Medical Office Space For
For Sale
Contact for pricing
244 Western Ave, South Portland, ME 04106
19,188 SF medical office space on 2.61 acres.
Property Size19,188 SF
Lot Size2.61 Acres
Price / SF$198.04
Days on Market823
Property Features for 244 Western Ave
General Information
Standard status
Active
Size
19,188 SF
Class
A
Lot size
2.61 Acres
Property subtype
Office
Zoning
CS - Suburban Commercial
Lease Type
NNN
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Malone Commercial Brokers
(207) 772-2422
Listed By:
Jennifer Small · License #ME 906232
Source:
Crexi
Added: May 15, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:25AM
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 medical office space offers 19,188 square feet on a 2.61-acre lot. The property is subdividable and includes ample on-site parking with approximately 92 spaces. It features 11 exam rooms, 3 treatment rooms, 2 operating rooms, and 12 offices. Located in a popular area near the Maine Mall, the property provides a highly visible signage opportunity.
Key Highlights
- Medical office space offering 19,188± SF on 2.61± acres.
- Ample on‑site parking with 92± spaces.
- Highly visible signage opportunity near the Maine Mall.**
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
$279,481
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
7.35%
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%
$5,589,620
$5.6M
Cap Rate 7%
$3,992,586
$4.0M
Cap Rate 9%
$3,105,344
$3.1M
Market Conditions
NOI Build-Up for 19,188 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
$518.1K $27.00/SF
− Vacancy
−$52.3K −$2.72/SF
EGI
$465.8K $24.28/SF
− OpEx
−$186.3K −$9.71/SF
NOI
$279.5K $14.57/SF
Area
Cumberland County, ME
Vacancy
10.09%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
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%
$5,589,620
Cap Rate 7%
$3,992,586
Cap Rate 9%
$3,105,344
Alternative Uses
Best Use
Healthcare Medical
$3.99M
$3.49M – $4.66M
NOI $279,481 @ 7.0% cap · market cap 7.35%
Second Best
Office B
$3.92M
$3.43M – $4.58M
NOI $274,698 @ 7.0% cap · market cap 7.23%
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,161
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 04106, ME
26,641
Population
12,849
Households
2.1
Avg Household Size
41
Median Age
49%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
2,184
Density / Sq Mi
$83,744
Median Household Income
$47,818
Median Earnings
$1,642
Median Rent
$403,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Petco Vaccination Clinic — 220 Maine Mall Rd, South Portland, ME 04106
Frequently Asked Questions
What type of property is this?
Medical Office Space - 19,188 SF medical office space on 2.61 acres.
Where is this medical office space 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: Medical office space offering 19,188± SF on 2.61± acres.; Ample on‑site parking with 92± spaces.; Highly visible signage opportunity near the Maine Mall.**
