Flexible Flex Space with Commercial
For Sale
$1,350,000
551 Lincoln St, Lewiston, ME 04240
Multi-suite configuration includes private offices, separate entrances, loading access, and three-phase power.
Property Size9,860 SF
Lot Size0.94 Acres
Price / SF$136.92
Days on Market41
Property Features for 551 Lincoln St
General Information
Standard status
Active
Size
9,860 SF
Lot size
0.94 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Dock-High Doors
1
Three-Phase Power
Yes
Amenities
separate entrances
commercial kitchen
loading dock
overhead door
three-phase power
Building Details
Year Built
1958
Buildings
1
Building Size
9,860 SF
Listing Agency:
Ferraro Realty LLC
(207) 577-5459
Listed By:
Pressley Lawrence
Source:
Soldbymichaelthomas
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 5:28AM
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 Ferraro Realty LLC
Investment Insights
Based on property information with market context.
This 9,860 SF flex property occupies a .94-acre lot and combines private office areas with a large open floor plan. Separate entrances support a multi-tenant configuration, while the fully plumbed commercial kitchen includes operational refrigeration and freezer systems. A loading dock, overhead door, three-phase power, on-site parking, and existing building infrastructure further expand the property’s functional range. Built in 1958, the building is configured for a variety of commercial applications, including food service or catering operations.
The property is positioned on Lincoln Street in Lewiston, with access to I-95 and nearby commercial corridors. Its combination of office space, open area, kitchen infrastructure, loading capability, and parking accommodates flexible occupancy and operating requirements. A lease option is available.
The property is positioned on Lincoln Street in Lewiston, with access to I-95 and nearby commercial corridors. Its combination of office space, open area, kitchen infrastructure, loading capability, and parking accommodates flexible occupancy and operating requirements. A lease option is available.
Key Highlights
- 9,860 SF flex property on a .94‑acre lot
- Fully plumbed commercial kitchen with operational refrigeration and freezer systems
- Multiple private offices and separate entrances for a multi‑tenant configuration
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
$79,547
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
5.89%
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%
$1,590,940
$1.6M
Cap Rate 7%
$1,136,386
$1.1M
Cap Rate 9%
$883,856
$883.9K
Market Conditions
NOI Build-Up for 9,860 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
$127.8K $12.96/SF
− Vacancy
−$21.7K −$2.20/SF
EGI
$106.1K $10.76/SF
− OpEx
−$26.5K −$2.69/SF
NOI
$79.5K $8.07/SF
Area
Androscoggin County, ME
Vacancy
17.00%
Lease Rate
$12.96 /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%
$1,590,940
Cap Rate 7%
$1,136,386
Cap Rate 9%
$883,856
Alternative Uses
Best Use
Industrial
$14.42M
$12.62M – $16.83M
NOI $1,009,521 @ 7.0% cap · market cap 74.78%
Second Best
Office B
$2.28M
$2.00M – $2.66M
NOI $159,771 @ 7.0% cap · market cap 11.83%
Theoretical Best
Warehouse
$17.51M
$15.32M – $20.43M
NOI $1,225,847 @ 7.0% cap · market cap 90.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 04240, ME
37,121
Population
16,852
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
34.1 sq mi
ZIP Area
1,089
Density / Sq Mi
$56,558
Median Household Income
$36,734
Median Earnings
$954
Median Rent
$214,200
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?
Flex space - Multi-suite configuration includes private offices, separate entrances, loading access, and three-phase power.
Where is this flex space located?
The property is located at 551 Lincoln St Lewiston, ME.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 9,860 SF flex property on a .94‑acre lot; Fully plumbed commercial kitchen with operational refrigeration and freezer systems; Multiple private offices and separate entrances for a multi‑tenant configuration
