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.
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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