Leased Freestanding Storefront
For Sale
$900,000
224 Portland Road, Bridgton, ME 04009
Freestanding commercial building with two remodeled tenant spaces and established occupancy in place.
Property Size4,488 SF
Price / SF$200.53
Days on Market10
Property Features for 224 Portland Road
General Information
Standard status
Active
Size
4,488 SF
Property subtype
Multi-Family
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$9,888
Amenities
A/C - Other
3
Paved Driveway, Gravel.
1.37
Building Details
Year Built
2003
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
(207) 415-2112
Listed By:
Butts Commercial Brokers
(207) 415-2112
Source:
Xome
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 12:54PM
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 Butts Commercial Brokers
Investment Insights
Based on property information with market context.
This freestanding storefront property contains 4,488 +/- Sq. Ft. of commercial space arranged as two separate tenant areas. The larger space encompasses 3,238 +/- Sq. Ft., while the second provides 1,250 +/- Sq. Ft. Both interiors have undergone remodeling in recent years, and the building is fully leased to two established tenants.
Constructed in 2003, the property offers an existing two-tenant configuration with both occupants remaining in place on a long-term basis. Financial information and lease details require an NDA for release.
Constructed in 2003, the property offers an existing two-tenant configuration with both occupants remaining in place on a long-term basis. Financial information and lease details require an NDA for release.
Key Highlights
- 4,488 +/- Sq. Ft. freestanding commercial property
- Two established tenants with the building fully leased
- Tenant areas measure 3,238 +/- Sq. Ft. and 1,250 +/- Sq. Ft.
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
$46,936
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
5.22%
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%
$938,720
$938.7K
Cap Rate 7%
$670,514
$670.5K
Cap Rate 9%
$521,511
$521.5K
Market Conditions
NOI Build-Up for 4,488 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
$80.8K $18.00/SF
− Vacancy
−$13.7K −$3.06/SF
EGI
$67.1K $14.94/SF
− OpEx
−$20.1K −$4.48/SF
NOI
$46.9K $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 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%
$938,720
Cap Rate 7%
$670,514
Cap Rate 9%
$521,511
Alternative Uses
Best Use
Retail
$670.5K
$586.7K – $782.3K
NOI $46,936 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,347 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
34k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 69%
Home Improvements & Furnishings 17%
Shops & Services 15%
McDonald's
Dining
14,269 visits/mo
0.5 miles
Dunkin' Donuts
Dining
9,398 visits/mo
0.2 miles
HAYES HARDWARE & POWER EQUIPMENT
Home Improvements & Furnishings
5,690 visits/mo
0.2 miles
Family Dollar
Shops & Services
5,092 visits/mo
0.2 miles
Demographics for 04009, ME
5,298
Population
4,580
Households
1.2
Avg Household Size
51
Median Age
32%
College-Educated
93%
High-School Grad
56.5 sq mi
ZIP Area
94
Density / Sq Mi
$86,386
Median Household Income
$48,737
Median Earnings
$1,196
Median Rent
$286,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding commercial building with two remodeled tenant spaces and established occupancy in place.
Where is this storefront property located?
The property is located at 224 Portland Road Bridgton, ME.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 4,488 +/- Sq. Ft. freestanding commercial property; Two established tenants with the building fully leased; Tenant areas measure 3,238 +/- Sq. Ft. and 1,250 +/- Sq. Ft.
