394 Main Street, Westbrook, ME 04092

Building Details

Building Size 960 SF More

Year Built 1945 More

Listing Agency: EXP Realty m***@exprealty.net Show Phone

Listed By: John Krouse Show Phone

Source: Integrityhomesrealestategroup

Added: Jun 26, 2024 Changed: Nov 11 Last Checked: Nov 11 at 2:08AM

Report an Issue

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 EXP Realty

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Built in 1945, this 960-square-foot property is located in Westbrook’s City Center and is zoned City Center. Updates completed within the last 2 years include a new roof, siding, flooring, paint, windows, and bathroom. The property is described as suitable for retail, office, restaurant, or mixed-use purposes.

The property is 1 mile from Rock Row and within walking distance of other businesses in Westbrook City Center.

Key Highlights

• 960‑square‑foot property built in 1945
• City Center zoning
• Updates within the last 2 years include a new roof, siding, flooring, paint, windows, and bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,923

Cap Rate

4.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$238,460 $238.5K

Cap Rate 7%

$170,329 $170.3K

Cap Rate 9%

$132,478 $132.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 960 SF

Gross rent

$20.7K $21.60/SF

− Vacancy

−$1.7K −$1.73/SF

EGI

$19.1K $19.87/SF

− OpEx

−$7.2K −$7.45/SF

NOI

$11.9K $12.42/SF

Area

Cumberland County, ME

Vacancy

8.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$238,460

Cap Rate 7%

$170,329

Cap Rate 9%

$132,478

Alternative Uses

Best Use

Mixed Use

$170.3K

$149.0K – $198.7K (±1% cap)

NOI $11,923 @ 7.0% cap · market cap 4.04%

Second Best

Retail

$143.4K

$125.5K – $167.3K (±1% cap)

NOI $10,040 @ 7.0% cap · market cap 3.40%

Theoretical Best

Office A

$263.9K

$230.9K – $307.8K (±1% cap)

NOI $18,470 @ 7.0% cap · market cap 6.26%

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

John O Winship ... Insurance Agency

Suggested Use

Top Pick Plumbing Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Pet Grooming Service Florist Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

528

Businesses Nearby

6k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 52% Shops & Services 48%

SUBWAY Dining

3,054 visits/mo 0.5 miles

Lee Dodge Chrysler Jeep Ram Shops & Services

2,811 visits/mo 0.4 miles

Demographics for 04092, ME

20,400

Population

9,404

Households

2.2

Avg Household Size

40

Median Age

40%

College-Educated

96%

High-School Grad

17.2 sq mi

ZIP Area

1,186

Density / Sq Mi

$85,868

Median Household Income

$49,922

Median Earnings

$1,373

Median Rent

$341,800

Median Home Value

Market

Average Price Trend$/SF for Mixed-use properties in Cumberland County, ME

$206 Jul

$255 Aug

$277 Sep

$251 Oct

Properties on Market for Mixed-use properties in Cumberland County

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Similar For Sale Nearby

See more

Mixed-Use Property with Car Wash

307 Main Street, Westbrook, ME 04092

$1,200,000

4,998 SF

View details

Westbrook Standalone Commercial Building

835 Main St, Westbrook, ME 04092

Contact for pricing

3,648 SF

View details

Two-Story Downtown Commercial Building

900 Main St, Westbrook, ME 04092

Contact for pricing

7,344 SF

View details

Two-Unit Duplex

92 Cottage Street, Westbrook, ME 04092

$525,000

1,260 SF

View details

2-Unit Duplex with Upper-Level Access

22 Clifford Street, Westbrook, ME 04092

$510,000

1,438 SF

View details

Two-Unit Duplex with Detached Garage

106 Haskell Street, Westbrook, ME 04092

$529,000

1,519 SF

View details

Three-Unit Multifamily Property

18 Cole Street, Westbrook, ME 04092

$549,000

1,548 SF

View details

Duplex with Updated Kitchen

244 Forest Street, Westbrook, ME 04092

$500,000

1,832 SF

View details

Updated 2-Unit Duplex

243 Bridge Street, Westbrook, ME 04092

$529,900

1,819 SF

View details

Duplex with In-Unit Laundry

55 Brown Street, Westbrook, ME 04092

$659,000

1,726 SF

View details

Renovated Duplex

77 Central Street, Westbrook, ME 04092

$549,900

1,918 SF

View details

Two-Unit Duplex with Walk-Out Basements

1244-1246 Methodist Road, Westbrook, ME 04092

$649,900

1,792 SF

View details

Frequently Asked Questions

What type of property is this?

Mixed-use property - Recent building improvements include a new roof, siding, flooring, windows, paint, and bathroom.

Where is this mixed-use property located?

The property is located at 394 Main Street Westbrook, ME.

What is the asking price?

The asking price for this property is $295,000.

What are key features of this property?

This property features: 960‑square‑foot property built in 1945; City Center zoning; Updates within the last 2 years include a new roof, siding, flooring, paint, windows, and bathroom