Six-Suite Office
For Sale
$599,900
918 Broadway, South Portland, ME 04106
Older office property with private suites, period detailing, and dedicated off-street parking.
Property Size3,155 SF
Price / SF$190.14
Days on Market49
Property Features for 918 Broadway
General Information
Standard status
Active
Size
3,155 SF
Additional Details
Office Units
6
Amenities
hardwood floors
fireplace
Building Details
Year Built
1910
Listing Agency:
The Atlantic Real Estate Network
(207) 878-8800
Listed By:
Joseph Flynn
Source:
Aroostookrealestate
Added: Jul 12
Changed: Aug 28
Last Checked: Aug 28 at 12:58PM
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 Atlantic Real Estate Network
Investment Insights
Based on property information with market context.
Built in 1910, this 3,155-square-foot office building contains 6 private office suites within an older structure featuring hardwood floors and a fireplace. The layout offers multiple separate office environments suited to professional occupancy, while the building’s period details add character distinct from a typical contemporary office setting.
The property includes a large off-street parking lot with capacity for 6+ cars. Public remarks identify visibility on Main Street and an 18,000+ daily traffic count, although the recorded address is 918 Broadway, South Portland, ME 04106.
The property includes a large off-street parking lot with capacity for 6+ cars. Public remarks identify visibility on Main Street and an 18,000+ daily traffic count, although the recorded address is 918 Broadway, South Portland, ME 04106.
Key Highlights
- 6 private office suites within a 3,155‑square‑foot building
- Built in 1910
- Hardwood floors and fireplace provide period character
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
$45,167
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
7.53%
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%
$903,340
$903.3K
Cap Rate 7%
$645,243
$645.2K
Cap Rate 9%
$501,856
$501.9K
Market Conditions
NOI Build-Up for 3,155 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
$68.9K $21.84/SF
− Vacancy
−$8.7K −$2.75/SF
EGI
$60.2K $19.09/SF
− OpEx
−$15.1K −$4.77/SF
NOI
$45.2K $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%
$903,340
Cap Rate 7%
$645,243
Cap Rate 9%
$501,856
Alternative Uses
Best Use
Office B
$645.2K
$564.6K – $752.8K
NOI $45,167 @ 7.0% cap · market cap 7.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$867.2K
$758.8K – $1.01M
NOI $60,701 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Location Intelligence
Trade Area within ½ mile
302
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
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Frequently Asked Questions
What type of property is this?
Office building - Older office property with private suites, period detailing, and dedicated off-street parking.
Where is this office building located?
The property is located at 918 Broadway South Portland, ME.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 6 private office suites within a 3,155‑square‑foot building; Built in 1910; Hardwood floors and fireplace provide period character
