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    Limestone Mixed-Use Facility For Rent Title is generated by Realmo AI

    207 Development Dr, Limestone, ME 04751

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    Modern mixed-use building with finished and warehouse space available for lease.

    Type:Retail, Office, Industrial
    Property size:
    47,783 SF
    Added:
    Jan 31, 2024
    Days on Market:
    852
    Last Refresh:
    May 12 at 8:52 pm

    Property Features for 207 Development Dr

    General Information

    Standard status
    Active
    Size
    47,783 SF
    Property subtype
    Retail, Office, Industrial

    Building Details

    Year Built
    1985

    Spaces For Lease

    at 207 Development Dr Contact us

    We can help!

    Listing Contact
    Andrea Page

    Listing agent Andrea Page License #BR925750

    Listing office KW Commercial Greater Portland

    Listing date Jan 31, 2024

    Source Crexi

    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 KW Commercial Greater Portland

    HighLights

    • Located in a Pine Tree Zone (PTZ) Tier 1 and Opportunity Zone (OZ), offering significant tax and financial incentives.
    • Versatile mixed‑use building with approximately 30,000 SF of finished space and 18,000 SF of warehouse space suitable for various businesses.
    • Located at the Green 4 Maine Campus at Loring (former Loring Air Force Base) with a 12,000 ft airstrip, ideal for air cargo distribution.
    • Recent upgrades including a new roof and ventilation system.
    • Large parking area with 170+\/- spaces.
    • Streamlined permitting and flexible zoning.

    Overview

    Located at the former Loring Air Force Base in Limestone, Maine, 207 Development Drive is a modern, efficient mixed-use building suitable for a multitude of businesses, including manufacturing, light industrial, retail, distribution, machine tech, ag processing, wood products, and energy. Constructed in 1986 with upgrades as recent as 2007, including a new roof, the building offers approximately 30,000 square feet of finished space and 18,000 square feet of warehouse space. The property features a large parking area, high ceiling clearances, and recent ventilation upgrades. Lease options range from 5,000 to 47,783 square feet. The property has previously been used as a call center. The Green 4 Maine Campus at Loring is the largest Commercial and Business Park in the State of Maine and is being positioned as the Epicenter of business, recreational tourism and on campus living. It offers the longest airstrip (over 12,000 ft long) as a premiere Air Cargo Distribution Hub. The location is Pine Tree Zone Certified (PTZ) - Tier 1, Opportunity Zone Certified (OZ), and eligible for Business Equipment Tax Exemption (BETE) and Municipal Tax Increment Financing (TIF) and New Market Tax Credit (NMTC). The property has 170+/- parking spaces. Aroostook County is known for picturesque rolling potato fields, forests, lakes and rural landscape.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Big Box & Wholesale Store Hotel & Motel Department Store Food Market Travel Agency Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Limestone
    County
    Aroostook
    State
    Maine
    Longitude
    -67.9037535
    Latitude
    46.9436606

    FAQs

    What type of property is this?
    Mixed-use property - Modern mixed-use building with finished and warehouse space available for lease.
    Where is this mixed-use property located?
    The property is located at 207 Development Dr Limestone, ME.
    What is the lease rate?
    The lease rate is $3 SF/Yr.
    What are key features of this property?
    This property features: Located in a Pine Tree Zone (PTZ) Tier 1 and Opportunity Zone (OZ), offering significant tax and financial incentives.; Versatile mixed‑use building with approximately 30,000 SF of finished space and 18,000 SF of warehouse space suitable for various businesses.; Located at the Green 4 Maine Campus at Loring (former Loring Air Force Base) with a 12,000 ft airstrip, ideal for air cargo distribution.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Andrea Page
    Real Estate License ID: BR925750
    Learn More
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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.

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