Historic Mixed-Use
New
For Sale
Contact for pricing
106-108 High Street, Portland, ME 04101
Corner property combines leased restaurant and bar space with a second-floor art studio under B3 zoning.
Property Size8,388 SF
Price / SF$202.07
Days on Market7
Property Features for 106-108 High Street
General Information
Standard status
Active
Size
8,388 SF
Property subtype
Mixed Use
Zoning
B3 - Downtown Business
Investment Type
Owner/User
Building Details
Year Built
1900
Tenancy
Multi
Construction
brick & beam
Listing Agency:
Malone Commercial Brokers
Listed By:
Luke Malone · License #ME BA927778
Source:
Crexi
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 9:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Malone Commercial Brokers
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.
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 = 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
$104,179
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
6.15%
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%
$2,083,580
$2.1M
Cap Rate 7%
$1,488,271
$1.5M
Cap Rate 9%
$1,157,544
$1.2M
Market Conditions
NOI Build-Up for 8,388 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
$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 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%
$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
NOI $104,179 @ 7.0% cap · market cap 6.15%
Second Best
Specialty Retail
$1.34M
$1.17M – $1.57M
NOI $93,988 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,381 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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 - 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
