Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    244 Ray St Portland, ME 04103

    View on Map
    For Sale
    $514,000

    Former Group Home/ Mixed Use Location in Portland Maine neighborhood

    Property size:
    2,256 SF
    Lot size:
    0.26 Acres
    Added:
    Oct 1, 2025
    Days on Market:
    185
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 244 Ray St

    General Information

    Standard status
    Active
    Property type
    Mixed-use properties, Assisted living facilities, Other residential income properties
    Size
    2,256 SF
    Class
    F
    Total Parking Spaces
    4
    Elevators
    No
    Lot size
    0.26 Acres

    Building Details

    Year Built
    1937
    Year Renovated
    2025
    Buildings
    1
    Stories
    2
    Units
    1

    We can help!

    Listing Contact
    Davian Akers

    Listing agent Davian

    Listing office

    Listing date Oct 1, 2025

    Overview

    Portland Mixed-Use Garrison-Style Building

    Located in the North Deering neighborhood of Portland, Maine, this renovated Garrison-style building offers mixed-use potential. The property features a freshly updated interior with new flooring throughout, a renovated bathroom, and a kitchen equipped with new appliances. The property's mixed-use zoning presents a business or investment opportunity. The property offers large bedrooms and easy access bathrooms, plenty of parking, and a sprinkler and fire alarm system. The building has a property size of 2256 units and sits on a lot of 0.26 acres. It is located with easy access to local amenities, schools, and parks.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Assisted living facilities

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.277586
    Latitude
    43.6981911

    Nearby Similar for Sale

    • $849,000
      3,459 SF

      Craftsman Inspired Portland Two-Unit Property

      Two-unit property with development potential in a desirable Portland location.
      499 Brighton Avenue, Portland, ME 04102
      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
    • $625,000
      2,910 SF

      Portland Retail Opportunity For Sale

      Retail property in Portland, Maine, available for purchase.
      1435 Forest Avenue, Portland, ME 04103
      View Details
    • $875,000
      3,154 SF

      Victorian Duplex in Portland, Maine

      Income-producing duplex with Victorian charm in a vibrant neighborhood.
      44 Hersey Street, Portland, ME 04103
      View Details
    • $650,000
      2,612 SF

      Portland Duplex with Attic Potential

      Investment opportunity: spacious units, attic potential, convenient location.
      605 Washington Avenue, Portland, ME 04103
      View Details
    • $1,395,000
      3,304 SF

      Munjoy Hill Multi-Unit Investment

      Four-unit property with Casco Bay views in Portland, Maine.
      6 - 8 Saint Lawrence Street, Portland, ME 04101
      View Details
    • $579,900
      3,250 SF

      Victorian Multi-Family in Portland, ME

      Turn-of-the-century three-family apartment building near Downtown Portland.
      25 Pleasant Avenue, Portland, ME 04103
      View Details
    • $970,000
      2,607 SF

      Portland Peninsula Four-Unit Multifamily Building

      Four-unit building in prime Portland location with investment potential.
      34 Deering Avenue, Portland, ME 04101
      View Details
    • $675,000
      2,040 SF

      East Deering Triplex For Sale

      Three-unit property with efficient layouts and convenient location in Portland.
      118 Providence Street, Portland, ME 04103
      View Details
    • $970,000
      2,678 SF

      Munjoy Hill Two-Unit Home

      Charming two-unit home in Portland's coveted Munjoy Hill.
      71 Melbourne Street, Portland, ME 04101
      View Details
    • $749,900
      2,994 SF

      Refreshed Multi-Unit Property in Portland

      Updated three-unit property with on-site parking and storage.
      611 Forest Avenue, Portland, ME 04101
      View Details
    • $1,499,000
      7,446 SF

      Mixed-Use Investment Opportunity, Portland

      Retail and residential units in a prime Portland location.
      671-675 Forest Avenue, Portland, ME 04103
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Former Group Home/ Mixed Use Location in Portland Maine neighborhood
    Where is this mixed-use property located?
    The property is located at 244 Ray St Portland, ME.
    What is the asking price?
    The asking price for this property is $514,000.
    What are key features of this property?
    This property features: Large bedrooms and easy access bathrooms. Sprinkler and fire system installed.
    (207) 712-5341
    We can help!
    Listing Contact
    Davian Akers
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!