B-2 Zoned Storefront
For Sale
$599,000
408 Elm Street, Biddeford, ME 04005
Commercial Sale, Biddeford, ME
Property Size1,650 SF
Lot Size0.22 Acres
Price / SF$363.03
Days on Market62
Property Features for 408 Elm Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
B2
Lot features
Near Turnpike/ Interstate, Near Shopping
Standard status
Active
Size
1,650 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5688
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Oil
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1950
Roof type
Flat
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Zachary Resnikoff
(207) 606-9665
Added: Jul 17
Changed: Sep 15
Last Checked: Sep 16 at 5:06AM
MLS# 1655350
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property includes a 1,650± SF retail building on 0.22± acres at 408 Elm Street. Built in 1950, the structure has a flat roof, forced-air oil heat, wall-unit cooling, and a small on-site parking area. Wall-mounted coolers and a compact kitchen area remain in place, while other furniture, fixtures, and equipment are scheduled for removal before occupancy.
The building is located in Biddeford's B-2 Highway Business zone, approximately 2 miles from the Maine Turnpike. Public water and public sewer serve the property. It formerly operated as a convenience store with fuel service, providing an existing retail-oriented configuration for a future commercial use subject to applicable municipal approvals.
The building is located in Biddeford's B-2 Highway Business zone, approximately 2 miles from the Maine Turnpike. Public water and public sewer serve the property. It formerly operated as a convenience store with fuel service, providing an existing retail-oriented configuration for a future commercial use subject to applicable municipal approvals.
Key Highlights
- 1,650± SF retail building on 0.22± acres
- B‑2 Highway Business zoning
- Former convenience store with fuel service
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
$20,037
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
3.35%
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%
$400,740
$400.7K
Cap Rate 7%
$286,243
$286.2K
Cap Rate 9%
$222,633
$222.6K
Market Conditions
NOI Build-Up for 1,650 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
$31.3K $18.96/SF
− Vacancy
−$2.7K −$1.61/SF
EGI
$28.6K $17.35/SF
− OpEx
−$8.6K −$5.20/SF
NOI
$20.0K $12.14/SF
Area
York County, ME
Vacancy
8.50%
Lease Rate
$18.96 /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%
$400,740
Cap Rate 7%
$286,243
Cap Rate 9%
$222,633
Alternative Uses
Best Use
Retail
$286.2K
$250.5K – $334.0K
NOI $20,037 @ 7.0% cap · market cap 3.35%
Second Best
Specialty Retail
$285.1K
$249.5K – $332.6K
NOI $19,956 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$523.0K
$457.7K – $610.2K
NOI $36,613 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
117k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 72%
Shops & Services 20%
Apparel 7%
Home Improvements & Furnishings 1%
McDonald's
Dining
25,415 visits/mo
0.2 miles
Burger King
Dining
18,059 visits/mo
0.2 miles
Dollar Tree
Shops & Services
17,827 visits/mo
0.1 miles
Starbucks
Dining
14,664 visits/mo
0.1 miles
Ninety Nine Restaurants
Dining
8,648 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail building with wall-mounted coolers, a small kitchen area, and public water and sewer service.
Where is this storefront property located?
The property is located at 408 Elm Street Biddeford, ME.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,650± SF retail building on 0.22± acres; B‑2 Highway Business zoning; Former convenience store with fuel service
