Mixed-Use Building with Roof
For Sale
$2,595,000
133 Free Street, Portland, ME 04101
Restaurant-oriented retail space with a full kitchen occupies the lower level beneath eight leased apartments.
Property Size7,969 SF
Price / SF$325.64
Days on Market10
Property Features for 133 Free Street
General Information
Standard status
Active
Size
7,969 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$23,168
Amenities
full kitchen
roof deck
Building Details
Building Size
7,969 SF
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Town & Shore Real Estate
(207) 233-9423
Listed By:
Jeffrey Davis · License #901562
(207) 233-9423
Source:
Heathershieldsmaine
Added: Aug 20
Changed: Aug 27
Last Checked: Aug 28 at 5:53PM
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 Town & Shore Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this 7,969 SF mixed-use property combines 4,141 SF of retail space with eight residential apartments. The commercial portion is configured as Mathew’s Pub and includes a full kitchen plus a 1,490 SF roof deck. The sale may also include the established business. An unfinished 766 SF attic provides additional interior area within the structure.
The property is located at 133 Free Street in Portland’s Arts District, directly across from the Portland Museum of Art’s expansion project. Its combination of commercial space, residential occupancy, roof-deck area, and unfinished attic space creates a varied mixed-use configuration.
The property is located at 133 Free Street in Portland’s Arts District, directly across from the Portland Museum of Art’s expansion project. Its combination of commercial space, residential occupancy, roof-deck area, and unfinished attic space creates a varied mixed-use configuration.
Key Highlights
- 7,969 SF mixed‑use building constructed in 1900
- 4,141 SF retail area with full kitchen
- 1,490 SF roof deck serving the commercial space
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
$131,015
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
5.05%
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%
$2,620,300
$2.6M
Cap Rate 7%
$1,871,643
$1.9M
Cap Rate 9%
$1,455,722
$1.5M
Market Conditions
NOI Build-Up for 7,969 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
$253.4K $31.80/SF
− Vacancy
−$15.2K −$1.91/SF
EGI
$238.2K $29.89/SF
− OpEx
−$107.2K −$13.45/SF
NOI
$131.0K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$2,620,300
Cap Rate 7%
$1,871,643
Cap Rate 9%
$1,455,722
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.18M
NOI $131,015 @ 7.0% cap · market cap 5.05%
Second Best
Mixed Use
$1.41M
$1.24M – $1.65M
NOI $98,975 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,320 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
6,135
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 Multifamily 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 - Restaurant-oriented retail space with a full kitchen occupies the lower level beneath eight leased apartments.
Where is this mixed-use property located?
The property is located at 133 Free Street Portland, ME.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: 7,969 SF mixed‑use building constructed in 1900; 4,141 SF retail area with full kitchen; 1,490 SF roof deck serving the commercial space
