Building Details

Building Size 2,038 SF

Year Built 1870

Stories 1

Listing Agency: Integrity Homes Real Estate Group, PC b***@gmail.com

Listed By: Buffy Dumont Show Phone

Source: Integrityhomesrealestategroup

Added: May 31, 2024 Changed: Oct 31 Last Checked: Oct 31 at 3:12AM

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Ask AI about this property

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

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This retail condominium offers 2,038 square feet of interior space, including a 400-square-foot basement storage room. Its current salon layout, full-glass storefront, and 14-foot ceilings define the space. The building dates to 1870, and the property is zoned B3.

The unit is at Monument Square in downtown Portland, Maine, within a location described as having shopping traffic. The address is 490 Congress Street, Suite 101.

Key Highlights

• 2,038 square feet of commercial interior space
• 400‑square‑foot basement storage room
• Full‑glass storefront and 14‑foot ceilings

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,313

Cap Rate

4.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$426,260 $426.3K

Cap Rate 7%

$304,471 $304.5K

Cap Rate 9%

$236,811 $236.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,038 SF

Gross rent

$36.7K $18.00/SF

− Vacancy

−$6.2K −$3.06/SF

EGI

$30.4K $14.94/SF

− OpEx

−$9.1K −$4.48/SF

NOI

$21.3K $10.46/SF

Area

Cumberland County, ME

Vacancy

17.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$426,260

Cap Rate 7%

$304,471

Cap Rate 9%

$236,811

Alternative Uses

Best Use

Retail

$304.5K

$266.4K – $355.2K (±1% cap)

NOI $21,313 @ 7.0% cap · market cap 4.06%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$560.1K

$490.1K – $653.5K (±1% cap)

NOI $39,210 @ 7.0% cap · market cap 7.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Retail space

Suggested Use

Top Pick Auto Parts Store (Bike/Boat/Book/etc) Store Locksmith Pet Grooming Service Tanning Salon Mobile Phone Store

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

Location Intelligence

Trade Area within ½ mile

6,425

Businesses Nearby

210k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Groceries 54% Hotels & Casinos 13% Shops & Services 13% Dining 12%

Trader Joe's Groceries

68,293 visits/mo 0.4 miles

Whole Foods Market Groceries

44,366 visits/mo 0.4 miles

Hampton Inn Portland Downtown Waterfront Hotels & Casinos

14,714 visits/mo 0.4 miles

Circle K Shops & Services

12,170 visits/mo 0.5 miles

Chipotle Mexican Grill Dining

11,557 visits/mo 0.5 miles

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 Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - A finished commercial interior with tall ceilings and separate basement storage is configured for salon use.

Where is this retail space located?

The property is located at 490 Congress Street #101 Portland, ME.

What is the asking price?

The asking price for this property is $525,000.

What are key features of this property?

This property features: 2,038 square feet of commercial interior space; 400‑square‑foot basement storage room; Full‑glass storefront and 14‑foot ceilings