Mixed-Use Property with
972 Western Avenue, Manchester, ME 04351
For Sale
$795,000
General Development zoning and separate residential and commercial areas support a range of potential uses.
Property Size2,500 SF
Lot Size0.75 Acres
Price / SF$318
Days on Market165
Property Features for 972 Western Avenue
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Additional Details
Condition
Mixed-Use Components
Currently Operating
Property Use
Medical Specialty
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Elevate Maine Realty
(207) 331-4565
Listed By:
Tyler Stewart · License #BA927955
(207) 213-7644
Source:
Integrityhomesrealestategroup
Added: May 27
Changed: Nov 7
Last Checked: Nov 7 at 5:43PM
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 Elevate Maine Realty
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Investment Insights
Based on property information with market context.
At 972 Western Avenue, this mixed-use property combines ground-floor commercial space with a residential component. The commercial area has operated as a chiropractic practice for more than 40 years. The residence has hardwood floors, a remodeled kitchen with new cabinetry, countertops and appliances, and a recently installed boiler. The roof and windows were replaced approximately eight years ago. The building was constructed in 1940 and contains 2,500 square feet.
The 0.75-acre parcel is in Manchester and includes a private parking area paved three years ago. General Development zoning applies; prospective users should confirm permitted uses with the Town of Manchester.
The 0.75-acre parcel is in Manchester and includes a private parking area paved three years ago. General Development zoning applies; prospective users should confirm permitted uses with the Town of Manchester.
Key Highlights
- 2,500‑square‑foot mixed‑use building constructed in 1940
- 0.75‑acre property with private parking lot paved three years ago
- Ground‑floor commercial space has operated as a chiropractic practice for more than 40 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,340
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$706,800
$706.8K
Cap Rate 7%
$504,857
$504.9K
Cap Rate 9%
$392,667
$392.7K
Market Conditions
NOI Build-Up for 2,500 SF
Gross rent
$54.0K $21.60/SF
− Vacancy
−$6.9K −$2.75/SF
EGI
$47.1K $18.85/SF
− OpEx
−$11.8K −$4.71/SF
NOI
$35.3K $14.14/SF
Area
Kennebec County, ME
Vacancy
12.74%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$706,800
Cap Rate 7%
$504,857
Cap Rate 9%
$392,667
Alternative Uses
Best Use
Office B
$504.9K
$441.8K – $589.0K
NOI $35,340 @ 7.0% cap · market cap 4.45%
Second Best
Healthcare Medical
$483.3K
$422.9K – $563.8K
NOI $33,829 @ 7.0% cap · market cap 4.26%
Theoretical Best
Warehouse
$3.73M
$3.26M – $4.35M
NOI $261,083 @ 7.0% cap · market cap 32.84%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
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Business Placement
Demographics for 04351, ME
2,462
Population
1,209
Households
2
Avg Household Size
49
Median Age
48%
College-Educated
96%
High-School Grad
21.5 sq mi
ZIP Area
115
Density / Sq Mi
$89,453
Median Household Income
$48,571
Median Earnings
$968
Median Rent
$284,700
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Kennebec County, ME
Properties on Market for Mixed-use properties in Kennebec County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - General Development zoning and separate residential and commercial areas support a range of potential uses.
Where is this mixed-use property located?
The property is located at 972 Western Avenue Manchester, ME.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 2,500‑square‑foot mixed‑use building constructed in 1940; 0.75‑acre property with private parking lot paved three years ago; Ground‑floor commercial space has operated as a chiropractic practice for more than 40 years
