East Bayside Redevelopment
For Sale
Contact for pricing
189 Anderson St, Portland, ME
Mixed-use redevelopment site in Portland's East Bayside neighborhood.
Property Size6,022 SF
Lot Size0.20 Acres
Price / SF$123.71
Days on Market260
Property Features for 189 Anderson St
General Information
Standard status
Active
Size
6,022 SF
Lot size
0.20 Acres
Property subtype
LAND
Listing Agency:
The Boulos Company
(207) 400-6737
Listed By:
Noah Stebbins · License #BR928219
(207) 400-6737
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:50AM
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
Investment Insights
Based on property information with market context.
This property is a mixed-use redevelopment site featuring a former auto repair building. The existing structure can be renovated or cleared to make way for new construction. Site plan approvals are in place. The property is located in Portland’s East Bayside neighborhood, offering convenient access to I-295. The property size is 6,022 square feet.
Key Highlights
- Site plan approvals in place
- Located in Portland’s East Bayside neighborhood
- Easy access to I‑295
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
$62,978
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
8.45%
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%
$1,259,560
$1.3M
Cap Rate 7%
$899,686
$899.7K
Cap Rate 9%
$699,756
$699.8K
Market Conditions
NOI Build-Up for 6,022 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
$108.4K $18.00/SF
− Vacancy
−$18.4K −$3.06/SF
EGI
$90.0K $14.94/SF
− OpEx
−$27.0K −$4.48/SF
NOI
$63.0K $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%
$1,259,560
Cap Rate 7%
$899,686
Cap Rate 9%
$699,756
Alternative Uses
Best Use
Retail
$899.7K
$787.2K – $1.05M
NOI $62,978 @ 7.0% cap · market cap 8.45%
Second Best
Industrial
$550.5K
$481.7K – $642.3K
NOI $38,535 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $115,861 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,471
Businesses Nearby
77k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 58%
Shops & Services 20%
Apparel 14%
Dining 7%
Whole Foods Market
Groceries
44,366 visits/mo
0.4 miles
Play It Again Sports
Apparel
10,603 visits/mo
0.2 miles
7-Eleven
Shops & Services
10,539 visits/mo
0.4 miles
Dunkin' Donuts
Dining
3,843 visits/mo
0.5 miles
U-Haul Moving & Storage AT Rte 295
Shops & Services
3,586 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Lewis Garage — 63 federal st, portland, me 04101
- Staline Heavy Duty Towing — 419 Congress St, Portland, ME 04101
- Oakhurst Fleet Services — Fox St, Portland, ME 04101
- High Maintenance Auto Solutions — 202 Kennebec St, Portland, ME 04101
- Adams Towing — Portland, ME 04104
Frequently Asked Questions
What type of property is this?
Auto shop - Mixed-use redevelopment site in Portland's East Bayside neighborhood.
Where is this auto shop located?
The property is located at 189 Anderson St Portland, ME.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Site plan approvals in place; Located in Portland’s East Bayside neighborhood; Easy access to I‑295
