675 Main StLewiston, ME 04240

Property Details for 675 Main St

Year built

1955

Lot size

5.32 AC

Property size (Sq ft)

29,338 SF

Property type

Retail properties

Property subtype

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.

• CAP approach

  CAP return

  Valuation

  6%

  $7,130,158

  6.5%

  $6,581,684

  7%

  $6,111,564

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,659,924

  Geo Method

  $9,659,924

• Alternative Use

  Use

  Valuation

  Residential

  $5,551,897

  Hospitality

  $5,085,508

  Educational

  $4,231,083

  Medical

  $4,376,596

  Retail

  $6,581,684

Location Insight

City

Lewiston

County

Androscoggin

State

Maine

Latitude

44.1202

Longitude

-70.2032

CBSA code

30340

CBSA name

LEWISTON-AUBURN, ME METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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