860 Main St
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860 Main St
6,240 SF 52% Leased Office Building Sanford, ME 04073 $985,000 ($158/SF) 7.40% Cap Rate
Investment Highlights
- 2nd Floor consists of 4 leased 2 br 1 ba apartment units
- Owner recently 2023 occupied 1 office unit (1/2 of 1st floor) sold business 2023
- 1st Floor consists of 2 - 4 Commercial office units -formerly built as 4 apartements-most full bathrooms still exists
Executive Summary
Well established insurance agency recently sold their book of business to neighboring agency, and now are moving into a new business venture!
Building consists of 2 Commercial and 4 Residential Units!
1st Floor: VACANT-Consists of 2 commercial spaces with a nice glassed entry into a common area seating room.
2nd Floor: LEASED -Consists of 4 Residential Units. 2 BR, 1 BA each.
Primarily Oil Heat, (apartments have kit/living room with electric)
Roof 2011.
Formally the building was configured as 8 apartment units (having 4 residential units on each floor).
Investment or Owner user conversion opportunity: 1st floor plumbing and bathrooms are still mostly in place for possible conversion back to full residential or maybe buyer converts 1s Floor with 1 residential and 1 office space.
Ample of on site parking for both commercial and residential.
Good location, next door to Walgreens pharmacy, and Atlantic Federal CU. Close to many other City amenities. Nice sidewalks, short walk to scenic Number One Pond, Park and Walking Trails.
Financials are available upon request.
Also visible on:
Investcomm Commercial Group Website https://investcomm.com
MLS # 1609234
Building consists of 2 Commercial and 4 Residential Units!
1st Floor: VACANT-Consists of 2 commercial spaces with a nice glassed entry into a common area seating room.
2nd Floor: LEASED -Consists of 4 Residential Units. 2 BR, 1 BA each.
Primarily Oil Heat, (apartments have kit/living room with electric)
Roof 2011.
Formally the building was configured as 8 apartment units (having 4 residential units on each floor).
Investment or Owner user conversion opportunity: 1st floor plumbing and bathrooms are still mostly in place for possible conversion back to full residential or maybe buyer converts 1s Floor with 1 residential and 1 office space.
Ample of on site parking for both commercial and residential.
Good location, next door to Walgreens pharmacy, and Atlantic Federal CU. Close to many other City amenities. Nice sidewalks, short walk to scenic Number One Pond, Park and Walking Trails.
Financials are available upon request.
Also visible on:
Investcomm Commercial Group Website https://investcomm.com
MLS # 1609234
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$93,000
|
$14.90
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$93,000
|
$14.90
|
| Taxes |
$5,692
|
$0.91
|
| Operating Expenses |
$22,150
|
$3.55
|
| Total Expenses |
$27,842
|
$4.46
|
| Net Operating Income |
$65,158
|
$10.44
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $93,000 |
| Annual Per SF | $14.90 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $93,000 |
| Annual Per SF | $14.90 |
| Taxes | |
|---|---|
| Annual | $5,692 |
| Annual Per SF | $0.91 |
| Operating Expenses | |
|---|---|
| Annual | $22,150 |
| Annual Per SF | $3.55 |
| Total Expenses | |
|---|---|
| Annual | $27,842 |
| Annual Per SF | $4.46 |
| Net Operating Income | |
|---|---|
| Annual | $65,158 |
| Annual Per SF | $10.44 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
6,240 SF
Building Class
B
Year Built
1950
Price
$985,000
Price Per SF
$158
Cap Rate
7.40%
NOI
$72,849
Percent Leased
52%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
3,120 SF
Slab To Slab
9’
Building FAR
0.96
Land Acres
0.15 AC
Zoning
UB - Urban Business
Parking
14 Spaces (2.24 Spaces per 1,000 SF Leased)
Amenities
- Signage
1 of 1
Walk Score ®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | SANF-000028-K000031 | Total Assessment | $394,100 |
| Land Assessment | $113,600 | Annual Taxes | $5,692 ($0.91/SF) |
| Improvements Assessment | $280,500 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
SANF-000028-K000031
Land Assessment
$113,600
Improvements Assessment
$280,500
Total Assessment
$394,100
Annual Taxes
$5,692 ($0.91/SF)
Tax Year
2023
-
John Anderson -
Suzanne McKechnie -
Investcomm Commercial Group
(207) 985-4977
x43
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