Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    587 Main St Gorham, ME 04038-2623

    • Showrooms
    • 6,220 SF
    • 0.65 lot acres
    OFF-MARKET
    Last Sale
    Nov 02, 2022
    $850,000
    Value Estimations
    $985,000
    Show details
    Cap Rate Potential
    7.9%
    Showrooms
    Location Intelligence
    Property ID
    US42-0265680
    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

    • Easy Equipment Sales & Service / Construction Equipment Supplier
    • Accurate Machine Made / Contractor

    Property Details for 587 Main St

    Year built
    1967
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.65 lot acres
    Property size
    6,220 SF
    Zone code
    RC
    Property type
    Showrooms
    APN
    GRHM M:032 B:016 L:000
    APU
    GRHMM032B016L000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $985,000
      ML approach
      $1,000,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,290,000
      6.5%
      $1,190,000
      7%
      $1,105,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $840,000
      Market price range: $801k - $2.11M

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

    Location Insight

    • Map
    • Local Demand
    City
    Gorham
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3998
    Latitude
    43.6902
    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
    $9,301
    $239,100
    $437,300
    $676,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $280,000
      0.25 Acres

      163 State St

      SHOW ROOM, WAREHOUSE • 0.25 Acres
      163 State St, Gorham, ME 04038-1024
      View Details
    • Value Estimation
      $440,000
      6,254 SF

      109 Main St

      SHOW ROOM, WAREHOUSE • 6,254 SF
      109 Main St, Gorham, ME 04038-1328
      View Details
    • Value Estimation
      $595,000
      11,082 SF

      120 Main St

      SHOW ROOM, WAREHOUSE • 11,082 SF
      120 Main St, Gorham, ME 04038-1306
      View Details
    • Value Estimation
      $345,000
      3,120 SF

      36 Main St

      SHOW ROOM, WAREHOUSE • 3,120 SF
      36 Main St, Gorham, ME 04038-1322
      View Details
    • Value Estimation
      $340,000
      7,367 SF

      645 Main St

      SHOW ROOM, WAREHOUSE • 7,367 SF
      645 Main St, Gorham, ME 04038-2623
      View Details
    • Value Estimation
      $360,000
      3,782 SF

      633 Main St

      SHOW ROOM, WAREHOUSE • 3,782 SF
      633 Main St, Gorham, ME 04038-2623
      View Details

    Similar Nearby for Sale

    • $399,900
      5.50 Acres

      Gorham Industrial Land - $399,900

      5.5-acre lot, ideal for business development.
      30 Olde Canal Way, Gorham, ME 04038
      View Details
    • $999,000
      5.31 Acres

      Gorham Commercial Land - High Visibility

      5.31 Acres, Prime Gorham Location, Development Potential
      18 Vis Dr Dr, Gorham, ME 04038
      View Details
    • Contact for pricing
      15.30 Acres

      Gorham Commercial Land - 15.3 Acres

      Prime Gorham commercial land, ideal for development.
      93 Mclellan Rd, Gorham, ME 04038
      View Details
    • $550,000
      4,321 SF

      Retail Property in Gorham, ME

      Retail property with 4321 square feet of space.
      25 Elm St, Gorham, ME 04038
      View Details
    • $300,000
      3.00 Acres

      Residential Land in Gorham, Maine

      3-acre residential land suitable for various development projects.
      209 Mosher Rd, Gorham, ME 04038
      View Details
    • $625,000
      3.40 Acres

      Gorham Industrial Land - Lot 4

      Prime 3.4-Acre Industrial Lot in Maine
      0 Gorham Industrial Pkwy, Gorham, ME 04038
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      100,000 SF

      Gorham Industrial Park Lot 1

      Build-to-Suit Industrial Space: 70,000-100,000 SF
      0 Gorham Industrial Pkwy, Gorham, ME 04038
      View Details
    • Contact for pricing
      100,000 SF

      Industrial Build-to-Suit Opportunity

      50,000 - 100,000 SF industrial build-to-suit opportunity in Gorham, ME.
      Cyr Dr, Gorham, ME 04038
      View Details
    • $11 SF/Yr
      20,000 SF

      Gorham Industrial Warehouse Space

      4,000 SF Warehouse Space Available
      36 Bartlett Rd, Gorham, ME 04038
      View Details
    • Contact for pricing
      143,748 SF

      Gorham Industrial Land - 3.3 Acres

      Prime 3.3-acre industrial lot, utilities available.
      42 Olde Canal Way, Gorham, ME 04038
      View Details
    • $10 SF/Yr
      16,600 SF

      Industrial Space in Gorham Park

      16,600± SF industrial space with office and parking.
      19 Bartlett Rd, Gorham, ME 04038
      View Details

    Property Visit Statistics

    • Visits by month
      2.0k
    • Visitors by month
      969
    • Avg Time on site
      13 min
    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.
    587 Main St
    Gorham, ME 04038-2623
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.