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 Market338
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: Oct 26
Last Checked: Oct 26 at 3:09PM
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
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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 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 / Yr
$136,163
Cap Rate
7.26%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,612
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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.
