1435 Forest Avenue, Portland, ME 04103

Building Details

Year built 1923 More

Listing Agency: South Portland, Maine · Better Homes and Gardens Real Estate i***@Masiello.com

Listed By: Rob Trask Show Phone

Added: Sep 18 Changed: Oct 6 Last Checked: Nov 7 at 9:06AM

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MLS# 1646140

Copyright © 2026 Better Homes and Gardens-The Masiello Group. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This 2,910-square-foot mixed-use building, constructed in 1923, combines a ground-floor storefront with a three-bedroom apartment above. The property also includes finished supplemental space that can serve as storage or a break room.

Located at 1435 Forest Avenue in Portland, Maine, the building offers a combination of commercial and residential components within a single property. Its configuration accommodates a storefront operation alongside an upstairs residential unit.

Key Highlights

• 2,910‑square‑foot mixed‑use building
• Ground‑floor storefront
• Three‑bedroom apartment above the commercial space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,142

Cap Rate

7.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$722,840 $722.8K

Cap Rate 7%

$516,314 $516.3K

Cap Rate 9%

$401,578 $401.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,910 SF

Gross rent

$62.9K $21.60/SF

− Vacancy

−$5.0K −$1.73/SF

EGI

$57.8K $19.87/SF

− OpEx

−$21.7K −$7.45/SF

NOI

$36.1K $12.42/SF

Area

Cumberland County, ME

Vacancy

8.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$722,840

Cap Rate 7%

$516,314

Cap Rate 9%

$401,578

Alternative Uses

Best Use

Apartment 5plus

$683.5K

$598.0K – $797.4K (±1% cap)

NOI $47,842 @ 7.0% cap · market cap 9.47%

Second Best

Mixed Use

$516.3K

$451.8K – $602.4K (±1% cap)

NOI $36,142 @ 7.0% cap · market cap 7.16%

Theoretical Best

Office A

$799.8K

$699.8K – $933.1K (±1% cap)

NOI $55,987 @ 7.0% cap · market cap 11.09%

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

Fortune Garden Restaurant

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Grocery & Convenience Store (Bike/Boat/Book/etc) Store Food Market Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

470

Businesses Nearby

Explore this area Business Placement

Demographics for 04103, ME

31,185

Population

14,336

Households

2.2

Avg Household Size

40

Median Age

58%

College-Educated

97%

High-School Grad

10.2 sq mi

ZIP Area

3,057

Density / Sq Mi

$90,682

Median Household Income

$48,640

Median Earnings

$1,571

Median Rent

$421,800

Median Home Value

Market

Average Price Trend$/SF for Mixed-use properties in Portland, ME

$213 Jul

$302 Aug

$361 Sep

$310 Oct

Properties on Market for Mixed-use properties in Portland

Jul

Aug

Sep

Oct

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-level property combining a commercial storefront with an upstairs apartment and additional finished support space.

Where is this mixed-use property located?

The property is located at 1435 Forest Avenue Portland, ME.

What is the asking price?

The asking price for this property is $505,000.

What are key features of this property?

This property features: 2,910‑square‑foot mixed‑use building; Ground‑floor storefront; Three‑bedroom apartment above the commercial space