Three-Story Mixed-Use
For Sale
$775,000
13 Ocean Street, South Portland, ME 04106
Village Commercial zoning supports a live-work configuration with business space below and private occupancy on the upper levels.
Property Size5,194 SF
Days on Market415
Property Features for 13 Ocean Street
General Information
Standard status
Active
Size
5,194 SF
Property subtype
Commercial
Zoning
Village Commercial
Taxes and HOA fees
Annual Taxes
$7,987
Building Details
Building Size
5,194 SF
Year Built
1900
Owner Occupied
Yes
Listing Agency:
Pemberton Real Estate
(207) 749-4711
Listed By:
Christine Pemberton
(207) 749-4711
Source:
Startpoint
Added: Jun 25, 2025
Changed: Aug 11
Last Checked: Aug 12 at 12:29PM
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 Pemberton Real Estate
Investment Insights
Based on property information with market context.
This three-story mixed-use property combines commercial space on the first floor with occupancy across the second and third floors. The current arrangement places business operations at street level while the sellers use the upper floors, creating an established live-work format within the building.
Built in 1900, the property is zoned Village Commercial and sits across from the Bay in the Knightville area of South Portland. Its multi-level layout and substantial interior area support a range of owner-user or investor configurations, subject to applicable approvals and zoning requirements.
Built in 1900, the property is zoned Village Commercial and sits across from the Bay in the Knightville area of South Portland. Its multi-level layout and substantial interior area support a range of owner-user or investor configurations, subject to applicable approvals and zoning requirements.
Key Highlights
- Three‑story mixed‑use building with commercial space on the first floor
- Sellers currently occupy the second and third floors
- Village Commercial zoning
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
$64,509
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
8.32%
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%
$1,290,180
$1.3M
Cap Rate 7%
$921,557
$921.6K
Cap Rate 9%
$716,767
$716.8K
Market Conditions
NOI Build-Up for 5,194 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
$112.2K $21.60/SF
− Vacancy
−$9.0K −$1.73/SF
EGI
$103.2K $19.87/SF
− OpEx
−$38.7K −$7.45/SF
NOI
$64.5K $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%
$1,290,180
Cap Rate 7%
$921,557
Cap Rate 9%
$716,767
Alternative Uses
Best Use
Office B
$1.06M
$929.5K – $1.24M
NOI $74,358 @ 7.0% cap · market cap 9.59%
Second Best
Mixed Use
$921.6K
$806.4K – $1.08M
NOI $64,509 @ 7.0% cap · market cap 8.32%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $99,930 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 04106, ME
26,641
Population
12,849
Households
2.1
Avg Household Size
41
Median Age
49%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
2,184
Density / Sq Mi
$83,744
Median Household Income
$47,818
Median Earnings
$1,642
Median Rent
$403,500
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 - Village Commercial zoning supports a live-work configuration with business space below and private occupancy on the upper levels.
Where is this mixed-use property located?
The property is located at 13 Ocean Street South Portland, ME.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three‑story mixed‑use building with commercial space on the first floor; Sellers currently occupy the second and third floors; Village Commercial zoning
