Mixed-Use Building with Commercial
For Sale
$775,000
135 Ocean Street, South Portland, ME 04106
1900-built property combines two residential units with an occupied ground-floor business space.
Property Size2,583 SF
Price / SF$300.04
Days on Market37
Property Features for 135 Ocean Street
General Information
Standard status
Active
Size
2,583 SF
Property subtype
Commercial
Occupancy
100%
Lease Term
[]
Additional Details
Land Use
mixed-use
Building Details
Year Built
1900
Listing Agency:
Portside Real Estate Group
(207) 233-8314
Listed By:
John Fitzsimons
(207) 233-8314
Source:
Portsiderealestategroup
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 28 at 7:04AM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1900, this 2,583 SF mixed-use property at 135 Ocean Street includes two residential units and a commercial space on the first floor. All three components are occupied by long-term tenants, creating an established mix of residential and commercial occupancy.
The commercial occupant operates a medical cannabis business and has remained in place for seven years. The property is situated in the Knightville area of South Portland, near transit, shops, and services.
The commercial occupant operates a medical cannabis business and has remained in place for seven years. The property is situated in the Knightville area of South Portland, near transit, shops, and services.
Key Highlights
- 2,583 SF mixed‑use building constructed in 1900
- Two residential units plus first‑floor commercial space
- All units and commercial space currently occupied
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
$45,645
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
5.89%
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%
$912,900
$912.9K
Cap Rate 7%
$652,071
$652.1K
Cap Rate 9%
$507,167
$507.2K
Market Conditions
NOI Build-Up for 2,583 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
$69.7K $27.00/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$65.2K $25.25/SF
− OpEx
−$19.6K −$7.57/SF
NOI
$45.6K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$912,900
Cap Rate 7%
$652,071
Cap Rate 9%
$507,167
Alternative Uses
Best Use
Multifamily LT 5
$652.1K
$570.6K – $760.8K
NOI $45,645 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$606.7K
$530.8K – $707.8K
NOI $42,466 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$709.9K
$621.2K – $828.3K
NOI $49,696 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
430
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 1900-built property combines two residential units with an occupied ground-floor business space.
Where is this mixed-use property located?
The property is located at 135 Ocean Street South Portland, ME.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 2,583 SF mixed‑use building constructed in 1900; Two residential units plus first‑floor commercial space; All units and commercial space currently occupied
