Mixed-Use Building with Restaurant
For Sale
$3,395,000
60 Ocean Street, South Portland, ME 04106
Six apartments sit above restaurant space, with off-street parking and VC zoning.
Property Size9,640 SF
Price / SF$352.18
Days on Market809
Property Features for 60 Ocean Street
General Information
Standard status
Active
Size
9,640 SF
Total Parking Spaces
8
Property subtype
Commercial
Zoning
VC
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$18,333
Building Details
Building Size
9,640 SF
Year Built
2019
Buildings
1
Stories
2
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
Thomas Gadbois · License #BA918504
(207) 409-8339
Source:
Amerorealty
Added: Aug 15, 2024
Changed: Oct 31
Last Checked: Oct 31 at 2:35PM
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 F.O. Bailey Real Estate
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Investment Insights
Based on property information with market context.
Built in 2019, this mixed-use property combines 6,006 +/- square feet of restaurant space with six residential apartments totaling 3,634 +/- square feet. Apartment interiors feature wood flooring, granite, updated cabinetry, custom tile showers, and heat pumps. The property also includes eight off-street parking spaces and is zoned VC.
At 60 Ocean Street in South Portland, the building is in the Knightville seaside neighborhood and a short drive from Portland’s Old Port.
At 60 Ocean Street in South Portland, the building is in the Knightville seaside neighborhood and a short drive from Portland’s Old Port.
Key Highlights
- 6,006 +/- SF of restaurant space
- Six apartments totaling 3,634 +/- SF
- Eight off‑street parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$158,487
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,169,740
$3.2M
Cap Rate 7%
$2,264,100
$2.3M
Cap Rate 9%
$1,760,967
$1.8M
Market Conditions
NOI Build-Up for 9,640 SF
Gross rent
$306.6K $31.80/SF
− Vacancy
−$18.4K −$1.91/SF
EGI
$288.2K $29.89/SF
− OpEx
−$129.7K −$13.45/SF
NOI
$158.5K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,169,740
Cap Rate 7%
$2,264,100
Cap Rate 9%
$1,760,967
Alternative Uses
Best Use
Apartment 5plus
$2.26M
$1.98M – $2.64M
NOI $158,487 @ 7.0% cap · market cap 4.67%
Second Best
Mixed Use
$1.71M
$1.50M – $2.00M
NOI $119,729 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,469 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Six apartments sit above restaurant space, with off-street parking and VC zoning.
Where is this mixed-use property located?
The property is located at 60 Ocean Street South Portland, ME.
What is the asking price?
The asking price for this property is $3,395,000.
What are key features of this property?
This property features: 6,006 +/- SF of restaurant space; Six apartments totaling 3,634 +/- SF; Eight off‑street parking spaces
