Flex Space with High-Bay
For Sale
$1,100,000
84 Warren Avenue #C, Westbrook, ME 04092
Industrial Park-zoned flex facility combines warehouse capacity with offices, meeting space, restrooms, and a kitchen.
Property Size7,350 SF
Price / SF$149.66
Days on Market669
Property Features for 84 Warren Avenue #C
General Information
Standard status
Active
Size
7,350 SF
Property subtype
Commercial
Zoning
IP - Industrial Park
Additional Details
Road Access
Yes
Warehouse Space
4,650 SF
Amenities
loading dock
conference room
kitchen
Building Details
Building Size
7,350 SF
Year Built
1977
Stories
2
Listing Agency:
Keller Williams Realty
(207) 606-9665
Listed By:
Zachary Resnikoff
(207) 606-9665
Source:
Startpoint
Added: Oct 17, 2024
Changed: Aug 15
Last Checked: Aug 15 at 12:51PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Located at 84 Warren Avenue #C in Westbrook, Maine, this flex property combines industrial workspace with a substantial office component. The building totals approximately 7,350 square feet, including 4,650 square feet of warehouse area with one 12-foot high bay, two 14-foot high bays, and a loading dock. The office portion includes seven offices, a conference room, two bathrooms, and a kitchen.
The property carries IP - Industrial Park zoning and benefits from access through two park entrances: Warren Avenue and Larrabee Road. Built in 1977, the layout supports a range of operational, storage, and administrative functions within one building.
The property carries IP - Industrial Park zoning and benefits from access through two park entrances: Warren Avenue and Larrabee Road. Built in 1977, the layout supports a range of operational, storage, and administrative functions within one building.
Key Highlights
- Approximately 7,350 square feet overall
- 4,650 square feet of warehouse space
- One 12‑foot high bay and two 14‑foot high bays
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
$57,112
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
5.19%
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%
$1,142,240
$1.1M
Cap Rate 7%
$815,886
$815.9K
Cap Rate 9%
$634,578
$634.6K
Market Conditions
NOI Build-Up for 7,350 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
$69.7K $9.48/SF
− Vacancy
−$2.5K −$0.34/SF
EGI
$67.2K $9.14/SF
− OpEx
−$10.1K −$1.37/SF
NOI
$57.1K $7.77/SF
Area
Cumberland County, ME
Vacancy
3.57%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,142,240
Cap Rate 7%
$815,886
Cap Rate 9%
$634,578
Alternative Uses
Best Use
Office B
$1.50M
$1.32M – $1.75M
NOI $105,223 @ 7.0% cap · market cap 9.57%
Second Best
Warehouse
$815.9K
$713.9K – $951.9K
NOI $57,112 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,411 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
496
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 04092, ME
20,400
Population
9,404
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
96%
High-School Grad
17.2 sq mi
ZIP Area
1,186
Density / Sq Mi
$85,868
Median Household Income
$49,922
Median Earnings
$1,373
Median Rent
$341,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial Park-zoned flex facility combines warehouse capacity with offices, meeting space, restrooms, and a kitchen.
Where is this flex space located?
The property is located at 84 Warren Avenue #C Westbrook, ME.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Approximately 7,350 square feet overall; 4,650 square feet of warehouse space; One 12‑foot high bay and two 14‑foot high bays
