Portland West End Redevelopment
For Sale
$1,875,000
181 Brackett Street, Portland, ME 04102
Redevelopment opportunity in Portland's West End with retail visibility.
Property Size13,020 SF
Days on Market292
Property Features for 181 Brackett Street
General Information
Standard status
Active
Size
13,020 SF
Property subtype
Multifamily
Building Details
Building Size
13,020 SF
Year Built
1887
Listing Agency:
The Boulos Company Portland
Listed By:
Claire Richardson
(207) 880-4607
Source:
Boulos
Added: Nov 24, 2025
Changed: Sep 7
Last Checked: Sep 11 at 8:50AM
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 Boulos Company Portland
Investment Insights
Based on property information with market context.
This 13,020 square foot building in Portland’s West End presents a redevelopment opportunity. The property features a brick exterior, retail visibility, and high ceilings. Recent capital improvements include a new roof, windows, and facade upgrades. Plans are in place for 9 residential units and 1 commercial unit. The building was formerly an office building.
Key Highlights
- Excellent redevelopment opportunity in Portland’s West End.
- Plans in place for 9 residential units and 1 commercial unit.
- 13,020+/- SF building.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$136,163
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,723,260
$2.7M
Cap Rate 7%
$1,945,186
$1.9M
Cap Rate 9%
$1,512,922
$1.5M
Market Conditions
NOI Build-Up for 13,020 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$234.4K $18.00/SF
− Vacancy
−$39.8K −$3.06/SF
EGI
$194.5K $14.94/SF
− OpEx
−$58.4K −$4.48/SF
NOI
$136.2K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,723,260
Cap Rate 7%
$1,945,186
Cap Rate 9%
$1,512,922
Alternative Uses
Best Use
Apartment 5plus
$3.06M
$2.68M – $3.57M
NOI $214,057 @ 7.0% cap · market cap 11.42%
Second Best
Retail
$1.95M
$1.70M – $2.27M
NOI $136,163 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$3.58M
$3.13M – $4.17M
NOI $250,499 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,612
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Redevelopment opportunity in Portland's West End with retail visibility.
Where is this apartment building located?
The property is located at 181 Brackett Street Portland, ME.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: Excellent redevelopment opportunity in Portland’s West End.; Plans in place for **9 residential units and 1 commercial unit**.; 13,020+/- SF building.
