Portland Mixed-Use Garrison-Style
244 Ray St, Portland, ME 04103
Former Group Home/ Mixed Use Location in Portland Maine neighborhood
Property size:
2,256 SFLot size:
0.26 AcresPrice / SF:
$227/SF- Added:
- Oct 1, 2025
- Days on Market:
- 257
- 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
Listing agent Davian (207) 712-5341
Listing office Keller Williams Realty (207) 712-5341
Listing date Oct 1, 2025
HighLights
- Large bedrooms and easy access bathrooms. Sprinkler and fire system installed.
Overview
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.
Local Financial Insights For Apartment 5plus
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 | $71.7k | $31.80 |
| − Vacancy | −$4.3k | −$1.91 |
| EGI | $67.4k | $29.89 |
| − OpEx | −$30.3k | −$13.45 |
| NOI | $37.1k | $16.44 |
2,256 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Assisted living facilities
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Cumberland
- State
- Maine
- Longitude
- -70.277586
- Latitude
- 43.6981911
Nearby Similar for Sale
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.
