Historic Mixed-Use
For Sale
Contact for pricing
131 Middle Street, Portland, ME 04101
Brick commercial property with retail, office, accessible upper levels, parking, and distinctive historic architectural details.
Property Size27,120 SF
Price / SF$248.89
Days on Market103
Property Features for 131 Middle Street
General Information
Standard status
Active
Size
27,120 SF
Elevators
Yes
Property subtype
Retail, Office
Zoning
B3
Amenities
ornate facade
floor to ceiling windows
wood floors and ceilings
generously sized basement
all levels ADA accessible
expansive full size attic
Building Details
Year Built
1867
Year Renovated
2003
Buildings
1
Construction
brick Italianate
Tenancy
Multi
Listing Agency:
Malone Commercial Brokers
(207) 772-2422
Listed By:
Peter Harrington · License #ME BA900499
Source:
Crexi
Added: May 21
Changed: Aug 29
Last Checked: Aug 29 at 3:30PM
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 1867, this 27,120-square-foot mixed-use commercial building combines historic character with a multi-level configuration. The brick Italianate design includes an ornamental exterior, floor-to-ceiling windows, and wood floors and ceilings. A full-size attic and a sizable basement with elevator access add functional space, while ADA accessibility extends across all levels.
The property includes first-floor retail occupancy and office space on the upper floors, with rear parking serving the building. Located on Middle Street in Portland’s Old Port and zoned B3, the property supports a combination of storefront and office uses within a prominent historic structure.
The property includes first-floor retail occupancy and office space on the upper floors, with rear parking serving the building. Located on Middle Street in Portland’s Old Port and zoned B3, the property supports a combination of storefront and office uses within a prominent historic structure.
Key Highlights
- 27,120‑square‑foot mixed‑use building constructed in 1867
- Brick Italianate architecture with ornamental facade and floor‑to‑ceiling windows
- First‑floor retail space with upper‑level offices
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
$388,253
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
5.75%
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%
$7,765,060
$7.8M
Cap Rate 7%
$5,546,471
$5.5M
Cap Rate 9%
$4,313,922
$4.3M
Market Conditions
NOI Build-Up for 27,120 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
$592.3K $21.84/SF
− Vacancy
−$74.6K −$2.75/SF
EGI
$517.7K $19.09/SF
− OpEx
−$129.4K −$4.77/SF
NOI
$388.3K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
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%
$7,765,060
Cap Rate 7%
$5,546,471
Cap Rate 9%
$4,313,922
Alternative Uses
Best Use
Office B
$5.55M
$4.85M – $6.47M
NOI $388,253 @ 7.0% cap · market cap 5.75%
Second Best
Mixed Use
$4.81M
$4.21M – $5.61M
NOI $336,830 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$7.45M
$6.52M – $8.70M
NOI $521,777 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,539
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial property with retail, office, accessible upper levels, parking, and distinctive historic architectural details.
Where is this mixed-use property located?
The property is located at 131 Middle Street Portland, ME.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: 27,120‑square‑foot mixed‑use building constructed in 1867; Brick Italianate architecture with ornamental facade and floor‑to‑ceiling windows; First‑floor retail space with upper‑level offices
