Mixed-Use Property with Office
For Sale
$649,900
406 Alfred Street, Biddeford, ME 04005
R1B-zoned property with an existing residence, separate-entry finished basement, and utility connections at the property frontage.
Property Size1,973 SF
Price / SF$235.13
Days on Market912
Property Features for 406 Alfred Street
General Information
Standard status
Active
Size
1,973 SF
Property subtype
Commercial
Zoning
R1B
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,264
Amenities
custom wood panel walls
2 custom made fireplaces
cast iron baseboard
several built in cabinets
medical grade outlets
Building Details
Building Size
1,973 SF
Year Built
1962
Buildings
1
Stories
1
Listing Agency:
Regency Realty Group
(207) 450-7653
Listed By:
Matthew Chamberlain
(207) 450-7653
Source:
Startpoint
Added: Feb 22, 2024
Changed: Aug 21
Last Checked: Aug 21 at 5:42AM
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 Regency Realty Group
Investment Insights
Based on property information with market context.
This R1B-zoned mixed-use property includes an existing 1962 residence with 1,973 square feet on the main level and 791 finished square feet in the basement. The layout provides three bedrooms and three bathrooms, while the basement has a separate entry. Interior features include custom wood-paneled walls, two custom fireplaces, cast-iron baseboard heating, built-in cabinetry, and medical-grade outlets in several rooms. The existing configuration has been identified as suitable for office uses including beauty salon, real estate, financial services, and law offices, along with residential occupancy.
The site is described as very flat, with three-phase power, water, and sewer in front of the property. Under the stated ordinance provisions, development may allow up to 30 units with a 2.5-times density bonus when 30% of the housing is affordable. The front lawn may also allow subdivision of a single-family house lot.
The site is described as very flat, with three-phase power, water, and sewer in front of the property. Under the stated ordinance provisions, development may allow up to 30 units with a 2.5-times density bonus when 30% of the housing is affordable. The front lawn may also allow subdivision of a single-family house lot.
Key Highlights
- R1B zoning supports residential and neighborhood convenience store/service use
- Existing residence offers 1,973 SF on the main level and 791 finished SF in the basement
- Three bedrooms and three bathrooms with a separate basement entry
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
$45,274
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
6.97%
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%
$905,480
$905.5K
Cap Rate 7%
$646,771
$646.8K
Cap Rate 9%
$503,044
$503.0K
Market Conditions
NOI Build-Up for 2,764 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
$69.0K $24.96/SF
− Vacancy
−$8.6K −$3.12/SF
EGI
$60.4K $21.84/SF
− OpEx
−$15.1K −$5.46/SF
NOI
$45.3K $16.38/SF
Area
York County, ME
Vacancy
12.50%
Lease Rate
$24.96 /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%
$905,480
Cap Rate 7%
$646,771
Cap Rate 9%
$503,044
Alternative Uses
Best Use
Office B
$646.8K
$565.9K – $754.6K
NOI $45,274 @ 7.0% cap · market cap 6.97%
Second Best
Mixed Use
$490.4K
$429.1K – $572.2K
NOI $34,329 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$876.2K
$766.7K – $1.02M
NOI $61,332 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
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?
Mixed-use property - R1B-zoned property with an existing residence, separate-entry finished basement, and utility connections at the property frontage.
Where is this mixed-use property located?
The property is located at 406 Alfred Street Biddeford, ME.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: R1B zoning supports residential and neighborhood convenience store/service use; Existing residence offers 1,973 SF on the main level and 791 finished SF in the basement; Three bedrooms and three bathrooms with a separate basement entry
