Building Details

Building Size 4,000 SF

Year Built 1936

Listing Agency: The Boulos Company n***@boulos.com Show Phone

Listed By: Noah Stebbins · License #BR928219 Show Phone

Source: Amerorealty

Added: Oct 15, 2024 Changed: Oct 31 Last Checked: Oct 31 at 2:19PM

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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 The Boulos Company

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Investment Insights

Based on property information with market context.

This 4,000-square-foot convenience store was built in 1936 and is zoned B1. The sale includes the business and FF&E, while inventory is excluded.

Nearby businesses and services include Westgate Shopping Center, Portland Transportation Center, Clarion Hotel, Mobil, Norway Savings Bank, and Tony's Donuts Shop.

Key Highlights

• 4,000‑square‑foot convenience store
• Business and FF&E included; inventory excluded
• B1 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,820

Cap Rate

3.63%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$896,400 $896.4K

Cap Rate 7%

$640,286 $640.3K

Cap Rate 9%

$498,000 $498.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,000 SF

Gross rent

$72.0K $18.00/SF

− Vacancy

−$12.2K −$3.06/SF

EGI

$59.8K $14.94/SF

− OpEx

−$14.9K −$3.74/SF

NOI

$44.8K $11.21/SF

Area

Cumberland County, ME

Vacancy

17.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$896,400

Cap Rate 7%

$640,286

Cap Rate 9%

$498,000

Alternative Uses

Best Use

Specialty Retail

$640.3K

$560.3K – $747.0K (±1% cap)

NOI $44,820 @ 7.0% cap · market cap 3.63%

Second Best

Retail

$597.6K

$522.9K – $697.2K (±1% cap)

NOI $41,832 @ 7.0% cap · market cap 3.39%

Theoretical Best

Office A

$1.10M

$962.0K – $1.28M (±1% cap)

NOI $76,958 @ 7.0% cap · market cap 6.23%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Anania's Variety Store Take-out & Catering

Suggested Use

Top Pick HVAC Service Electrical Service Storage Facility Grocery & Convenience Store Auto Parts Store Locksmith

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

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

876

Businesses Nearby

59k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 44% Groceries 33% Dining 16% Hotels & Casinos 6%

Shaw's Supermarket Groceries

19,344 visits/mo 0.3 miles

Mobil Shops & Services

16,121 visits/mo 0.1 miles

Dunkin' Donuts Dining

9,768 visits/mo 0.4 miles

Gulf Oil Shops & Services

4,346 visits/mo 0.1 miles

TD Bank Shops & Services

3,433 visits/mo 0.3 miles

Demographics for 04102, ME

18,002

Population

8,633

Households

2.1

Avg Household Size

38

Median Age

62%

College-Educated

96%

High-School Grad

6.0 sq mi

ZIP Area

3,000

Density / Sq Mi

$79,631

Median Household Income

$47,898

Median Earnings

$1,435

Median Rent

$464,100

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?

Grocery and convenience store - The transaction includes the operating business and FF&E; inventory is excluded.

Where is this grocery and convenience store located?

The property is located at 1227 Congress Street Portland, ME.

What is the asking price?

The asking price for this property is $1,235,000.

What are key features of this property?

This property features: 4,000‑square‑foot convenience store; Business and FF&E included; inventory excluded; B1 zoning