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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    20 Independence Dr Freeport, ME 04032-1134

    • Office buildings
    • 4,234 SF
    • 0.58 lot acres
    OFF-MARKET
    Value Estimations
    $585,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0528688
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Dave Spellman / Financial Advisor
    • LiveWell Psychiatry / Crisis Center / Medical Clinic
    • Catrina Milliman - State Farm Insurance Agent / Insurance Agency
    • You Time Self Care / Gym & Fitness Center / Alternative Medicine Practice
    • Kate Gerencer LMT Therapeutic Massage, LLC / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 20 Independence Dr

    Year built
    1965
    Construction
    FRAME
    Lot size
    0.58 lot acres
    Property size
    4,234 SF
    Zone code
    CM03
    Property type
    Office buildings
    APN
    FPRT M:9 B:1 L:A U:0
    APU
    FPRTM9B1LAU0

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $603,000
      Market price range: $545k - $1.11M
      AI Estimate
      $390,000
      Market price range: $212k - $824k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $820,000
      Current use
      COMMERCIAL (GENERAL)
      $955,000
      Change: +17% Conversion: Easy
      RETAIL STORES
      $800,000
      Change: -2% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Cumberland
    State
    Maine
    Longitude
    -70.1115
    Latitude
    43.8511
    CBSA code
    38860
    CBSA name
    PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,376
    $165,500
    $298,200
    $463,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $805,000
      5,600 SF

      6 Holbrook St

      OFFICE BUILDING • 5,600 SF
      6 Holbrook St, Freeport, ME 04032-1205
      View Details
    • Value Estimation
      $1,630,000
      13,133 SF

      541 Us Rte 1st 1

      OFFICE BUILDING • 13,133 SF
      541 Us Rte 1st 1, Freeport, ME 04032-7027
      View Details
    • Value Estimation
      $5,945,000
      45,879 SF

      2 Stonewood Dr

      OFFICE BUILDING • 45,879 SF
      2 Stonewood Dr, Freeport, ME 04032-7024
      View Details
    • Value Estimation
      $1,075,000
      4,716 SF

      1185 Us Rte 1st 1

      OFFICE BUILDING • 4,716 SF
      1185 Us Rte 1st 1, Freeport, ME 04032-7129
      View Details
    • Value Estimation
      $3,525,000
      19,444 SF

      3 Lighthouse Rd

      OFFICE BUILDING • 19,444 SF
      3 Lighthouse Rd, Freeport, ME 04032
      View Details
    • Value Estimation
      $580,000
      4,424 SF

      172 Lowr Main St

      OFFICE BUILDING • 4,424 SF
      172 Lowr Main St, Freeport, ME 04032-1001
      View Details

    Similar Nearby for Sale

    • $765,000
      3,718 SF

      Versatile Freeport Residence with Business Potential

      Spacious residence with business potential in a prime location.
      10 Durham Rd, Freeport, ME 04032
      View Details
    • Contact for pricing

      65.65 Acres Commercial Land Freeport

      65.65 acres of commercial land in Freeport, Maine.
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      View Details
    • $525,000
      1,799 SF

      Freeport Convenience Store & Gas

      Turnkey convenience store and gas station on a prime corner lot.
      130 Wardtown Rd, Freeport, ME 04032
      View Details
    • $320,000
      20.00 Acres

      Rare 20-Acre Freeport Land Parcel

      Secluded 20-acre Freeport land, ideal for a private retreat.
      42A Wardtown Rd, Freeport, ME 04032
      View Details
    • $950,000
      65.65 Acres

      Freeport Commercial Land - 65 Acres

      Prime Freeport acreage, ideal for mixed-use development.
      0 Stonewood Dr, Freeport, ME 04032
      View Details
    • Contact for pricing

      Commercial Land Ready for Development

      Two commercial lots for immediate development with utilities in place.
      56 Durham Rd, Freeport, ME 04032
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,590 SF

      Main Street Office Building For Rent

      4,590± SF office building on heavily trafficked Main Street.
      135 Main St, Freeport, ME 04032
      View Details
    • $1,270 /Mo
      1,089 SF

      Route One Office Space Available

      Second floor office space on Route One, Freeport, Maine.
      208 Us Route 1, Freeport, ME 04032
      View Details
    • Contact for pricing
      13,259 SF

      Move-in Ready Freeport Office Space

      Office space with open layout, modern systems, and included utilities.
      2 Stonewood Dr, Freeport, ME 04032
      View Details
    • Contact for pricing
      122,121 SF

      Freeport Retail Space Available

      Prime Freeport location, multiple units.
      1 Freeport Village Sta, Freeport, ME 04032
      View Details
    • Contact for pricing
      4,300 SF

      Freeport Village Retail Space

      4,300 SF retail space in the heart of Freeport Village.
      9 Bow St, Freeport, ME 04032
      View Details
    • Contact for pricing
      5,540 SF

      Prime Retail Space on Main

      Retail space in a sought-after shopping area.
      42 Main St, Freeport, ME 04032
      View Details
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    20 Independence Dr
    Freeport, ME 04032-1134
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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
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