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

    202 Larrabee Rd Westbrook, ME 04092

    • Commercial real estate
    • 24,419 SF
    • 2.97 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Last Sale
    Oct 27, 2022
    $3,000,000
    Value Estimations
    $3,220,000
    Cap Rate Potential
    8.7%
    Commercial real estate
    Location Intelligence
    Property ID
    US42-0364169
    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

    • ATM / Atm
    • Infinity CU Operations Center / Call Center
    • Empeople Credit Union / Atm / Bank

    Property Details for 202 Larrabee Rd

    Year built
    1980
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.97 lot acres
    Property size
    24,419 SF
    Zone code
    17
    Property type
    Commercial real estate
    APN
    WSBR M:047 L:002
    APU
    WSBRM047L002

    Description

    202 Larrabee Road in Westbrook, Maine presents a prime opportunity for businesses seeking exceptional Class A office space. This two-story building offers flexible layouts, accommodating tenants needing between 3,525 and 16,421 contiguous square feet. A total of 17,919 square feet is available for lease in a multi-tenant configuration with a minimum divisible space of 3,525 square feet. The property boasts high-quality finishes throughout, reflecting its Class A designation. Its strategic location on the Portland/Westbrook line provides easy access and high visibility. The building benefits from ample free on-site parking, a significant advantage for employees and clients. Furthermore, its proximity to Exit 48 of the Maine Turnpike ensures convenient commuting for those traveling by car. The surrounding area offers a wealth of amenities, including numerous restaurants, retailers, and other businesses such as Market Basket, Chick-fil-A, REI, Cowbell, Starbucks, Big Fin Poke, Firehouse Subs, Home Depot, Amatos, and Dunkin' Donuts, all located within the nearby Rock Row development. The zoning designation for the property is 17. This exceptional office building offers a blend of convenience, accessibility, and a desirable location, making it an ideal choice for a variety of businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,470,000
      ML approach
      $3,380,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,253,000
      Market price range: $1.22M - $3.66M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,725,000
      RETAIL STORES
      $4,625,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Westbrook
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3317
    Latitude
    43.6819
    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
    $73,641
    $1,644,200
    $2,770,700
    $4,414,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $570,000
      13.00 Acres

      1 Chamard Way

      COMMERCIAL (GENERAL) • 13.00 Acres
      1 Chamard Way, Westbrook, ME 04092-3860
      View Details
    • Value Estimation by Request
      9.12 Acres

      Ari Dr

      COMMERCIAL (GENERAL) • 9.12 Acres
      Ari Dr, Westbrook, ME 04092
      View Details
    • Value Estimation
      $555,000
      3.70 Acres

      45 County Rd

      COMMERCIAL (GENERAL) • 3.70 Acres
      45 County Rd, Westbrook, ME 04092-3804
      View Details
    • Value Estimation by Request
      5.15 Acres

      510 County Rd

      COMMERCIAL (GENERAL) • 5.15 Acres
      510 County Rd, Westbrook, ME 04092
      View Details
    • Value Estimation by Request

      1 Main St

      COMMERCIAL (GENERAL)
      1 Main St, Westbrook, ME 04092
      View Details
    • Value Estimation
      $4,430,000
      32,366 SF

      207 Larrabee Rd

      COMMERCIAL (GENERAL) • 32,366 SF
      207 Larrabee Rd, Westbrook, ME 04092-4812
      View Details

    Similar Nearby for Sale

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    • $4,595,000
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      Class A Office Building For Sale

      Class A office building in a rapidly developing commercial corridor.
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    Similar Nearby for Lease

    • $16 SF/Yr
      17,919 SF

      Westbrook Office Space for Lease

      Class A Office, Flexible Layouts, Ample Parking
      202 Larrabee Rd, Westbrook, ME 04092
      View Details
    • Contact for pricing
      8,960 SF

      Office and Industrial Complex ForRent

      Office and industrial complex with highway access and parking.
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      View Details
    • Contact for pricing

      Retail Sublease in Westbrook Crossing

      62,276 SF retail sublease available until 2/29/32 in Westbrook, ME.
      31 Main St, Westbrook, ME 04092
      View Details
    • Contact for pricing
      20,000 SF

      Modern Westbrook Industrial Space

      20,000 SF Flex Warehouse, Immediate Occupancy
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    • $10 SF/Yr
      6,035 SF

      Westbrook Warehouse Space for Lease

      6,035± SF warehouse space available near Maine Turnpike Exit.
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      View Details
    • Contact for pricing
      62,276 SF

      Westbrook Retail Sublease Opportunity

      62,276 SF retail sublease in Westbrook Crossing.
      1-51 Main St, Westbrook, ME 04092
      View Details
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    Westbrook, ME 04092
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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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