Mixed-Use Property with
For Sale
$875,000
777 Forest Avenue, Portland, ME 04103
Multi-Family, Portland, ME
Property Size3,948 SF
Lot Size0.14 Acres
Price / SF$221.63
Days on Market109
Property Features for 777 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B2
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 2, Bathroom 3, Bathroom 1
Basement
Unfinished
Lot features
Sidewalks, Near Turnpike/ Interstate, Near Public Transit
Standard status
Active
Size
3,948 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7910
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Heat Pump (Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
off-street parking
Building Details
Year built
1930
Number of units
2
Flooring type
Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
Hoang Nguyen
(207) 450-8124
Added: May 23
Changed: Sep 3
Last Checked: Sep 8 at 8:06AM
MLS# 1656222
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 mixed-use property contains 3,948 square feet within a 1930 Colonial building. The ground floor includes retail space with an established tenant, while the residential component is a renovated two-level, five-bedroom unit. Vinyl flooring, wood-frame construction, vinyl siding, and a shingle roof are among the building features.
The property is served by public water and public sewer and uses natural gas, heat pump, and forced-air heating systems. Central air conditioning, an updated hot water heater, and a commercial-grade fire alarm and sprinkler system are also in place. Off-street parking supports the combined commercial and residential configuration, and B2 zoning is identified for the property.
The property is served by public water and public sewer and uses natural gas, heat pump, and forced-air heating systems. Central air conditioning, an updated hot water heater, and a commercial-grade fire alarm and sprinkler system are also in place. Off-street parking supports the combined commercial and residential configuration, and B2 zoning is identified for the property.
Key Highlights
- 3,948‑square‑foot mixed‑use building on a 0.14‑acre lot
- Ground‑floor retail area with established tenant
- Renovated two‑level residential unit with 5 bedrooms
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
$56,520
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
6.46%
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%
$1,130,400
$1.1M
Cap Rate 7%
$807,429
$807.4K
Cap Rate 9%
$628,000
$628.0K
Market Conditions
NOI Build-Up for 3,948 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
$86.2K $21.84/SF
− Vacancy
−$10.9K −$2.75/SF
EGI
$75.4K $19.09/SF
− OpEx
−$18.8K −$4.77/SF
NOI
$56.5K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
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%
$1,130,400
Cap Rate 7%
$807,429
Cap Rate 9%
$628,000
Alternative Uses
Best Use
Office B
$807.4K
$706.5K – $942.0K
NOI $56,520 @ 7.0% cap · market cap 6.46%
Second Best
Mixed Use
$700.5K
$612.9K – $817.2K
NOI $49,034 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$1.09M
$949.5K – $1.27M
NOI $75,958 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial frontage combines an occupied shop with a renovated two-level residence and off-street parking.
Where is this mixed-use property located?
The property is located at 777 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3,948‑square‑foot mixed‑use building on a 0.14‑acre lot; Ground‑floor retail area with established tenant; Renovated two‑level residential unit with 5 bedrooms
