Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    213 Innovation Way Scarborough, ME 04074-6591

    • Commercial land
    • 0.92 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0081500
    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

    • Commercial land

    Property Details for 213 Innovation Way

    Lot size
    0.92 lot acres
    Zone code
    39
    Property type
    Commercial land
    APN
    SCAR M:U053 L:034
    APU
    SCARMU053L034

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Scarborough
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3682
    Latitude
    43.59
    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
    $4,483
    $280,700
    $0.00
    $280,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      21.00 Acres

      39 Payne Rd

      VACANT COMMERCIAL LAND • 21.00 Acres
      39 Payne Rd, Scarborough, ME 04074-9790
      View Details
    • Value Estimation by Request
      1.24 Acres

      414 Payne Rd

      VACANT COMMERCIAL LAND • 1.24 Acres
      414 Payne Rd, Scarborough, ME 04074-8900
      View Details
    • Value Estimation by Request
      6.00 Acres

      124 Running Hl Rd

      VACANT COMMERCIAL LAND • 6.00 Acres
      124 Running Hl Rd, Scarborough, ME 04074-8935
      View Details
    • Value Estimation
      $4,815,000
      19.25 Acres

      455 Scarborough Downs Rd

      VACANT COMMERCIAL LAND • 19.25 Acres
      455 Scarborough Downs Rd, Scarborough, ME 04074-6589
      View Details
    • Value Estimation
      $2,470,000
      4.85 Acres

      4 Hackamore Ave

      VACANT COMMERCIAL LAND • 4.85 Acres
      4 Hackamore Ave, Scarborough, ME 04074-6523
      View Details
    • Value Estimation by Request
      0.87 Acres

      690 Us Rte 1st 1

      VACANT COMMERCIAL LAND • 0.87 Acres
      690 Us Rte 1st 1, Scarborough, ME 04074-9741
      View Details

    Similar Nearby for Sale

    • $1,195,000

      Scarborough Development Site on Payne Road

      45.45 acre development site with multiple access points.
      255 Payne Rd, Scarborough, ME 04074
      View Details
    • $3,000,000

      Undeveloped Land Parcel For Sale

      Undeveloped land with frontage on Mussey Road and I-295.
      114 Mussey Rd, Scarborough, ME 04074
      View Details
    • $149,950

      Prime Scarborough Commercial Land Parcel

      0.62-acre parcel off Route 1 with development potential.
      6 Payne Rd, Scarborough, ME 04074
      View Details
    • Contact for pricing

      Development Lots on Science Park

      Three development lots available near Maine Medical Campus.
      Science Park Rd, Scarborough, ME 04074
      View Details
    • Contact for pricing

      Scarborough Land Parcel For Sale

      Up to 40 acres available near Maine Turnpike.
      107 Mussey Rd, Scarborough, ME 04074
      View Details
    • Contact for pricing

      Commercial Lots on Route 1

      Commercial lots available for sale or build-to-suit lease.
      1000 Technology Way, Scarborough, ME 04074
      View Details

    Similar Nearby for Lease

    • $2 SF/Yr
      43,560 SF

      Prime Scarborough Commercial Land

      1 Acre Pad Site, High Traffic Area
      591 Us-1, Scarborough, ME 04074
      View Details
    • $13 SF/Yr
      52,000 SF

      Prime Scarborough Office Space

      Class A executive suites, 1,049-3,000 sq ft
      51 Us Route 1, Scarborough, ME 04074
      View Details
    • Contact for pricing
      320,000 SF

      The Downs: Medical Office Space

      Scarborough, ME: Prime Medical Office Opportunity
      175 Scarborough Downs Rd, Scarborough, ME 04074
      View Details
    • $15 SF/Yr
      19,405 SF

      Class A Office Building

      Suburban office building with remarkable amenities and on-site parking.
      6 Ashley Dr, Scarborough, ME 04074
      View Details
    • $975 /Mo
      68,818 SF

      Scarborough Warehouse with Truck Terminal

      68,818±SF warehouse with 50 doors on 15.45± acre site.
      7 Manson Libby Rd, Scarborough, ME 04074
      View Details
    • $1.00 SF/Yr
      10,000 SF

      Retail Space on US Route 1

      Retail suites available for rent on US Route 1.
      707 Us Route 1, Scarborough, ME 04074
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    213 Innovation Way
    Scarborough, ME 04074-6591
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.