Building Details

Building Size 6,213 SF

Year Built 1956

Buildings 1

Stories 2

Listing Agency: The Dunham Group m***@dunham-group.com

Listed By: Katherine Breggia Show Phone

Source: Amerorealty

Added: May 1, 2024 Changed: Oct 31 Last Checked: Oct 31 at 2:25PM

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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 The Dunham Group

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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 6,213-square-foot mixed-use building, constructed in 1956, has a retail unit on the first floor and two apartments on the second. The residential units comprise one one-bedroom apartment and one two-bedroom apartment. The property is fully leased, with all tenants occupying on a tenancy-at-will basis. It is zoned B2b.

Key Highlights

• 6,213‑square‑foot, two‑story mixed‑use building
• Ground‑floor retail unit with two apartments above
• Apartments include one 1‑bedroom unit and one 2‑bedroom unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$69,617

Cap Rate

8.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,392,340 $1.4M

Cap Rate 7%

$994,529 $994.5K

Cap Rate 9%

$773,522 $773.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,213 SF

Gross rent

$111.8K $18.00/SF

− Vacancy

−$19.0K −$3.06/SF

EGI

$92.8K $14.94/SF

− OpEx

−$23.2K −$3.74/SF

NOI

$69.6K $11.21/SF

Area

Cumberland County, ME

Vacancy

17.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,392,340

Cap Rate 7%

$994,529

Cap Rate 9%

$773,522

Alternative Uses

Best Use

Apartment 5plus

$1.46M

$1.28M – $1.70M (±1% cap)

NOI $102,145 @ 7.0% cap · market cap 13.18%

Second Best

Mixed Use

$1.10M

$964.6K – $1.29M (±1% cap)

NOI $77,165 @ 7.0% cap · market cap 9.96%

Theoretical Best

Office A

$1.71M

$1.49M – $1.99M (±1% cap)

NOI $119,535 @ 7.0% cap · market cap 15.42%

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

Grocery and convenience stores

Suggested Use

Top Pick HVAC Service Electrical Service (Bike/Boat/Book/etc) Store Locksmith Garden Center Building Supply

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

2

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

1,017

Businesses Nearby

14k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 70% Dining 18% Beauty & Spa 12%

Artist & Craftsman Supply Shops & Services

5,242 visits/mo 0.1 miles

Mobil Shops & Services

4,636 visits/mo 0.4 miles

Domino's Pizza Dining

2,563 visits/mo 0.3 miles

Sun Tan City Beauty & Spa

1,752 visits/mo 0.1 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?

Mixed-use property - A leased two-story property combines ground-floor retail with two residential units above.

Where is this mixed-use property located?

The property is located at 637 Forest Avenue 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: 6,213‑square‑foot, two‑story mixed‑use building; Ground‑floor retail unit with two apartments above; Apartments include one 1‑bedroom unit and one 2‑bedroom unit