Brick Storefront Retail
For Sale
$1,495,000
677 Forest Avenue, Portland, ME 04103
Commercial Sale, Portland, ME
Property Size4,922 SF
Lot Size0.28 Acres
Price / SF$303.74
Days on Market89
Property Features for 677 Forest Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
21 Retail Commercial
Rooms
Basement
Basement
Full, Finished
Lot features
Public Transport Access, Near Airport, Downtown, Bus Line, Historic District, Near Shopping
Standard status
Active
Size
4,922 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8203
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1938
Building materials
Brick, Wood Siding
Roof type
Membrane
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
David Jones · License #DB918088
(207) 650-3455
Added: Jun 12
Changed: Sep 3
Last Checked: Sep 8 at 2:06PM
MLS# 1667022
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,922-square-foot storefront property occupies 0.28 acres at 677 Forest Avenue in Portland, Maine. Built in 1938, the building features brick and wood siding, a membrane roof, and a basement. Public water and public sewer serve the site. The property is currently used for seafood retail, with that use identified as grandfathered under the 21 Retail Commercial zoning designation.
The site combines an established commercial building with an existing retail operation and on-site parking. The real estate offering excludes the operating business, while a separate business acquisition may be available to qualified buyers. Its Forest Avenue address provides a clear commercial setting for continued retail use or future repositioning, subject to applicable approvals.
The site combines an established commercial building with an existing retail operation and on-site parking. The real estate offering excludes the operating business, while a separate business acquisition may be available to qualified buyers. Its Forest Avenue address provides a clear commercial setting for continued retail use or future repositioning, subject to applicable approvals.
Key Highlights
- 4,922‑square‑foot storefront property on 0.28 acres
- 677 Forest Avenue, Portland, ME 04103
- 21 Retail Commercial zoning with grandfathered seafood retail use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,474
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,029,480
$1.0M
Cap Rate 7%
$735,343
$735.3K
Cap Rate 9%
$571,933
$571.9K
Market Conditions
NOI Build-Up for 4,922 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$88.6K $18.00/SF
− Vacancy
−$15.1K −$3.06/SF
EGI
$73.5K $14.94/SF
− OpEx
−$22.1K −$4.48/SF
NOI
$51.5K $10.46/SF
Area
Cumberland County, ME
Vacancy
17.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,029,480
Cap Rate 7%
$735,343
Cap Rate 9%
$571,933
Alternative Uses
Best Use
Retail
$735.3K
$643.4K – $857.9K
NOI $51,474 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,697 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,017
Businesses Nearby
14k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 18%
Beauty & Spa 12%
Artist & Craftsman Supply
Shops & Services
5,242 visits/mo
0.1 miles
Mobil
Shops & Services
4,636 visits/mo
0.4 miles
Domino's Pizza
Dining
2,563 visits/mo
0.3 miles
Sun Tan City
Beauty & Spa
1,752 visits/mo
0.1 miles
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Backyard Blooms — 74 Ocean Ave, Portland, ME 04103
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Frequently Asked Questions
What type of property is this?
Storefront property - Existing seafood retail use, public utilities, and a basement support continued commercial operation.
Where is this storefront property located?
The property is located at 677 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 4,922‑square‑foot storefront property on 0.28 acres; 677 Forest Avenue, Portland, ME 04103; 21 Retail Commercial zoning with grandfathered seafood retail use
