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    93 Mclellan Rd Gorham, ME 04038
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    93 Mclellan Rd, Gorham, ME 04038

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    • Turn key restaurants
    • 4,800 SF
    • 77.00 lot acres
    For Sale
    $535,000
    View Listing →
    15.3 Acres Land Parcels Gorham For Sale
    $535,000
    15.30 Acres

    15.3 Acres Land Parcels Gorham

    Two land parcels totaling 15.3 acres in Gorham, Maine.

    93 McLellan Rd, Gorham, ME 4038
    View Listing
    Property ID
    US42-0327322
    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

    • 1st Stop Convenience / Grocery & Convenience Store / Food Market
    • Gorham Country Club Snack Bar / Bar & Pub / Golf Course

    Property Details for 93 Mclellan Rd

    Year built
    1988
    Construction
    STEEL FRAME
    Lot size
    77.00 lot acres
    Zone code
    SR
    Property type
    Turn key restaurants
    APN
    GRHM M:007 B:006 L:000
    APU
    GRHMM007B006L000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 24, 2025 — Fairway Commons LLC — Deed · related $3.9M · Graiver Homes INC

    Description

    This exceptional 15.3-acre commercial land parcel, located at 93 McLellan Road in Gorham, Maine (zip code 04038), presents a unique investment opportunity. Situated in the South Gorham Commercial Corridor District, the property offers versatile zoning allowing for a wide range of development options. Permitted uses include apartment buildings or multi-family housing, nursing homes, business and professional services, light industrial uses, schools, and churches. The land comprises multiple parcels and features distinctive glacier rock formations. Conveniently located off Routes 22 and 114, this property enjoys close proximity to downtown Gorham and the retail amenities of Westbrook. A significant advantage is the adjacency of Lots 5, 6, and 7 to the planned Maine Turnpike Authority East-West Highway. This new highway, scheduled for completion in 2030, will connect Maine Turnpike Exit 45 (Maine Mall Exit) and I-295 to the Route 114 roundabout for the Rines Bypass in Gorham, significantly enhancing accessibility and future value. This prime location and flexible zoning make this property an attractive prospect for developers seeking a strategic investment in a rapidly growing area of Maine. The property's size and location offer substantial potential for a variety of commercial and residential developments.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $410,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $667,000
      Market price range: $385k - $916k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $630,000
      Current use
      OFFICE BUILDING
      $740,000
      Change: +17% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $645,000
      Change: +2% Conversion: Easy
      AUTO REPAIR, GARAGE
      $570,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Gorham
    County
    Cumberland
    State
    Maine
    Longitude
    -70.4081
    Latitude
    43.6515
    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
    $13,973
    $363,300
    $652,900
    $1,016,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      6,254 SF

      109 Main St

      SHOW ROOM, WAREHOUSE
      109 Main St, Gorham, ME 04038-1328
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      3,783 SF

      375 Main St

      FINANCIAL BUILDING
      375 Main St, Gorham, ME 04038-1336
      View Details
    • Value Estimation
      $1,510,000
      11,082 SF

      120 Main St

      SHOW ROOM, WAREHOUSE
      120 Main St, Gorham, ME 04038-1306
      View Details

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      34-Acre Wooded Gorham Land

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      3.4 Acres of Land

      3.4± acres of land available for sale.
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    Similar Nearby for Lease

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      Industrial Lot in Gorham

      3.30± AC cleared lot with utilities in Industrial Park.
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      Industrial Land with Utilities

      Cleared industrial park lot with utilities, supporting manufacturing, storage, and select research and regulated uses.
      42 Olde Canal Way, Gorham, ME 04038
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      100,000 SF

      Industrial Build-to-Suit Opportunity

      50,000 - 100,000 SF industrial build-to-suit opportunity in Gorham, ME.
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      Industrial Land with Utilities

      Cleared 3.30+/- AC lot in Gorham with utilities.
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      16,600 SF

      Industrial Space in Gorham Park

      16,600± SF industrial space with office and parking.
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      View Details
    View Listing
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    Gorham, ME 04038
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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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    93 Mclellan Rd, Gorham, ME, 04038
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