394 Main StWestbrook, ME 04092

Property Details for 394 Main St

Year built

1945

Construction

FRAME

Lot size

0.04 AC

Property size (Sq ft)

960 SF

Zone code

16

Property type

Office properties

Property subtype

Office buildings

APN

WSBR M:040 L:115

APU

WSBRM040L115

Description

This exceptional 960-square-foot office building, located at 394 Main Street in Westbrook, Maine, presents a compelling investment opportunity. Priced at $325,000, this Class B property boasts a versatile layout suitable for executive, medical, or traditional office uses. Currently vacant, it offers immediate occupancy for a new business or expansion. The building underwent a comprehensive renovation in 2022, including a new roof, siding, flooring, paint, windows, and bathroom fixtures. Situated in Westbrook's City Center, this prime location benefits from high foot traffic and visibility on a busy street, just one mile from Rock Row and within walking distance of other businesses. The property's zoning permits a variety of uses, including retail, office space, restaurants, or mixed-use development. Westbrook's robust growth makes this a particularly attractive investment in the commercial real estate market. The building's recent updates and desirable location combine to create a strong value proposition for discerning investors. The asking price of $325,000 translates to $338.54 per square foot. This is a rare opportunity to acquire a fully renovated, well-located commercial property in a thriving Maine community.

• CAP approach

  CAP return

  Valuation

  6%

  $158,717

  6.5%

  $146,508

  7%

  $136,043

• Comparable approach

  Method

  Valuation

  Relative Method

  $125,434

  Geo Method

  $125,434

• Alternative Use

  Use

  Valuation

  Residential

  $181,670

  Hospitality

  $166,408

  Educational

  $138,450

  Medical

  $143,211

  Retail

  $215,366

Location Insight

City

Westbrook

County

Cumberland

State

Maine

Latitude

43.6811

Longitude

-70.3468

CBSA code

38860

CBSA name

PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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