Office Building with Building
1385 Congress Street, Portland, ME 04102
For Sale
$675,000
B1 & RN1 zoning and on-building signage provide practical details for evaluating the property.
Property Size3,048 SF
Price / SF$221.46
Days on Market103
Property Features for 1385 Congress Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Road Access
Property Use
Taxes and HOA fees
Annual Taxes
Amenities
signage opportunities
Building Details
Building Size
Year Built
Buildings
Stories
Listing Agency:
Malone Commercial Brokers, Inc.
(207) 772-2422
Listed By:
Jennifer Small · License ME #906232
(207) 772-6871
Source:
Hayesrealestate
Added: Jul 31
Changed: Nov 10
Last Checked: Nov 10 at 1:35AM
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, Inc.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,048± SF office building dates to 1920 and includes building signage. Its zoning is B1 & RN1.
The property is at 1385 Congress Street in Portland, across from the entrance to Shaw’s. Congress Street traffic is reported at 20,828± cars/day ADT, and the building offers signage opportunities on the street.
The property is at 1385 Congress Street in Portland, across from the entrance to Shaw’s. Congress Street traffic is reported at 20,828± cars/day ADT, and the building offers signage opportunities on the street.
Key Highlights
- 3,048± SF office building
- Built in 1920
- Zoned B1 & RN1
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,395
Cap Rate
6.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$887,900
$887.9K
Cap Rate 7%
$634,214
$634.2K
Cap Rate 9%
$493,278
$493.3K
Market Conditions
NOI Build-Up for 3,048 SF
Gross rent
$82.3K $27.00/SF
− Vacancy
−$8.3K −$2.72/SF
EGI
$74.0K $24.28/SF
− OpEx
−$29.6K −$9.71/SF
NOI
$44.4K $14.57/SF
Area
Cumberland County, ME
Vacancy
10.09%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$887,900
Cap Rate 7%
$634,214
Cap Rate 9%
$493,278
Alternative Uses
Best Use
Healthcare Medical
$634.2K
$554.9K – $739.9K
NOI $44,395 @ 7.0% cap · market cap 6.58%
Second Best
Office B
$623.4K
$545.5K – $727.3K
NOI $43,636 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$837.7K
$733.0K – $977.4K
NOI $58,642 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Properties on Market for Office buildings in Portland
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - B1 & RN1 zoning and on-building signage provide practical details for evaluating the property.
Where is this office building located?
The property is located at 1385 Congress Street Portland, ME.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 3,048± SF office building; Built in 1920; Zoned B1 & RN1
