Mixed-Use Property with River
For Sale
$425,000
705-707 Maine Avenue, Farmingdale, ME 04344
Two buildings on elevated grounds offer residential layouts, river views, and access to the Kennebec River Rail Trail.
Property Size2,042 SF
Price / SF$208.13
Days on Market339
Property Features for 705-707 Maine Avenue
General Information
Standard status
Active
Size
2,042 SF
Property subtype
Commercial
Zoning
Residential
Amenities
Forced Air, Baseboard
Walk-Out Access, Daylight, Full, Unfinished
Wood, Vinyl, Other, Carpet
No
Yes
Concrete Perimeter
.00
Shingle
Wood Siding, Aluminum Siding, Wood Frame
Building Details
Year Built
1900
Units
2
Listing Agency:
Sprague & Curtis Real Estate
(207) 623-1123
Listed By:
Tyler Gaudet
(207) 623-1123
Source:
Compass
Added: Sep 27, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:31PM
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 Sprague & Curtis Real Estate
Investment Insights
Based on property information with market context.
This 2,042-square-foot mixed-use property includes two buildings on 5 elevated acres overlooking the Kennebec River. The primary structure at 705 Maine Ave has a 3-bedroom, 1-bath layout, while the secondary building at 707 Maine Ave contains a 1-bedroom, 1-bath apartment. Both structures provide a foundation for residential occupancy, office use, or redevelopment, subject to applicable requirements. The rear building also includes walk-out access, daylight, a full unfinished basement, and a concrete perimeter.
The grounds include a large open yard with direct access to the Kennebec River Rail Trail, a walking and biking route connecting Augusta and Gardiner. Residential zoning, two existing buildings, and the river-oriented setting create a property with multiple documented configuration options for an owner-user, rental operation, or future mixed-use planning.
The grounds include a large open yard with direct access to the Kennebec River Rail Trail, a walking and biking route connecting Augusta and Gardiner. Residential zoning, two existing buildings, and the river-oriented setting create a property with multiple documented configuration options for an owner-user, rental operation, or future mixed-use planning.
Key Highlights
- 5 elevated acres overlooking the Kennebec River
- 2,042‑square‑foot property with two buildings
- 705 Maine Ave includes a 3‑bedroom, 1‑bath layout
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
$28,866
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
6.79%
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%
$577,320
$577.3K
Cap Rate 7%
$412,371
$412.4K
Cap Rate 9%
$320,733
$320.7K
Market Conditions
NOI Build-Up for 2,042 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
$44.1K $21.60/SF
− Vacancy
−$5.6K −$2.75/SF
EGI
$38.5K $18.85/SF
− OpEx
−$9.6K −$4.71/SF
NOI
$28.9K $14.14/SF
Area
Kennebec County, ME
Vacancy
12.74%
Lease Rate
$21.60 /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%
$577,320
Cap Rate 7%
$412,371
Cap Rate 9%
$320,733
Alternative Uses
Best Use
Office B
$412.4K
$360.8K – $481.1K
NOI $28,866 @ 7.0% cap · market cap 6.79%
Second Best
Mixed Use
$300.9K
$263.3K – $351.1K
NOI $21,066 @ 7.0% cap · market cap 4.96%
Theoretical Best
Warehouse
$3.05M
$2.67M – $3.55M
NOI $213,253 @ 7.0% cap · market cap 50.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Explore this area
Business Placement
Demographics for 04344, ME
2,995
Population
1,481
Households
2
Avg Household Size
44
Median Age
40%
College-Educated
95%
High-School Grad
11.2 sq mi
ZIP Area
267
Density / Sq Mi
$60,000
Median Household Income
$34,688
Median Earnings
$928
Median Rent
$205,700
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 - Two buildings on elevated grounds offer residential layouts, river views, and access to the Kennebec River Rail Trail.
Where is this mixed-use property located?
The property is located at 705-707 Maine Avenue Farmingdale, ME.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 5 elevated acres overlooking the Kennebec River; 2,042‑square‑foot property with two buildings; 705 Maine Ave includes a 3‑bedroom, 1‑bath layout
