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    Property profile & analytics

    224 Shaker Rd Gray, ME 04039

    • Commercial real estate
    • 22.00 lot acres
    For Sale
    View listing
    $485,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0139405
    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 real estate

    Property Details for 224 Shaker Rd

    Lot size
    22.00 lot acres
    Property type
    Commercial real estate
    APN
    GRAY-000013-000015-000015

    Description

    This exceptional 22-acre development parcel presents a unique opportunity in Gray, Maine. Located at 224 Shaker Road, this level lot boasts over 800 feet of frontage on Route 26, providing excellent visibility and accessibility. The property's APN is GRAY-000013-000015-000015. Its convenient location near the intersection of Dry Mills and Route 26 offers significant advantages for various commercial ventures. The property is zoned for commercial use, opening doors to a wide range of development possibilities. Furthermore, its proximity to I-95 (Maine Turnpike) ensures easy access to major transportation routes, enhancing its appeal to businesses and investors alike. The asking price for this substantial land parcel is $485,000. This property is ideal for developers seeking a large, well-situated tract in a thriving Maine community. The property's location in Cumberland County, with a zip code of 04039, provides easy access to local amenities and services. The coordinates are 43.91580306315779 latitude and -70.35361020243815 longitude. This is a rare opportunity to acquire a significant piece of land with high development potential in a desirable location.

    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
    Gray
    County
    Cumberland
    State
    Maine
    Longitude
    -70.353610202438
    Latitude
    43.915803063158

    Comparable in this City

    • $199,000
      10.19 Acres

      Land in Gray, Maine

      Residential land offering privacy and space in Gray, Maine.
      Aerie Dr, Gray, ME 04039
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    • $190,000
      3.67 Acres

      Residential Land in Gray, Maine

      3.67 acre lot in Gemstone Estates development.
      27 Boulder Dr, Gray, ME 04039
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    • $1,800,000
      120.91 Acres

      Rare Gray, Maine Land Opportunity

      120.91+/- acre development opportunity in Gray, Maine.
      Colley Hill Rd, Gray, ME 04039
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    • $5,250,000

      Cleared Land Ready for Use

      Level, cleared land suitable for agriculture or residential development.
      Mayall Rd, Gray, ME 04039
      View Details
    • $485,000

      Land with Extensive Road Frontage

      Level lot with over 800' frontage near I-95.
      224 Shaker Rd, Gray, ME 04039
      View Details
    • $1,600,000
      126.00 Acres

      126 Acres of Land in Gray

      126 acres of land for sale in Gray, Maine.
      2 Gore Rd, Gray, ME 04039
      View Details

    Similar Nearby for Sale

    • $199,000
      10.19 Acres

      Land in Gray, Maine

      Residential land offering privacy and space in Gray, Maine.
      Aerie Dr, Gray, ME 04039
      View Details
    • $190,000
      3.67 Acres

      Residential Land in Gray, Maine

      3.67 acre lot in Gemstone Estates development.
      27 Boulder Dr, Gray, ME 04039
      View Details
    • $1,800,000
      120.91 Acres

      Rare Gray, Maine Land Opportunity

      120.91+/- acre development opportunity in Gray, Maine.
      Colley Hill Rd, Gray, ME 04039
      View Details
    • $5,250,000

      Cleared Land Ready for Use

      Level, cleared land suitable for agriculture or residential development.
      Mayall Rd, Gray, ME 04039
      View Details
    • $485,000

      Land with Extensive Road Frontage

      Level lot with over 800' frontage near I-95.
      224 Shaker Rd, Gray, ME 04039
      View Details
    • $1,600,000
      126.00 Acres

      126 Acres of Land in Gray

      126 acres of land for sale in Gray, Maine.
      2 Gore Rd, Gray, ME 04039
      View Details
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    224 Shaker Rd
    Gray, ME 04039
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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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