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    The Largest CRE Database in the US with Over 1 Million Listings

    279 Main St Fort Fairfield, ME 04742

    Sponsored
    For Sale
    $149,999

    Vacant, Mixed-Use Building, High Potential

    Property size:
    9,833 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    414
    This exceptional 9,833 sq ft commercial property, located at 279 Main St in Fort Fairfield, ME, presents a remarkable investment opportunity. Situated on a 13,939 sq ft lot, this vacant, single-story building, constructed in 1999, offers versatile potential for various uses, including multi-family residential, a nursing home, or retail. The property features a full basement, updated first-floor windows, a commercial heating system, and a recently replaced roof. Significant upgrades include a $40,000 drive-through addition (2018) and a $100,000 vault, both meeting bank security standards. The interior boasts high ceilings, beautiful woodwork, tile, vinyl, and wood flooring. The layout includes a wide-open ground-floor space ideal for retail, along with additional rooms suitable for apartments or offices, a kitchen, and bathrooms on all floors. Upper floors offer further office or apartment conversion potential, including a large banquet room and kitchen. The property includes the entire parking lot, and all heating, electrical, and plumbing systems are functional. Recent improvements include LED exterior wall packs. The basement, with its multiple rooms, is dry and features a solid foundation and two fuel boilers feeding baseboard heaters throughout the building. Two propane heat pump systems provide ducted heating for the first floor. City water and sewer are available. Zoned commercial, this property offers significant upside for adaptive reuse. Asking price: $149,999.

    Property Features for 279 Main St

    General Information

    Property type
    Day care centers
    Square Feet
    9,833 SF
    Class
    C

    Building Details

    Year Built
    1999
    Buildings
    1
    Stories
    1
    Units
    1

    We can help!

    Listing Contact
    Anthony Briguglio
    Anthony Briguglio

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Day care centers

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Auto Repair Shop Hair Salon Nail Salon Auto Parts Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Fairfield
    County
    Aroostook
    State
    Maine
    Longitude
    -67.829186778749
    Latitude
    46.770812363172

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    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Day care center - Vacant, Mixed-Use Building, High Potential
    Where is this day care center located?
    The property is located at 279 Main St Fort Fairfield, ME.
    What is the asking price?
    The asking price for this property is $149,999.
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    279 Main St Fort Fairfield, ME 04742
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    279 Main St Fort Fairfield, ME 04742
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    We can help!
    Listing Contact
    Anthony Briguglio
    Anthony Briguglio
    Real Estate License ID: 10491212878
    Learn more
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