Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Portland Commercial Land For Sale Title is generated by Realmo AI

    1871 Forest Ave, Portland, ME

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    3.42 AC of real estate conveniently located in Portland.

    Type:RETAIL
    Property size:
    8,771 SF
    Lot size:
    3.43 Acres
    Price / SF:
    $199/SF
    Added:
    Oct 21, 2024
    Days on Market:
    592
    Last Refresh:
    May 20 at 8:21 pm

    Property Features for 1871 Forest Ave

    General Information

    Standard status
    Active
    Size
    8,771 SF
    Lot size
    3.43 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Claire Richardson
    Claire Richardson

    Listing agent Claire Richardson

    Listing office The Boulos Company

    Listing date Oct 21, 2024

    Source Moodyscre

    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

    HighLights

    • High‑density residential redevelopment potential due to B2 zoning.
    • Large 3.42± AC lot in Portland.
    • Existing 8,771± SF restaurant space.
    • Two entrances off Forest Avenue and located directly on a bus route.
    • 52± on‑site parking spaces.
    • Convenient location in Portland.

    Overview

    This property features 3.42 acres of real estate in a convenient Portland location. Zoned B2, the site is suited for high-density residential redevelopment. It includes two existing entrances off Forest Avenue and is located directly on a bus route. The property includes an existing restaurant space of 8,771 square feet with approximately 52 parking spaces.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $157.9k $18.00
    − Vacancy −$26.8k −$3.06
    EGI $131.0k $14.94
    − OpEx −$32.8k −$3.74
    NOI $98.3k $11.21
    8,771 SF · lease $18.00/SF/yr · vacancy 17.00% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $1.40M
    $1.23M – $1.64M (±1% cap)
    NOI $98,279 @ 7.0% cap · market cap 5.62%
    Second Best
    Retail
    $1.31M
    $1.15M – $1.53M (±1% cap)
    NOI $91,727 @ 7.0% cap · market cap 5.24%
    Theoretical Best
    Office A
    $2.41M
    $2.11M – $2.81M (±1% cap)
    NOI $168,750 @ 7.0% cap · market cap 9.64%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Skin Care Clinic Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Fire and Company — 1706 Forest Ave, Portland, ME 04103

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3194
    Latitude
    43.7004

    Nearby Similar for Sale

    • $650,000
      3,170 SF

      Renovated Commercial Building in Portland

      High-visibility commercial building with flexible space and on-site parking.
      522 Washington Avenue, Portland, ME 04103
      View Details
    • $1,595,000
      3,842 SF

      West End Bed & Breakfast

      Turn-key hospitality asset in Portland's West End.
      15 Pine Street, Portland, ME 04102
      View Details
    • $1,190,000
      5,036 SF

      Portland Mixed-Use Investment Opportunity

      Two adjoining properties with income potential near downtown Portland.
      522-526 Washington Avenue, Portland, ME 04103
      View Details
    • $369,000
      924 SF

      Retail Condo in Old Port

      Retail condominium unit in Portland's historic Old Port.
      3 Gold Street, Portland, ME 04101
      View Details
    • $2,690,000
      6,283 SF

      Eastern Promenade Colonial Revival Multifamily

      Rare 5-unit building near Eastern Promenade with flexible layout.
      63-69 Morning Street, Portland, ME 04101
      View Details
    • $868,000
      3,119 SF

      Charming Multi-Unit Investment Property

      Three-unit property near Back Cove with income potential.
      9 Grasmere Road, Portland, ME 04101
      View Details
    • $1,395,000
      3,849 SF

      Portland Multifamily Condo Opportunity

      Four condo units in premier West End location, 80% completed.
      126 Danforth Street, Portland, ME 04101
      View Details
    • $799,000
      3,136 SF

      Three-Unit Residential Income Property

      Three-unit triplex with off-street parking, decks, and a manageable yard in an in-town Portland setting.
      33 Payson Street, Portland, ME 04102
      View Details
    • $1,199,000
      2,784 SF

      West End Triplex Opportunity

      Well-maintained three-unit in Portland's West End.
      115 Clark Street, Portland, ME 04102
      View Details
    • $1,299,000
      3,304 SF

      Fully Leased Munjoy Hill Investment

      Four-unit property with partial Casco Bay views in Portland.
      6 - 8 Saint Lawrence Street, Portland, ME 04101
      View Details
    • $990,000
      2,634 SF

      West End Income Property

      Charming two-unit property in Portland's West End.
      75 Carleton Street, Portland, ME 04102
      View Details
    • $1,224,000
      4,370 SF

      Portland West End Multifamily Opportunity

      Classic 4-unit building in Portland's desirable West End.
      52 Carleton Street, Portland, ME 04102
      View Details

    FAQs

    What type of property is this?
    Restaurant - 3.42 AC of real estate conveniently located in Portland.
    Where is this restaurant located?
    The property is located at 1871 Forest Ave Portland, ME.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: High‑density residential redevelopment potential due to B2 zoning.; Large 3.42± AC lot in Portland.; Existing 8,771± SF restaurant space.
    (207) 553-1732 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Claire Richardson
    Claire Richardson
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1871 Forest Ave, Portland, ME
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!