Office Building with Surface
For Sale
$4,900,000
307 Cumberland Avenue, Portland, ME 04101
Office property with exclusive surface parking and convenient access to downtown dining, services, and amenities.
Property Size25,650 SF
Price / SF$191.03
Days on Market90
Property Features for 307 Cumberland Avenue
General Information
Standard status
Active
Size
25,650 SF
Class
B
Total Parking Spaces
47
Property subtype
Office
Building Details
Building Size
25,650 SF
Year Built
1913
Buildings
1
Stories
2
Listing Agency:
The Boulos Company Portland
(207) 831-5838
Listed By:
Drew Sigfridson, SIOR · License #918125
(207) 831-5838
Source:
Boulos
Added: Jun 2
Changed: Aug 29
Last Checked: Aug 29 at 11:52PM
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.
Built in 1913, this office building provides 25,650± SF of total space, including 17,100± SF arranged across two stories and an additional 8,550± SF at ground level. The property includes an on-site surface parking lot with 47± exclusive spaces and supports office, creative, and support uses.
Located on Cumberland Avenue in Portland’s Peninsula, the property offers immediate access to downtown amenities, dining, and services. Two parking garages are positioned across the street, while surrounding neighborhood investment and active redevelopment contribute to an evolving commercial setting.
Located on Cumberland Avenue in Portland’s Peninsula, the property offers immediate access to downtown amenities, dining, and services. Two parking garages are positioned across the street, while surrounding neighborhood investment and active redevelopment contribute to an evolving commercial setting.
Key Highlights
- 25,650± SF total building area
- 17,100± SF across two stories plus 8,550± SF of ground‑level space
- On‑site surface parking with 47± exclusive spaces
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
$367,208
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
7.49%
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%
$7,344,160
$7.3M
Cap Rate 7%
$5,245,829
$5.2M
Cap Rate 9%
$4,080,089
$4.1M
Market Conditions
NOI Build-Up for 25,650 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
$560.2K $21.84/SF
− Vacancy
−$70.6K −$2.75/SF
EGI
$489.6K $19.09/SF
− OpEx
−$122.4K −$4.77/SF
NOI
$367.2K $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%
$7,344,160
Cap Rate 7%
$5,245,829
Cap Rate 9%
$4,080,089
Alternative Uses
Best Use
Office B
$5.25M
$4.59M – $6.12M
NOI $367,208 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.05M
$6.17M – $8.22M
NOI $493,495 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,504
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office property with exclusive surface parking and convenient access to downtown dining, services, and amenities.
Where is this office building located?
The property is located at 307 Cumberland Avenue Portland, ME.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 25,650± SF total building area; 17,100± SF across two stories plus 8,550± SF of ground‑level space; On‑site surface parking with 47± exclusive spaces
