Mixed-Use Convenience
For Sale
Contact for pricing
323 Broadway, South Portland, ME 04106
Convenience store property combining retail operations, a second-floor apartment, and an additional commercial tenant.
Property Size3,386 SF
Price / SF$383.93
Days on Market71
Property Features for 323 Broadway
General Information
Standard status
Active
Size
3,386 SF
Property subtype
RETAIL
Additional Details
Business Included
Yes
Corner Location
Yes
Multifamily Units
1
Listing Agency:
The Dunham Group
(207) 773-7100
Listed By:
Joe Atwood · License #SA928863
(207) 773-7100
Source:
Moodyscre
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 30 at 6:21AM
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 Dunham Group
Investment Insights
Based on property information with market context.
This 3,386-square-foot mixed-use property includes the Ferry Village Market convenience store, a second-floor residential apartment, and a 508 SF dog grooming business tenant. The configuration combines an operating retail business with residential and additional commercial components within one property.
Positioned on a corner lot at 323 Broadway in South Portland, Maine, the property offers exposure and access in a busy neighborhood setting. The existing layout supports multiple income-producing uses, with the apartment and dog grooming tenancy complementing the convenience store operation.
Positioned on a corner lot at 323 Broadway in South Portland, Maine, the property offers exposure and access in a busy neighborhood setting. The existing layout supports multiple income-producing uses, with the apartment and dog grooming tenancy complementing the convenience store operation.
Key Highlights
- 3,386‑square‑foot mixed‑use property with retail, residential, and commercial components
- Ferry Village Market convenience store included with the real estate
- Second‑floor residential apartment
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
$42,054
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
3.23%
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%
$841,080
$841.1K
Cap Rate 7%
$600,771
$600.8K
Cap Rate 9%
$467,267
$467.3K
Market Conditions
NOI Build-Up for 3,386 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
$73.1K $21.60/SF
− Vacancy
−$5.9K −$1.73/SF
EGI
$67.3K $19.87/SF
− OpEx
−$25.2K −$7.45/SF
NOI
$42.1K $12.42/SF
Area
Cumberland County, ME
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$841,080
Cap Rate 7%
$600,771
Cap Rate 9%
$467,267
Alternative Uses
Best Use
Mixed Use
$600.8K
$525.7K – $700.9K
NOI $42,054 @ 7.0% cap · market cap 3.23%
Second Best
Specialty Retail
$542.0K
$474.3K – $632.3K
NOI $37,940 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$930.6K
$814.3K – $1.09M
NOI $65,145 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
34k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 88%
Shops & Services 11%
Dining 1%
Hannaford
Groceries
30,094 visits/mo
0.4 miles
Shell
Shops & Services
3,708 visits/mo
0.4 miles
Otto
Dining
510 visits/mo
0.4 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Shaw's — 180 Waterman Dr, South Portland, ME 04106
- Hannaford — 50 Cottage Rd, South Portland, ME 04106
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Convenience store property combining retail operations, a second-floor apartment, and an additional commercial tenant.
Where is this grocery and convenience store located?
The property is located at 323 Broadway South Portland, ME.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 3,386‑square‑foot mixed‑use property with retail, residential, and commercial components; Ferry Village Market convenience store included with the real estate; Second‑floor residential apartment
