conveniently located within a 10-minute drive of one another, supporting efficient, streamlined on-site management.
This portfolio is presented as a turnkey investment with a manageable scale for an owner-operator or investor looking to oversee operations across both locations.
The two facilities are conveniently located within a 10-minute drive of one another, supporting efficient, streamlined on-site management.
This portfolio is presented as a turnkey investment with a manageable scale for an owner-operator or investor looking to oversee operations across both locations.
Key Highlights
- Two‑property self‑storage portfolio in Lincoln at 170 Lee Road and 39 River Road
- 170 drive‑up, non‑climate‑controlled units totaling approximately 29,900 net rentable SF
- 94.7% occupied across the portfolio
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
$252,793
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
9.19%
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%
$5,055,860
$5.1M
Cap Rate 7%
$3,611,329
$3.6M
Cap Rate 9%
$2,808,811
$2.8M
Market Conditions
NOI Build-Up for 29,900 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
$394.7K $13.20/SF
− Vacancy
−$33.5K −$1.12/SF
EGI
$361.1K $12.08/SF
− OpEx
−$108.3K −$3.62/SF
NOI
$252.8K $8.45/SF
Area
Penobscot County, ME
Vacancy
8.50%
Lease Rate
$13.20 /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%
$5,055,860
Cap Rate 7%
$3,611,329
Cap Rate 9%
$2,808,811
Alternative Uses
Best Use
Self Storage
$3.61M
$3.16M – $4.21M
NOI $252,793 @ 7.0% cap · market cap 9.19%
Second Best
Warehouse
$2.84M
$2.48M – $3.31M
NOI $198,542 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$9.66M
$8.45M – $11.27M
NOI $675,979 @ 7.0% cap · market cap 24.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
Explore this area
Business Placement
Demographics for 04457, ME
5,689
Population
3,587
Households
1.6
Avg Household Size
48
Median Age
21%
College-Educated
94%
High-School Grad
258.8 sq mi
ZIP Area
22
Density / Sq Mi
$51,403
Median Household Income
$32,646
Median Earnings
$647
Median Rent
$126,100
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.
Frequently Asked Questions
What type of property is this?
Self storage facility - Two-property self-storage portfolio with 170 drive-up, non-climate-controlled units totaling approximately 29,900 net rentable square feet.
Where is this self storage facility located?
The property is located at 39 River Rd Lincoln, ME.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Two‑property self‑storage portfolio in Lincoln at 170 Lee Road and 39 River Road; 170 drive‑up, non‑climate‑controlled units totaling approximately 29,900 net rentable SF; 94.7% occupied across the portfolio
