Flex Building with Overhead
For Sale
$650,000
892 Riverside St, Portland, ME 04103
Flex building combines private office space with clear-span warehouse space and an overhead door.
Property Size4,610 SF
Lot Size0.34 Acres
Price / SF$140
Days on Market88
Property Features for 892 Riverside St
General Information
Standard status
Active
Size
4,610 SF
Lot size
0.34 Acres
Property subtype
Office/Warehouse
Additional Details
Traffic Count
10,930 vehicles/day
Drive-In Doors
1
Office Units
7
Building Details
Building Size
4,610 SF
Year Built
1922
Listing Agency:
The Boulos Company Portland
Listed By:
Derek Miller · License #918125
(207) 240-0032
Source:
Boulos
Added: Jun 7
Changed: Sep 2
Last Checked: Sep 2 at 2:03PM
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 Portland
Investment Insights
Based on property information with market context.
The property is a 4,610± SF flex building on 0.34± acres with office and warehouse components. The office layout includes 5–7 private offices, a reception area, and a kitchenette. The warehouse offers clear-span space that is 80' deep and 37' wide, served by an 8' x 8' overhead door.
The site includes on-site paved parking and is positioned along Riverside Street in Portland, ME. Traffic counts are listed at 10,930± vehicles per day (AADT MaineDOT 2022), providing practical visibility for business use.
This configuration supports a tenant or owner-operator needing both working and administrative space in one location. The office portion was likely a former residence prior to the warehouse addition, and it could be converted back to create a live/work setup if desired. The paved parking and straightforward office/warehouse split make the building well-suited for small business operations that benefit from on-site storage and efficient access to the overhead door.
The site includes on-site paved parking and is positioned along Riverside Street in Portland, ME. Traffic counts are listed at 10,930± vehicles per day (AADT MaineDOT 2022), providing practical visibility for business use.
This configuration supports a tenant or owner-operator needing both working and administrative space in one location. The office portion was likely a former residence prior to the warehouse addition, and it could be converted back to create a live/work setup if desired. The paved parking and straightforward office/warehouse split make the building well-suited for small business operations that benefit from on-site storage and efficient access to the overhead door.
Key Highlights
- 4,610± SF flex building on 0.34± acres with office and warehouse space plus an overhead door
- Office layout includes 5–7 private offices, reception area, and kitchenette
- Warehouse has clear‑span space 80' deep and 37' wide with an 8' x 8' overhead door
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
$57,256
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
8.81%
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%
$1,145,120
$1.1M
Cap Rate 7%
$817,943
$817.9K
Cap Rate 9%
$636,178
$636.2K
Market Conditions
NOI Build-Up for 4,610 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
$99.6K $21.60/SF
− Vacancy
−$8.0K −$1.73/SF
EGI
$91.6K $19.87/SF
− OpEx
−$34.4K −$7.45/SF
NOI
$57.3K $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%
$1,145,120
Cap Rate 7%
$817,943
Cap Rate 9%
$636,178
Alternative Uses
Best Use
Office B
$942.8K
$825.0K – $1.10M
NOI $65,997 @ 7.0% cap · market cap 10.15%
Second Best
Mixed Use
$817.9K
$715.7K – $954.3K
NOI $57,256 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,694 @ 7.0% cap · market cap 13.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
7
Office units
10,930 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - Flex building combines private office space with clear-span warehouse space and an overhead door.
Where is this flex space located?
The property is located at 892 Riverside St Portland, ME.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 4,610± SF flex building on 0.34± acres with office and warehouse space plus an overhead door; Office layout includes 5–7 private offices, reception area, and kitchenette; Warehouse has clear‑span space 80' deep and 37' wide with an 8' x 8' overhead door
