Mixed-Use Live-Work
For Sale
$565,000
49 Portland Street, South Berwick, ME 03908
Well-maintained live-work building with two office suites and a second-floor two-bedroom apartment plus off-street parking.
Property Size3,120 SF
Price / SF$181.09
Days on Market798
Property Features for 49 Portland Street
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Commercial
Zoning
B1
Occupancy
100%
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$8,355
Amenities
central air conditioning
Building Details
Year Built
1900
Buildings
1
Construction
Victorian
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Century 21 Barbara Patterson
Listed By:
Jerry Tatlock
(207) 384-4008
Source:
Churchillprop
Added: Aug 26, 2024
Changed: Oct 31
Last Checked: Nov 1 at 3:31AM
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 Century 21 Barbara Patterson
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Investment Insights
Based on property information with market context.
This live-work style mixed-use property in downtown South Berwick combines commercial office space with a residential apartment. The building currently has two offices with established businesses on the main level, including private offices and reception areas. Each office has its own exterior entrance, supporting independent access for occupants and visitors. A second-floor two-bedroom apartment provides residential space above the offices.
The building has been well maintained with replacement windows, an updated heating system, and central air conditioning. Separate electrical services are in place, which can support operational independence between the commercial and residential portions. Off-street parking is available for businesses and tenants.
The property was built in 1900 and sits on a 0.27 lot. It totals 3,120 square feet and includes existing leases for all units.
The building has been well maintained with replacement windows, an updated heating system, and central air conditioning. Separate electrical services are in place, which can support operational independence between the commercial and residential portions. Off-street parking is available for businesses and tenants.
The property was built in 1900 and sits on a 0.27 lot. It totals 3,120 square feet and includes existing leases for all units.
Key Highlights
- Two main‑level offices with private offices plus reception areas
- Second‑floor two‑bedroom apartment
- Own exterior entrance for each office
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,106
Cap Rate
9.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,022,120
$1.0M
Cap Rate 7%
$730,086
$730.1K
Cap Rate 9%
$567,844
$567.8K
Market Conditions
NOI Build-Up for 3,120 SF
Gross rent
$77.9K $24.96/SF
− Vacancy
−$9.7K −$3.12/SF
EGI
$68.1K $21.84/SF
− OpEx
−$17.0K −$5.46/SF
NOI
$51.1K $16.38/SF
Area
York County, ME
Vacancy
12.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,022,120
Cap Rate 7%
$730,086
Cap Rate 9%
$567,844
Alternative Uses
Best Use
Office B
$730.1K
$638.8K – $851.8K
NOI $51,106 @ 7.0% cap · market cap 9.05%
Second Best
Mixed Use
$553.6K
$484.4K – $645.8K
NOI $38,750 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$989.0K
$865.4K – $1.15M
NOI $69,232 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
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Business Placement
Demographics for 03908, ME
7,468
Population
3,169
Households
2.4
Avg Household Size
41
Median Age
39%
College-Educated
98%
High-School Grad
31.9 sq mi
ZIP Area
234
Density / Sq Mi
$97,927
Median Household Income
$52,008
Median Earnings
$1,535
Median Rent
$385,000
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Live-work space - Well-maintained live-work building with two office suites and a second-floor two-bedroom apartment plus off-street parking.
Where is this live-work space located?
The property is located at 49 Portland Street South Berwick, ME.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Two main‑level offices with private offices plus reception areas; Second‑floor two‑bedroom apartment; Own exterior entrance for each office
