Building Details

Building Size 3,024 SF

Year Built 1857

Year Renovated 2004

Listing Agency: New Space Real Estate, LLC

Listed By: Krista Lombardi Show Phone

Source: Newspacere

Added: Sep 26 Changed: Oct 30 Last Checked: Oct 30 at 2:09AM

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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 New Space Real Estate, LLC

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Investment Insights

Based on property information with market context.

This 3,024-square-foot mixed-use property dates to 1857 and underwent an extensive renovation in 2004, including a two-story addition with a garage. The interior features hardwood floors, two functioning fireplaces and a commercial-style kitchen equipped with a Viking six-burner range, two convection-capable ovens, a large sink, and side-by-side refrigerator and freezer. A water irrigation system is also in place.

Located on Main Street in North Berwick, the property has a flexible layout. A multi-unit residential conversion or an in-law arrangement may be possible, subject to town approvals.

Key Highlights

• 3,024 square feet; originally built in 1857
• Extensive renovation completed in 2004
• Two‑story addition includes a garage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,558

Cap Rate

6.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$751,160 $751.2K

Cap Rate 7%

$536,543 $536.5K

Cap Rate 9%

$417,311 $417.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,024 SF

Gross rent

$65.3K $21.60/SF

− Vacancy

−$5.2K −$1.73/SF

EGI

$60.1K $19.87/SF

− OpEx

−$22.5K −$7.45/SF

NOI

$37.6K $12.42/SF

Area

York 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%

$751,160

Cap Rate 7%

$536,543

Cap Rate 9%

$417,311

Alternative Uses

Best Use

Mixed Use

$536.5K

$469.5K – $626.0K (±1% cap)

NOI $37,558 @ 7.0% cap · market cap 6.71%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$958.6K

$838.8K – $1.12M (±1% cap)

NOI $67,102 @ 7.0% cap · market cap 11.99%

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

Mixed-use properties

Suggested Use

Top Pick Building Supply Parking Lot & Garage HVAC Service Plumbing Service (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom

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

Location Intelligence

Trade Area within ½ mile

147

Businesses Nearby

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Demographics for 03906, ME

4,990

Population

2,237

Households

2.2

Avg Household Size

44

Median Age

29%

College-Educated

95%

High-School Grad

38.3 sq mi

ZIP Area

130

Density / Sq Mi

$95,762

Median Household Income

$43,272

Median Earnings

$1,019

Median Rent

$385,600

Median Home Value

Similar For Sale Nearby

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161 Elm Street, North Berwick, ME 03906

$495,000

1,428 SF

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Warehouse Near Interstate Access

19 Buffum Rd, North Berwick, ME 03906

$1,895,000

32,320 SF

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A substantial cooking area, garage addition and flexible layout support residential use and potential changes subject to town approval.

Where is this mixed-use property located?

The property is located at 45 Main Street North Berwick, ME.

What is the asking price?

The asking price for this property is $559,500.

What are key features of this property?

This property features: 3,024 square feet; originally built in 1857; Extensive renovation completed in 2004; Two‑story addition includes a garage