Office Building with Ample
244 Western Ave South Portland, ME 04106
For Sale
Contact for pricing
Building on 2.61 acres offers 19,188± SF and 92± parking spaces, with 13,955± SF available.
Property Size19,188 SF
Lot Size2.61 Acres
Price / SF$198.04
Days on Market806
Property Features for 244 Western Ave
General Information
Standard status
Active
Size
19,188 SF
Net Rentable
13,955 SF
Lot size
2.61 Acres
Property subtype
OFFICE
Listing Agency:
Malone Commercial Brokers
(207) 772-2422
Listed By:
Mark Malone · License #911380
(207) 772-2422
Source:
Moodyscre
Added: May 15, 2024
Changed: Jul 29
Last Checked: Jul 29 at 2:15AM
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 Malone Commercial Brokers
Investment Insights
Based on property information with market context.
This office building offers a total 19,188± SF on 2.61± acres, with 13,955± RSF available. The property is subdividable, supporting flexibility for different user configurations, and it is well-suited for an owner-user scenario.
Prominent signage visibility is available along Western Avenue, with convenient access to the Maine Mall and to I-95 and I-295. Ample on-site parking is provided with 92± spaces.
The building’s layout and subdividable design can accommodate a range of office needs, making it a practical option for buyers seeking a manageable footprint with defined available space.
Prominent signage visibility is available along Western Avenue, with convenient access to the Maine Mall and to I-95 and I-295. Ample on-site parking is provided with 92± spaces.
The building’s layout and subdividable design can accommodate a range of office needs, making it a practical option for buyers seeking a manageable footprint with defined available space.
Key Highlights
- Office building with 19,188± SF on 2.61± acres
- 13,955± RSF available within the building
- Ample on‑site parking with 92± spaces
Financial Insights For Office B
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 | $419.1k | $21.84 |
| − Vacancy | −$52.8k | −$2.75 |
| EGI | $366.3k | $19.09 |
| − OpEx | −$91.6k | −$4.77 |
| NOI | $274.7k | $14.32 |
19,188 SF · lease $21.84/SF/yr · vacancy 12.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.92M
$3.43M – $4.58M
NOI $274,698 @ 7.0% cap · market cap 7.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.27M
$4.61M – $6.15M
NOI $369,169 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Building on 2.61 acres offers 19,188± SF and 92± parking spaces, with 13,955± SF available.
Where is this office building located?
The property is located at 244 Western Ave South Portland, ME.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Office building with 19,188± SF on 2.61± acres; 13,955± RSF available within the building; Ample on‑site parking with 92± spaces
