Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    297 Main St Lewiston, ME 04240
    Back to Search
    Property profile & analytics

    297 Main St, Lewiston, ME 04240

    View on Map
    • Commercial land
    • 0.32 lot acres
    For Sale
    $2,000,000
    View Listing →
    Prime Lewiston Commercial Building For Sale
    $2,000,000
    10,692 SF

    Prime Lewiston Commercial Building

    10,692 SF Retail/Office/Medical

    297 Main St, Lewiston, ME 04240
    View Listing
    Property ID
    US42-0778184
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Nappi Terri / Employment Agency
    • Leong K C MD / Physician

    Property Details for 297 Main St

    Lot size
    0.32 lot acres
    Property type
    Commercial land
    APN
    LEWI M:195 L:049
    APU
    LEWIM195L049

    Description

    This exceptional 10,692 square foot, two-story commercial building in Lewiston, Maine, presents a compelling investment opportunity. Located at 297 Main St, this Class B property sits on a 1.43-acre lot (APN 194/477 & 195/49) and boasts a desirable Community Business (CB) zoning. Originally a Walgreens, the building features a spacious 7,200 square foot main level and a 3,492 square foot lower level. Built in 1966, the property benefits from high visibility and traffic counts exceeding 17,000 vehicles daily, situated directly across from Central Maine Medical Center. The asking price is $2,000,000, translating to $187.06 per square foot. Potential uses include medical, office, or retail spaces, with lease rates estimated at $12.00 to $15.00 per square foot, NNN. This property offers significant redevelopment potential in a thriving Maine location. The property is owned by TIIP Lewiston LLC.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,160,000
      ML approach
      $1,225,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lewiston
    County
    Androscoggin
    State
    Maine
    Longitude
    -70.214
    Latitude
    44.1008
    CBSA code
    30340
    CBSA name
    LEWISTON-AUBURN, 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
    $3,686
    $122,880
    $0.00
    $122,880
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.31 Acres

      1043 Sabattus St

      VACANT COMMERCIAL LAND • 0.31 Acres
      1043 Sabattus St, Lewiston, ME 04240-3339
      View Details
    • Value Estimation by Request
      0.23 Acres

      109 Walnut St

      VACANT COMMERCIAL LAND • 0.23 Acres
      109 Walnut St, Lewiston, ME 04240-6434
      View Details
    • Value Estimation by Request
      0.06 Acres

      19 Lowell St

      VACANT COMMERCIAL LAND • 0.06 Acres
      19 Lowell St, Lewiston, ME 04240-7626
      View Details
    • Value Estimation by Request
      0.34 Acres

      2 Memorial Ave

      VACANT COMMERCIAL LAND • 0.34 Acres
      2 Memorial Ave, Lewiston, ME 04240
      View Details
    • Value Estimation by Request
      0.95 Acres

      46 Mollison Way

      VACANT COMMERCIAL LAND • 0.95 Acres
      46 Mollison Way, Lewiston, ME 04240-5811
      View Details
    • Value Estimation by Request
      0.31 Acres

      38 Oxford St

      VACANT COMMERCIAL LAND • 0.31 Acres
      38 Oxford St, Lewiston, ME 04240-7729
      View Details

    Similar Nearby for Sale

    • $350,000

      Vacant Lot on Sabattus Street

      Vacant commercial lot with high visibility and existing parking.
      895 Sabattus St, Lewiston, ME 04240
      View Details
    • Contact for pricing
      0.06 Acres

      Lewiston Land Parcel For Sale

      Centrally located lot suitable for parking or expansion.
      67 Oak St, Lewiston, ME 04240
      View Details
    • $49,900
      0.50 Acres

      Buildable Lot in Lewiston, ME

      0.5-acre wooded lot in established Lewiston neighborhood.
      12 Fair St, Lewiston, ME 04240
      View Details
    • Contact for pricing
      0.36 Acres

      Lewiston Land Expansion Opportunity

      0.36-acre parcel best suited as an add-on.
      1 Carver St, Lewiston, ME 04240
      View Details
    • $130,000
      167,270 SF

      Main Street Development Opportunity

      Three surveyed lots on Main Street ready for development.
      1639 Main St, Lewiston, ME 04240
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Development Site For Rent

      5.33± AC retail development or build-to-suit site available.
      566 Main St, Lewiston, ME 04240
      View Details
    • Contact for pricing

      Retail Development Site Available

      43.3± AC retail development site for lease.
      135 Apple Rd, Lewiston, ME 04240
      View Details
    • Contact for pricing

      Pad-Ready Site Off Maine Turnpike

      23.6 acre pad-ready site with unmatched visibility and access.
      1775 Lisbon St, Lewiston, ME 04240
      View Details
    • Contact for pricing

      Lewiston Industrial Land For Lease

      5.17-acre pad-ready site for industrial, manufacturing, and distribution.
      11 Gendron Dr, Lewiston, ME 04240
      View Details
    • Contact for pricing

      33 Acre Site For Lease

      33 acre site ideal for distribution, logistics, and trucking.
      15 Gendron Dr, Lewiston, ME 04240
      View Details
    • Contact for pricing

      Retail Development Land Available

      5.33± AC parcel for retail development near Veteran’s Bridge.
      566 Main St, Lewiston, ME 04240
      View Details
    View Listing
    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.
    297 Main St
    Lewiston, ME 04240
    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

    Thank You for Inquiry
    297 Main St, Lewiston, ME, 04240
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!