675 Main St Lewiston, ME 04240-5802
- Super regional malls
- 29,338 SF
- 5.32 lot acres
Current Use by Public Records
- Another New Day Scar Work and Muscle Therapy / Massage Therapist / Craniosacral Therapy
- Banner Doors Corporation / Door Supplier
- Hairem / Hair Salon / Nail Salon
- Salon 675 / Hair Salon
- Jade garden / Restaurant / Rice Restaurant
Property Details for 675 Main St
- Year built
- 1955
- Lot size
- 5.32 lot acres
- Property size
- 29,338 SF
- Property type
- Super regional malls
- APN
- LEWI M:170 L:032 U:6426
- APU
- LEWIM170L032U6426
Description
This exceptional value-add opportunity presents a 49,000 square foot shopping center in Lewiston, Maine, boasting a 10.31% cap rate and a strong NOI of $451,099. The property, built in 1955 and extensively renovated in 2020, features 22 tenants representing a diverse mix of retail, office, service, and industrial businesses. Located at a highly visible, signalized intersection on Route 202 (Main Street), a busy retail and commuter corridor, the property benefits from over 16,000 vehicles per day. Key tenants include Sam's Italian Foods (with a land lease), Banner Doors, Boulet Chiropractic, Jade Garden, and Sherm Arnold's Flooring, Kitchen & Bath. Recent improvements include new roofs, pavement, exterior paint, treeline management, and a new roof and siding for the rooftop storage unit. A new demising wall and 10-foot drive-in bay enhance the warehouse space. The property sits on a 5.32-acre lot and is zoned CB and NCA. Current leases are gross, presenting a significant value-add opportunity through conversion to NNN leases and gradual rent increases. Current rents are estimated to be 25% below market value. Financial statements are available upon request. The property offers a compelling investment prospect with substantial upside potential.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $745,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $745,000
- 6.5%
- $750,000
- 7%
- $885,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $780,000
- Geo Method
- $790,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $960,000
- Retail
- $800,000
- Mixed-Use
- $730,000
- Hospitality
- $810,000
- Educational
- $850,000
- Residential Income
- $870,000
- Energy
- $795,000
- Income-Based Land
- $965,000
- Food Service
- $930,000
Location Insight
- Map
- Local Demand
- City
- Lewiston
- County
- Androscoggin
- State
- Maine
- Longitude
- -70.2032
- Latitude
- 44.1202
- CBSA code
- 30340
- CBSA name
- LEWISTON-AUBURN, ME METROPOLITAN STATISTICAL AREA
