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    Property profile & analytics

    224 Gorham Rd Scarborough, ME 04074-9504

    • Showrooms
    • 4,960 SF
    • 1.33 lot acres
    OFF-MARKET
    Last Sale
    Jan 17, 2023
    $725,000
    Value Estimations
    $710,000
    Show details
    Cap Rate Potential
    8.8%
    Showrooms
    Location Intelligence
    Property ID
    US42-0443488
    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

    • Gelinas Hvac / Furnace Repair Service / Heating Contractor

    Property Details for 224 Gorham Rd

    Year built
    1970
    Lot size
    1.33 lot acres
    Property size
    4,960 SF
    Zone code
    27
    Property type
    Showrooms
    APN
    SCAR M:R038 L:026
    APU
    SCARMR038L026

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $705,000
      ML approach
      $730,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,025,000
      6.5%
      $950,000
      7%
      $880,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $638,000
      Market price range: $638k - $1.68M

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

    Location Insight

    • Map
    • Local Demand
    City
    Scarborough
    County
    Cumberland
    State
    Maine
    Longitude
    -70.348
    Latitude
    43.6193
    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
    $7,691
    $206,600
    $275,000
    $481,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $410,000
      3,024 SF

      754 Us Rte 1st 1

      SHOW ROOM, WAREHOUSE • 3,024 SF
      754 Us Rte 1st 1, Scarborough, ME 04074-9741
      View Details
    • Value Estimation
      $570,000
      8,900 SF

      336 Gorham Rd

      SHOW ROOM, WAREHOUSE • 8,900 SF
      336 Gorham Rd, Scarborough, ME 04074-9637
      View Details
    • Value Estimation
      $535,000
      9,000 SF

      21 Washington Ave

      SHOW ROOM, WAREHOUSE • 9,000 SF
      21 Washington Ave, Scarborough, ME 04074-9782
      View Details
    • Value Estimation
      $375,000
      3,551 SF

      500 Enterprise Dr

      SHOW ROOM, WAREHOUSE • 3,551 SF
      500 Enterprise Dr, Scarborough, ME 04074-7646
      View Details
    • Value Estimation
      $345,000
      2,212 SF

      287 Gorham Rd

      SHOW ROOM, WAREHOUSE • 2,212 SF
      287 Gorham Rd, Scarborough, ME 04074-9557
      View Details
    • Value Estimation
      $480,000
      10,000 SF

      70 Haigis Pkwy

      SHOW ROOM, WAREHOUSE • 10,000 SF
      70 Haigis Pkwy, Scarborough, ME 04074-7604
      View Details

    Similar Nearby for Sale

    • $5,250,000
      13,725 SF

      Scarborough Retail Investment

      High-traffic, triple-net leased pads.
      200 Gallery Blvd, Scarborough, ME 04074
      View Details
    • $5,000,000
      26,464 SF

      442 Us-1

      Lifestyle centers • 26,464 SF
      442 Us-1, Scarborough, ME 04074
      View Details
    • $2,500,000
      25.00 Acres

      Scarborough Commercial Land - 25 Acres

      Prime Maine commercial development land, excellent location.
      292 Payne Rd, Scarborough, ME 04074
      View Details
    • $149,950
      0.62 Acres

      Scarborough Commercial Land Investment

      Prime .62-acre commercial lot, high visibility.
      6 Payne Rd, Scarborough, ME 04074
      View Details
    • Contact for pricing

      Gateway Shoppes Pad Sites For Sale

      Scarborough, ME retail pads: sale or lease.
      100 Cabela Blvd, Scarborough, ME 04074
      View Details
    • Contact for pricing
      0.60 Acres

      Scarborough Office & Land Development

      Three prime lots, ideal for commercial development.
      0 Science Park Rd, Scarborough, ME 04074
      View Details

    Similar Nearby for Lease

    • $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
    • $24 SF/Yr
      1,500 SF

      Retail Space on U.S. Route One

      Highly visible retail space near mixed-use development and town center.
      680 Us Route 1, Scarborough, ME 04074
      View Details
    • $35 SF/Yr
      3,000 SF

      New Retail Space For Lease

      New construction retail space available near major highways.
      91 County Rd, Scarborough, ME 04074
      View Details
    • Contact for pricing
      2,000 SF

      Restaurant Space Available in Scarborough

      2,000 SF fully built-out restaurant space near Walmart.
      300 Gallery Blvd, Scarborough, ME 04074
      View Details
    • Contact for pricing
      1,928 SF

      New Retail/Office Development Space

      Retail/office space in new development with high traffic visibility.
      424 Payne Rd, Scarborough, ME 04074
      View Details
    • $18 SF/Yr
      5,130 SF

      Scarborough Retail Space Available

      Retail spaces available near Maine Turnpike Exit 42.
      400 Expedition Dr, Scarborough, ME 04074
      View Details
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    224 Gorham Rd
    Scarborough, ME 04074-9504
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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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