Portland Mixed-Use Garrison-Style
For Sale
$514,000
244 Ray St, Portland, ME 04103
Former Group Home/ Mixed Use Location in Portland Maine neighborhood
Property Size2,256 SF
Lot Size0.26 Acres
Price / SF$227.84
Days on Market371
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
Listing Agency:
Keller Williams Realty
Listed By:
Davian Akers
(207) 712-5341
Added: Oct 1, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
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.
Key Highlights
- Large bedrooms and easy access bathrooms. Sprinkler and fire system installed.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,090
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$741,800
$741.8K
Cap Rate 7%
$529,857
$529.9K
Cap Rate 9%
$412,111
$412.1K
Market Conditions
NOI Build-Up for 2,256 SF
Gross rent
$71.7K $31.80/SF
− Vacancy
−$4.3K −$1.91/SF
EGI
$67.4K $29.89/SF
− OpEx
−$30.3K −$13.45/SF
NOI
$37.1K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$741,800
Cap Rate 7%
$529,857
Cap Rate 9%
$412,111
Alternative Uses
Best Use
Apartment 5plus
$529.9K
$463.6K – $618.2K
NOI $37,090 @ 7.0% cap · market cap 7.22%
Second Best
Mixed Use
$400.3K
$350.3K – $467.0K
NOI $28,020 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$620.1K
$542.6K – $723.4K
NOI $43,404 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
Explore this area
Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
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.
