Renovated Live-Work Space with Extra
For Sale
$735,000
26 Adelaide St, Portland, ME 04103
B2-zoned property combines finished interior space, detached garages, and a second deeded lot.
Property Size1,861 SF
Price / SF$394.95
Days on Market66
Property Features for 26 Adelaide St
General Information
Standard status
Active
Size
1,861 SF
Zoning
B2 commercial
Amenities
detached garages
Building Details
Year Built
1901
Stories
3
Listing Agency:
Waypoint Brokers Collective
Listed By:
Chelsea Locke Carey
Source:
Scottandsunny
Added: Jun 30
Changed: Aug 30
Last Checked: Sep 1 at 9:15PM
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 Waypoint Brokers Collective
Investment Insights
Based on property information with market context.
This renovated live-work property at 26 Adelaide Street includes 1,861 square feet of finished space across three levels, with three bedrooms and flexible interior areas. Wood floors and heat pumps are among the notable updates. The property was built in 1901 and also includes two detached garages that can support storage or workshop use.
The sale includes a second deeded lot described as buildable, creating additional land alongside the primary property. Both parcels are within the B2 commercial zoning district. Potential development scenarios referenced for the additional lot include a single-family home, ADU, multifamily development, or other uses permitted in the district, subject to confirmation with the City of Portland.
The location is within walking distance of the University of New England’s Portland campus, restaurants, parks, and neighborhood amenities. A backyard provides additional outdoor space connected to the existing property.
The sale includes a second deeded lot described as buildable, creating additional land alongside the primary property. Both parcels are within the B2 commercial zoning district. Potential development scenarios referenced for the additional lot include a single-family home, ADU, multifamily development, or other uses permitted in the district, subject to confirmation with the City of Portland.
The location is within walking distance of the University of New England’s Portland campus, restaurants, parks, and neighborhood amenities. A backyard provides additional outdoor space connected to the existing property.
Key Highlights
- 1,861 SF of finished space arranged across three levels
- Three bedrooms plus flexible interior areas
- B2 commercial zoning on the property
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
$26,642
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
3.62%
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%
$532,840
$532.8K
Cap Rate 7%
$380,600
$380.6K
Cap Rate 9%
$296,022
$296.0K
Market Conditions
NOI Build-Up for 1,861 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
$40.6K $21.84/SF
− Vacancy
−$5.1K −$2.75/SF
EGI
$35.5K $19.09/SF
− OpEx
−$8.9K −$4.77/SF
NOI
$26.6K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
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%
$532,840
Cap Rate 7%
$380,600
Cap Rate 9%
$296,022
Alternative Uses
Best Use
Office B
$380.6K
$333.0K – $444.0K
NOI $26,642 @ 7.0% cap · market cap 3.62%
Second Best
Mixed Use
$330.2K
$288.9K – $385.2K
NOI $23,114 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$511.5K
$447.6K – $596.8K
NOI $35,805 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
726
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - B2-zoned property combines finished interior space, detached garages, and a second deeded lot.
Where is this live-work space located?
The property is located at 26 Adelaide St Portland, ME.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: 1,861 SF of finished space arranged across three levels; Three bedrooms plus flexible interior areas; B2 commercial zoning on the property
