138 Main St Norway, ME 04268

Property Details for 138 Main St

Lot size

1.00 lot acres

Property size

16,363 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional investment opportunity presents a 16,363 square foot retail property located at 138 Main St, Norway, ME 04268. The property consists of two buildings situated on one acre of land and is currently 100% occupied by a strong regional tenant, Aubuchon Hardware, under a triple-net (NNN) lease. The lease commenced January 1st, 2004, and expires December 31st, 2030, with a remaining term of approximately 6.1 years. The lease includes two five-year renewal options, extending the potential lease term to 2040. The current annual net operating income (NOI) is $100,039, with attractive 2% annual rent increases built into the lease. The asking price is $1,307,693, representing a cap rate of 7.65% and a price per square foot of $79.92. The tenant has a long-standing operational history at this location since 2004, demonstrating a commitment to the site and the community. This property offers a compelling investment opportunity for buyers seeking stable, passive income from a well-established tenant in a desirable location with limited competition. The current rent is considered below market value, presenting further upside potential. The limited landlord responsibilities inherent in the NNN lease structure contribute to headache-free ownership.