198-200 Main St

Office for Sale
Catylist Listing ID: 30865958
Property Subtypes: Office Building
Building Size (RSF): 60,524 SF
Gross Land Area: 1.66 Acres
Sale Price: $6,800,000
Unit Price: $112.35 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 6.71%
Average Occupancy Rate: 100
Last Updated: 4/2/2024

Overview / Comments

State of Maine office building in the heart of Lewiston with great longer term leases in place.

198 Main St has 8+ years left on existing lease to State of Maine - Dept of Corrections; to expire 7/31/2032.

200 Main St has 13+ years left on existing lease to State of Maine - Dept of Health and Human Services; to expire 8/31/2037.

Property currently 2.31 acres, but .65 acres recently approved for a 172 unit apartment development will not convey with the sale (see proposed site plan for new lot layout).


Finance Data Year 2024
Real Estate Taxes - Annual($) $134,516 (Annual)

Current Tenants

Tenant Business Name DHHS
SF of Space Occupied 53,884 SF
Lease Expiration 8/2037
Tenant Business Name Department of Corrections
SF of Space Occupied 6,640 SF
Lease Expiration 7/2032

Additional Details

Nearest MSA: Lewiston-Auburn
County: Androscoggin
Tax ID/APN: LEWI-000207-000000-000166, LEWI-000207-000000-000024
Zoning: COM
Property Visibility: Excellent
Total Number of Buildings: 2
Number of Stories: 3
Year Built: 1932
Roof Type: Flat
Construction/Siding: Brick
Sprinklers: Wet
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,376 47,849 59,530
Median Age: 30.97 36.87 38.35
Households: 8,256 20,394 25,186


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