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    Property profile & analytics

    33 Elmwood Ave Westbrook, ME 04092

    • Commercial real estate
    • 25,255 SF
    • 6.20 lot acres
    For Lease
    View listing
    $13 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0115810
    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

    • The Selfie Room 207 / Modern Art Museum
    • Park & Ride / Park & Ride
    • 33 Elmwood / Event Venue / Parking Lot

    Property Details for 33 Elmwood Ave

    Year built
    1910
    Construction
    STEEL FRAME
    Lot size
    6.20 lot acres
    Property size
    25,255 SF
    Zone code
    18
    Property type
    Commercial real estate
    APN
    WSBR M:059 L:036
    APU
    WSBRM059L036

    Description

    This exceptional 13,725 square foot retail property located at 33 Elmwood Avenue in Westbrook, Maine, presents a unique investment opportunity. Situated on a generous 6.2-acre lot, this single-story building, constructed in 1910, offers versatile space ideal for a variety of retail uses. The zoning, designated as HS - Highway Services, allows for a range of businesses, including but not limited to daycare centers, hair salons, nail salons, and other storefront operations. The property features circuit breaker power and is currently configured for multiple tenants. The building's substantial size and ample lot provide significant potential for expansion or redevelopment. The property's address is 33 Elmwood Ave, Westbrook, ME 04092. Its convenient location and substantial size make it an attractive option for both established businesses and new ventures seeking a prominent presence in the Westbrook market. The Assessor's Parcel Number (APN) is Map 59, Lot 36. This is a rare opportunity to acquire a well-located, sizable retail property with significant upside potential. The property's history and current configuration offer a blend of established character and adaptable space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,790,000
      Market price range: $3.25M - $8.57M

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

    Location Insight

    • Map
    • Local Demand
    City
    Westbrook
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3336
    Latitude
    43.7158
    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
    $35,837
    $878,000
    $1,270,500
    $2,148,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.90 Acres

      204 Brg St

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    • Value Estimation by Request
      1.95 Acres

      120 Harrisburg Ave

      COMMERCIAL (GENERAL) • 1.95 Acres
      120 Harrisburg Ave, Westbrook, ME 04092-2162
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    • Value Estimation by Request
      1.98 Acres

      160 Larrabee Rd

      COMMERCIAL (GENERAL) • 1.98 Acres
      160 Larrabee Rd, Westbrook, ME 04092-4732
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    • Value Estimation by Request
      1.49 Acres

      6 Lincoln St

      COMMERCIAL (GENERAL) • 1.49 Acres
      6 Lincoln St, Westbrook, ME 04092-2953
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    • Value Estimation by Request
      0.17 Acres

      820 Main St

      COMMERCIAL (GENERAL) • 0.17 Acres
      820 Main St, Westbrook, ME 04092-3430
      View Details
    • Value Estimation by Request
      3.11 Acres

      231 New Gorham Rd

      COMMERCIAL (GENERAL) • 3.11 Acres
      231 New Gorham Rd, Westbrook, ME 04092-2138
      View Details

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      Westbrook Warehouse Space for Lease

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    33 Elmwood Ave
    Westbrook, ME 04092
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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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