Mixed-Use Building with Roof
New
For Sale
$2,595,000
133 Free Street, Portland, ME 04101
Commercial Sale, Portland, ME
Property Size7,969 SF
Lot Size0.09 Acres
Price / SF$325.64
Days on Market2
Property Features for 133 Free Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-3
Rooms
Basement
Parking features
None
Basement
Full, Unfinished
Lot features
Downtown, Bus Line
Standard status
Active
Size
7,969 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
23168
Utilities
Sewer type
Public Sewer
Heating system
Oil, Steam
Water source
Public
Amenities
full kitchen
roof deck
Building Details
Year built
1900
Flooring type
Carpet, Wood, Tile
Building materials
Masonry, Brick
Roof type
Shingle
Listing Agency:
Town & Shore Real Estate
(207) 773-0262
Listed By:
Jeffrey Davis · License #901562
(207) 233-9423
Added: Aug 20
Last Checked: Aug 21 at 7:06PM
MLS# 1677098
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This masonry and brick mixed-use property contains 7,969 square feet within a 0.09-acre parcel. The 4,141-square-foot retail component includes a full kitchen and connects to a 1,490-square-foot roof deck. The existing pub business may be included in the sale if desired. Eight fully leased residential apartments occupy the levels above, while an unfinished 766-square-foot attic provides additional interior area. A basement is also present.
Built in 1900, the building has wood, tile, and carpet flooring, oil-and-steam heating, a shingle roof, public water, and public sewer. The property carries B-3 zoning and is located at 133 Free Street in Portland’s Arts District, across from the Portland Museum of Art expansion project.
Built in 1900, the building has wood, tile, and carpet flooring, oil-and-steam heating, a shingle roof, public water, and public sewer. The property carries B-3 zoning and is located at 133 Free Street in Portland’s Arts District, across from the Portland Museum of Art expansion project.
Key Highlights
- 7,969 SF mixed‑use building on a 0.09‑acre parcel
- 4,141 SF retail area with full kitchen
- 1,490 SF roof deck
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
100%
Occupancy
Single-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 - B-3-zoned property combines street-level retail with 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 on a 0.09‑acre parcel; 4,141 SF retail area with full kitchen; 1,490 SF roof deck
