Building Details

Building Size 2,552 SF

Year Built 1956

Stories 1

Listing Agency: Sprague & Curtis Real Estate i***@spragueandcurtis.com Show Phone

Listed By: James Pepin Show Phone

Source: Amerorealty

Added: Aug 25, 2022 Changed: Oct 22 Last Checked: Oct 22 at 2:36PM

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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 Sprague & Curtis Real Estate

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Investment Insights

Based on property information with market context.

This 2,552-square-foot automotive property in Augusta has five garage bays, along with dedicated office and customer areas. The building dates to 1956 and occupies a corner lot with road frontage on Stone Street.

The site is zoned CB/Commercial. A lease possibility is also noted alongside the property’s sale offering.

Key Highlights

• Five garage bays
• 2,552 SF building with office and customer areas
• Corner parcel with road frontage on Stone Street

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,644

Cap Rate

8.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$492,880 $492.9K

Cap Rate 7%

$352,057 $352.1K

Cap Rate 9%

$273,822 $273.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,552 SF

Gross rent

$36.7K $14.40/SF

− Vacancy

−$1.5K −$0.60/SF

EGI

$35.2K $13.80/SF

− OpEx

−$10.6K −$4.14/SF

NOI

$24.6K $9.66/SF

Area

Kennebec County, ME

Vacancy

4.20%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$492,880

Cap Rate 7%

$352,057

Cap Rate 9%

$273,822

Alternative Uses

Best Use

Industrial

$3.14M

$2.74M – $3.66M (±1% cap)

NOI $219,482 @ 7.0% cap · market cap 74.40%

Second Best

Retail

$352.1K

$308.1K – $410.7K (±1% cap)

NOI $24,644 @ 7.0% cap · market cap 8.35%

Theoretical Best

Warehouse

$3.81M

$3.33M – $4.44M (±1% cap)

NOI $266,514 @ 7.0% cap · market cap 90.34%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Crochere Heating & Plumbing Plumbing Service

Suggested Use

Top Pick Big Box & Wholesale Store Auto Parts Store Real Estate Agency Electrical Service Building Supply Carpet & Flooring Store

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

Lease Details

5

Service bays

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

907

Businesses Nearby

56k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 68% Dining 20% Shops & Services 12%

Hannaford Groceries

38,047 visits/mo 0.4 miles

Aroma Joe's Dining

11,216 visits/mo 0.5 miles

Dollar Tree Shops & Services

6,701 visits/mo 0.4 miles

Demographics for 04330, ME

26,322

Population

13,017

Households

2

Avg Household Size

44

Median Age

28%

College-Educated

95%

High-School Grad

116.9 sq mi

ZIP Area

225

Density / Sq Mi

$55,158

Median Household Income

$43,177

Median Earnings

$912

Median Rent

$197,600

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Similar Off Market Nearby

• Moody's Collision & Auto Body Repair Center — 38 Powhattan St, Augusta, ME 04330
• 1st Choice Auto Repair — 99 Stone St, Augusta, ME 04330
• Rotary Garage — 383 Water St, Augusta, ME 04330
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• Rescue Wheels Towing Aid — 51 Water St, Augusta, ME 04330

Frequently Asked Questions

What type of property is this?

Auto shop - Office and customer space complement the service-bay layout.

Where is this auto shop located?

The property is located at 89 Stone Street Augusta, ME.

What is the asking price?

The asking price for this property is $295,000.

What are key features of this property?

This property features: Five garage bays; 2,552 SF building with office and customer areas; Corner parcel with road frontage on Stone Street