Industrial Building Near Major
For Sale
Contact for pricing
275 Read St, Portland, ME 04103
16,546 SF building on 1 acre near I-95.
Property Size16,546 SF
Lot Size1.00 Acre
Price / SF$151.09
Days on Market729
Property Features for 275 Read St
General Information
Standard status
Active
Size
16,546 SF
Class
B
Lot size
1.00 Acre
Property subtype
Industrial
Zoning
IL
Building Details
Year Built
1988
Listing Agency:
The Boulos Company Portland
(860) 387-3408
Listed By:
Jonathan Rizzo · License #BR923031
Source:
Crexi
Added: Aug 13, 2024
Changed: Aug 11
Last Checked: Aug 11 at 9:54AM
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 The Boulos Company Portland
Investment Insights
Based on property information with market context.
The property features a 16,546-square-foot building situated on approximately 1 acre. It is located off Route 302, offering visibility from Forest Avenue and convenient access between I-95 and I-295.
Key Highlights
- 16,546± SF building
- Prime location off Route 302
- Situated between I‑95 and I‑295
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
$128,568
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
5.14%
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%
$2,571,360
$2.6M
Cap Rate 7%
$1,836,686
$1.8M
Cap Rate 9%
$1,428,533
$1.4M
Market Conditions
NOI Build-Up for 16,546 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
$156.9K $9.48/SF
− Vacancy
−$5.6K −$0.34/SF
EGI
$151.3K $9.14/SF
− OpEx
−$22.7K −$1.37/SF
NOI
$128.6K $7.77/SF
Area
Cumberland County, ME
Vacancy
3.57%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$2,571,360
Cap Rate 7%
$1,836,686
Cap Rate 9%
$1,428,533
Alternative Uses
Best Use
Warehouse
$1.84M
$1.61M – $2.14M
NOI $128,568 @ 7.0% cap · market cap 5.14%
Second Best
Industrial
$1.51M
$1.32M – $1.76M
NOI $105,879 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$4.55M
$3.98M – $5.31M
NOI $318,338 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
791
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Americold Logistics Portland — 165 Read St, Portland, ME 04103
- Morrills Corner Self Storage — 24 Morrill St, Portland, ME 04103
- Read Self Storage Facility — 254 Read St, Portland, ME 04103
Frequently Asked Questions
What type of property is this?
Warehouse - 16,546 SF building on 1 acre near I-95.
Where is this warehouse located?
The property is located at 275 Read St Portland, ME.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 16,546± SF building; Prime location off Route 302; Situated between I‑95 and I‑295
