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    Property profile & analytics

    23 Spring St Scarborough, ME 04074

    • Office buildings
    • 11,682 SF
    • 1.29 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0347193
    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

    • Northpoint Mortgage, Inc. / Loan Service / Bank
    • Lighthouse Foot and Ankle Center / Physician
    • Michele Kurlanski, DPM / Physician
    • David Hurst / Physician
    • Solamar Hospice Care / Nursing Home

    Property Details for 23 Spring St

    Year built
    2000
    Lot size
    1.29 lot acres
    Property size
    11,682 SF
    Zone code
    22
    Property type
    Office buildings
    APN
    SCAR M:R037 L:035
    APU
    SCARMR037L035

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,061,000
      Market price range: $1.50M - $3.05M
      AI Estimate
      $1,279,000
      Market price range: $511k - $2.13M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,260,000
      Current use
      COMMERCIAL (GENERAL)
      $2,640,000
      Change: +17% Conversion: Easy
      RETAIL STORES
      $2,215,000
      Change: -2% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Scarborough
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3449
    Latitude
    43.6208
    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
    $21,836
    $459,200
    $908,100
    $1,367,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,230,000
      15,136 SF

      32 Haigis Pkwy

      OFFICE BUILDING • 15,136 SF
      32 Haigis Pkwy, Scarborough, ME 04074-7604
      View Details
    • Value Estimation
      $505,000
      3,239 SF

      381 Payne Rd

      OFFICE BUILDING • 3,239 SF
      381 Payne Rd, Scarborough, ME 04074-8213
      View Details
    • Value Estimation
      $3,690,000
      21,670 SF

      383 Us Rte 1st 1

      OFFICE BUILDING • 21,670 SF
      383 Us Rte 1st 1, Scarborough, ME 04074-9817
      View Details
    • Value Estimation
      $6,530,000
      52,968 SF

      6 Ashley Dr

      OFFICE BUILDING • 52,968 SF
      6 Ashley Dr, Scarborough, ME 04074-8954
      View Details
    • Value Estimation by Request
      900 SF

      3 Oak Hl Ter

      OFFICE BUILDING • 900 SF
      3 Oak Hl Ter, Scarborough, ME 04074-8990
      View Details
    • Value Estimation
      $29,470,000
      283,224 SF

      145 Pleasant Hl Rd

      OFFICE BUILDING • 283,224 SF
      145 Pleasant Hl Rd, Scarborough, ME 04074-9309
      View Details

    Similar Nearby for Sale

    • $574,500
      3,000 SF

      Scarborough Income Property For Sale

      Updated income property with cash flow and rental history.
      19 Millbrook Rd, Scarborough, ME 04074
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    • 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
    • $1,990,000
      9,000 SF

      Scarborough Mixed-Use Property

      Flexible property with residential, business, and entertainment spaces.
      626 Us Route 1, Scarborough, ME 04074
      View Details
    • $1,990,000
      9,000 SF

      Scarborough Live/Work Opportunity on Route 1

      Versatile property with residential, commercial, and entertainment spaces.
      626 Us Route 1, Scarborough, ME 04074
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    • $8,725,000
      38,784 SF

      Prime Scarborough Office Building

      Class A Office, 38,784 SF, $8.725M
      482 Payne Rd, Scarborough, ME 04074
      View Details
    • $1,995,000
      51.70 Acres

      Prime Scarborough Development Land

      51.7 Acres, Mixed-Use Potential
      255 Payne Rd, Scarborough, ME 04074
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      35,176 SF

      Class A Office Building

      Suburban office building with remarkable amenities and on-site parking.
      6 Ashley Dr, Scarborough, ME 04074
      View Details
    • $14 SF/Yr
      61,000 SF

      Prime Scarborough Medical Office Space

      Class A medical office suites, 976-5,566 sq ft available
      71 Us Route 1, Scarborough, ME 04074
      View Details
    • $12 SF/Yr
      34,457 SF

      Science Park Road Medical Office

      Scarborough, ME medical suites available
      1 Science Park Rd, Scarborough, ME 04074
      View Details
    • $16 SF/Yr
      11,616 SF

      Scarborough Office Space For Lease

      11,616 SF Office, Showroom, or Retail
      600 Roundwood Dr, Scarborough, ME 04074
      View Details
    • $15 SF/Yr
      38,784 SF

      Prime Scarborough Office Building

      Class A Office Space, 38,784 sqft
      482 Payne Rd, Scarborough, ME 04074
      View Details
    • $14 SF/Yr
      13,171 SF

      Prime Scarborough Office Space

      13,171 SF Office Building, Multiple Tenancy
      6 Science Park Rd, Scarborough, ME 04074
      View Details
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    23 Spring St
    Scarborough, ME 04074
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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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