Corner Multi-Tenant Retail
For Sale
$1,680,000
863 Main Street, Westbrook, ME 04092
Multi-tenanted retail building on a corner lot, subdivided into five spaces with a newly leased restaurant unit.
Property Size10,481 SF
Price / SF$160.29
Days on Market91
Property Features for 863 Main Street
General Information
Standard status
Active
Size
10,481 SF
Property subtype
Commercial
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(603) 433-3350
Source:
Greatislandrealty
Added: May 28
Changed: Aug 25
Last Checked: Aug 25 at 8:43AM
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 Vitalius Real Estate Group,LLC
Investment Insights
Based on property information with market context.
863 Main Street is a 10,481 SF, multi-tenanted retail building currently subdivided into five distinct spaces. One of the spaces operates as a restaurant and was recently leased on a 5-year term, while the remaining spaces are vacant and available within the same property configuration.
Situated on a prominent corner of Main Street in Westbrook’s downtown district, the building’s street-facing setup supports visibility for a retail mix across multiple units.
For buyers seeking a downtown retail asset with an already-leased restaurant component and additional unit opportunities within the same address, this five-space layout provides a straightforward way to manage multiple tenancies under one ownership.
Situated on a prominent corner of Main Street in Westbrook’s downtown district, the building’s street-facing setup supports visibility for a retail mix across multiple units.
For buyers seeking a downtown retail asset with an already-leased restaurant component and additional unit opportunities within the same address, this five-space layout provides a straightforward way to manage multiple tenancies under one ownership.
Key Highlights
- 10,481 SF multi‑tenanted retail property at 863 Main St, built in 1900
- Located on a corner lot in Westbrook’s downtown district
- Currently subdivided into five distinct spaces
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
$117,440
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
6.99%
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%
$2,348,800
$2.3M
Cap Rate 7%
$1,677,714
$1.7M
Cap Rate 9%
$1,304,889
$1.3M
Market Conditions
NOI Build-Up for 10,481 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
$188.7K $18.00/SF
− Vacancy
−$32.1K −$3.06/SF
EGI
$156.6K $14.94/SF
− OpEx
−$39.1K −$3.74/SF
NOI
$117.4K $11.21/SF
Area
Cumberland County, ME
Vacancy
17.00%
Lease Rate
$18.00 /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%
$2,348,800
Cap Rate 7%
$1,677,714
Cap Rate 9%
$1,304,889
Alternative Uses
Best Use
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,440 @ 7.0% cap · market cap 6.99%
Second Best
Retail
$1.57M
$1.37M – $1.83M
NOI $109,610 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,650 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
43k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 30%
Cumberland Farms
Shops & Services
14,340 visits/mo
0.3 miles
Dunkin' Donuts
Dining
13,015 visits/mo
0.2 miles
Bank of America
Shops & Services
4,716 visits/mo
0.0 miles
Family Dollar
Shops & Services
4,102 visits/mo
0.1 miles
TD Bank
Shops & Services
3,896 visits/mo
0.0 miles
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 Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Coinstar Kiosk | Bitcoin ATM — Hannaford Bros, 7 Hannaford Dr, Westbrook, ME 04092
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenanted retail building on a corner lot, subdivided into five spaces with a newly leased restaurant unit.
Where is this shopping center located?
The property is located at 863 Main Street Westbrook, ME.
What is the asking price?
The asking price for this property is $1,680,000.
What are key features of this property?
This property features: 10,481 SF multi‑tenanted retail property at 863 Main St, built in 1900; Located on a corner lot in Westbrook’s downtown district; Currently subdivided into five distinct spaces
