Business & Space Overview
This is Maine’s premier (and longest operating) coworking facility. Our flagship location in downtown Portland boasts 9000 sf of space with two mezzanines, high ceilings, copious open and creative workspace for hotdesks and meeting areas. There are currently 14 private offices, 14 dedicated desks, dozens of hot desks, three conference rooms of various sizes.
Our current membership is a combination of long term leases (12 months) and month-to-month terms. We are at full occupancy on offices with room to grow the hot desk memberships. There is also room in the facility to build more offices and maximize revenue that way.
The space has a reputation for excellence, very strong ISO, and an active sales funnel of requests for space. The facility operates almost without oversight. The owner works 5 – 10 hours/week managing the space and uses a branded coworking software to support the automated membership and billing for ~100 members.
Think Tank Coworking is an institution in Portland. Our members include many institutional partners, including The Bangor Daily News, The Associated Press, The Maine Organic Farmers and Gardeners Association and many more local businesses. Very solid base.
The space can also double as an events facility with a front space that can accommodate 150 people.
Is it easy to operate on a daily basis?
Think Tank is a turn-key operation. The owner handles simple email inquiries and gives tours a few days a week. "Ambassador" members are also on site to give tours and help with new client intake.
The billing and membership software is easy to use. Members simply create an account online and billing is commenced. Conference room booking and additional charges are run through the system and mostly automated.
Our facility has an electronic keypad for member access, as well as photo cells for off-hour lighting. Fiber internet was brought to the space in 2017 and is very affordable, stable and robust.
How is the spaces marketing?
Think Tank is Portland famous. Everyone knows it and by all accounts, new-comers to the city, choose it over the competition for style, vibe, facilities, location and membership base. We have two other independently owned locations in nearby markets, adding to the brand’s goodwill.
We occasionally post on social media, but frankly do very little in the way of marketing. Despite having won numerous awards for being best in biz, we mostly let the member inquiries come to us. There is plenty of room for improvement in marketing.
What are the financials?
We have over 80 current memberships on recurring monthly billing cycle.
This space generates ~$25,000/mo in revenue with ~ $15,000 monthly expenses. The rest is either owners draw or carve some out for operations.
In the past we've had a part time employee for $20,000/year and had the space operating passively with little to no oversight and earning over $100,000/year to the owner.
How could a new owner make the space more profitable?
Membership rates are currently lower than necessary and could be raised without complaint. We expect that a new owner could improve on marketing, SEO and operations, improving the functionality of the space.
Upgrades to the space are not necessary, but a modest investment in the facilities could see outsized return. There is also opportunity to construct new offices and carve into some of the open areas.
About the Seller
Patrick Roche is the founder and director of this celebrated coworking company. He is a award winning, serial entrepreneur and consultant. He has advised a number of entrepreneurs on the development of coworking facilities and works in film and television production. He is pivoting away from coworking after 12 excellent and fruitful years to go full time as film producer and writer.
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