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: |
$112.35 PSF |
| Property Use Type: |
Investment |
| Class of Space: |
Class B |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
6.71% |
| Average Occupancy Rate: |
100 |
| Last Updated: |
4/2/2024 |
Overview / Comments
State of Maine office building in the heart of Lewiston with great longer term leases in place.
198 Main St has 8+ years left on existing lease to State of Maine - Dept of Corrections; to expire 7/31/2032.
200 Main St has 13+ years left on existing lease to State of Maine - Dept of Health and Human Services; to expire 8/31/2037.
Property currently 2.31 acres, but .65 acres recently approved for a 172 unit apartment development will not convey with the sale (see proposed site plan for new lot layout).
|
Financials
| Finance Data Year |
2024 |
| Real Estate Taxes - Annual($) |
$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 |
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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The information presented herein is provided as is, without warranty of any kind.
Neither New England Commercial Property Exchange nor
Moody's assume any liability for errors or omissions.
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