Retail
For Sale
$450,000
72 Ocean Street #105, South Portland, ME 04106
A street-facing retail unit is currently leased to Petalage Floral Studio.
Property Size1,620 SF
Price / SF$277.78
Days on Market951
Property Features for 72 Ocean Street #105
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Commercial
Zoning
VC
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,122
Building Details
Building Size
1,620 SF
Year Built
2009
Stories
1
Tenancy
Single
Listing Agency:
Malone Commercial Brokers, Inc.
Listed By:
Michael Anderson
(207) 772-2422
Source:
Amerorealty
Added: Mar 26, 2024
Changed: Oct 31
Last Checked: Oct 31 at 2:37PM
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.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This retail condominium contains 1,620 SF and was built in 2009. The unit is currently leased to Petalage Floral Studio and is zoned VC.
The property is on Ocean Street in South Portland’s Knightville neighborhood, described as an emerging retail and restaurant area. The Casco Bay Bridge and downtown Portland are a few minutes away. Its Walk Score is 71, rated Very Walkable.
The property is on Ocean Street in South Portland’s Knightville neighborhood, described as an emerging retail and restaurant area. The Casco Bay Bridge and downtown Portland are a few minutes away. Its Walk Score is 71, rated Very Walkable.
Key Highlights
- 1,620 SF retail condominium
- Built in 2009
- Currently leased to Petalage Floral Studio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,942
Cap Rate
3.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$338,840
$338.8K
Cap Rate 7%
$242,029
$242.0K
Cap Rate 9%
$188,244
$188.2K
Market Conditions
NOI Build-Up for 1,620 SF
Gross rent
$29.2K $18.00/SF
− Vacancy
−$5.0K −$3.06/SF
EGI
$24.2K $14.94/SF
− OpEx
−$7.3K −$4.48/SF
NOI
$16.9K $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%
$338,840
Cap Rate 7%
$242,029
Cap Rate 9%
$188,244
Alternative Uses
Best Use
Retail
$242.0K
$211.8K – $282.4K
NOI $16,942 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$445.3K
$389.6K – $519.5K
NOI $31,168 @ 7.0% cap · market cap 6.93%
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
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Circle K
Shops & Services
5,548 visits/mo
0.2 miles
Dollar General
Shops & Services
5,135 visits/mo
0.2 miles
Jiffy Lube
Shops & Services
1,118 visits/mo
0.2 miles
Penske Truck Rental
Shops & Services
857 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Retail space - A street-facing retail unit is currently leased to Petalage Floral Studio.
Where is this retail space located?
The property is located at 72 Ocean Street #105 South Portland, ME.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,620 SF retail condominium; Built in 2009; Currently leased to Petalage Floral Studio
