Building Details

Year Built 1900

Tenancy Multi

Construction brick & beam

Listing Agency: Malone Commercial Brokers

Listed By: Luke Malone · License #ME BA927778 Show Phone

Source: Crexi

Added: Aug 25 Changed: Oct 15 Last Checked: Oct 14 at 10:47PM

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Investment Insights

Based on property information with market context.

Built in 1900, this mixed-use property contains approximately 8,388 square feet across restaurant and bar areas leased to Little Tap House and Flask, along with a second-floor art studio. Brick-and-beam construction contributes to the building’s historic character.

The property occupies the corner of High Street and Spring Street in Portland, Maine, providing high visibility at the intersection. B3 - Downtown Business zoning supports its established mixed-use profile.

Key Highlights

• Approximately 8,388 SF mixed‑use building
• Restaurant and bar spaces leased to Little Tap House and Flask
• Second‑floor art studio

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$104,179

Cap Rate

6.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,083,580 $2.1M

Cap Rate 7%

$1,488,271 $1.5M

Cap Rate 9%

$1,157,544 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,388 SF

Gross rent

$181.2K $21.60/SF

− Vacancy

−$14.5K −$1.73/SF

EGI

$166.7K $19.87/SF

− OpEx

−$62.5K −$7.45/SF

NOI

$104.2K $12.42/SF

Area

Cumberland County, ME

Vacancy

8.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,083,580

Cap Rate 7%

$1,488,271

Cap Rate 9%

$1,157,544

Alternative Uses

Best Use

Mixed Use

$1.49M

$1.30M – $1.74M (±1% cap)

NOI $104,179 @ 7.0% cap · market cap 6.15%

Second Best

Specialty Retail

$1.34M

$1.17M – $1.57M (±1% cap)

NOI $93,988 @ 7.0% cap · market cap 5.55%

Theoretical Best

Office A

$2.31M

$2.02M – $2.69M (±1% cap)

NOI $161,381 @ 7.0% cap · market cap 9.52%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Bars & Pubs

Suggested Use

Top Pick Locksmith Auto Parts Store Butcher Tanning Salon (Bike/Boat/Book/etc) Store Mobile Phone Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

5,563

Businesses Nearby

49k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 48% Apparel 21% Dining 16% Hotels & Casinos 12%

Circle K Shops & Services

12,170 visits/mo 0.1 miles

Reny's Apparel

10,314 visits/mo 0.2 miles

7-Eleven Shops & Services

10,061 visits/mo 0.5 miles

Luke's Lobster Dining

6,958 visits/mo 0.5 miles

Courtyard by Marriott Portland Downtown/Waterfront Hotels & Casinos

5,673 visits/mo 0.1 miles

Demographics for 04101, ME

18,109

Population

11,510

Households

1.6

Avg Household Size

36

Median Age

57%

College-Educated

93%

High-School Grad

2.0 sq mi

ZIP Area

9,055

Density / Sq Mi

$60,726

Median Household Income

$45,009

Median Earnings

$1,457

Median Rent

$600,600

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Corner property combines leased restaurant and bar space with a second-floor art studio under B3 zoning.

Where is this mixed-use property located?

The property is located at 106-108 High Street Portland, ME.

What is the asking price?

The asking price for this property is $1,695,000.

What are key features of this property?

This property features: Approximately 8,388 SF mixed‑use building; Restaurant and bar spaces leased to Little Tap House and Flask; Second‑floor art studio