One-Story Federal Office
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For Sale
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40 Manson Libby Road, Scarborough, ME 04074
Fully leased office facility with federal occupants and recent tenant improvements.
Property Size16,060 SF
Price / SF$275.53
Days on Market7
Property Features for 40 Manson Libby Road
General Information
Standard status
Active
Size
16,060 SF
Class
B
Total Parking Spaces
57
Property subtype
Office, Special Purpose
Occupancy
100%
Lease Type
Gross
Investment Type
Net Lease
Building Details
Year Built
1988
Year Renovated
2021
Buildings
1
Tenancy
Multi
Listing Agency:
Northmarq - Chicago
(312) 777-2448
Listed By:
Mark Hellwig · License #IL 471018330
Source:
Crexi
Added: Aug 10
Changed: Aug 15
Last Checked: Aug 15 at 2:15AM
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 Northmarq - Chicago
Investment Insights
Based on property information with market context.
This one-story office building was constructed in 1988 and includes office and warehouse functionality. The property is fully leased to departments of the U.S. Department of Homeland Security, including U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection.
The space underwent substantial tenant-improvement and security work in 2023 in preparation for Customs and Border Protection occupancy. An ICE lease commenced in September 2021 with a 15-year term. The property is located at 40 Manson Libby Road in Scarborough, Maine.
The space underwent substantial tenant-improvement and security work in 2023 in preparation for Customs and Border Protection occupancy. An ICE lease commenced in September 2021 with a 15-year term. The property is located at 40 Manson Libby Road in Scarborough, Maine.
Key Highlights
- 100% leased to U.S. Department of Homeland Security departments
- U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection occupy the property
- One‑story office/warehouse facility constructed in 1988
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
$229,917
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
5.20%
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%
$4,598,340
$4.6M
Cap Rate 7%
$3,284,529
$3.3M
Cap Rate 9%
$2,554,633
$2.6M
Market Conditions
NOI Build-Up for 16,060 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
$350.8K $21.84/SF
− Vacancy
−$44.2K −$2.75/SF
EGI
$306.6K $19.09/SF
− OpEx
−$76.6K −$4.77/SF
NOI
$229.9K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
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%
$4,598,340
Cap Rate 7%
$3,284,529
Cap Rate 9%
$2,554,633
Alternative Uses
Best Use
Office B
$3.28M
$2.87M – $3.83M
NOI $229,917 @ 7.0% cap · market cap 5.20%
Second Best
Warehouse
$1.78M
$1.56M – $2.08M
NOI $124,791 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$4.41M
$3.86M – $5.15M
NOI $308,987 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
255
Businesses Nearby
Explore this area
Business Placement
Demographics for 04074, ME
21,952
Population
10,561
Households
2.1
Avg Household Size
46
Median Age
58%
College-Educated
99%
High-School Grad
47.6 sq mi
ZIP Area
461
Density / Sq Mi
$125,642
Median Household Income
$55,955
Median Earnings
$1,821
Median Rent
$502,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully leased office facility with federal occupants and recent tenant improvements.
Where is this office building located?
The property is located at 40 Manson Libby Road Scarborough, ME.
What is the asking price?
The asking price for this property is $4,425,000.
What are key features of this property?
This property features: 100% leased to U.S. Department of Homeland Security departments; U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection occupy the property; One‑story office/warehouse facility constructed in 1988
