New Construction Office/Retail
For Sale
Contact for pricing
383 Commercial St, Portland, ME 04101
New office and retail space with permits for additional upper-level area in Portland’s Old Port.
Property Size891 SF
Price / SF$252.53
Days on Market415
Property Features for 383 Commercial St
General Information
Standard status
Active
Size
891 SF
Property subtype
MULTIFAMILY
Listing Agency:
Malone Commercial Brokers
(207) 772-2422
Listed By:
Joseph Malone
(207) 772-2422
Source:
Moodyscre
Added: Jun 17, 2025
Changed: Jul 30
Last Checked: Aug 5 at 7:37AM
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.
New construction opportunity in Portland’s Old Port with 336± SF existing office/retail space and permits already in place for additional square footage. The existing space is paired with permitted work for an upper level that would create approximately 891± SF total.
The property is located on York Street and has a Walk Score of 92, placing it in a highly walkable area surrounded by hotels, retail, office and restaurants, as well as residential condos.
With permits in place for the added upper level, this configuration supports an owner or tenant looking to leverage a compact existing footprint while completing planned expansion within the same property.
The property is located on York Street and has a Walk Score of 92, placing it in a highly walkable area surrounded by hotels, retail, office and restaurants, as well as residential condos.
With permits in place for the added upper level, this configuration supports an owner or tenant looking to leverage a compact existing footprint while completing planned expansion within the same property.
Key Highlights
- 336± SF existing office/retail space
- Permits in place to add an upper level
- Total planned size of 891± SF
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $19.5k | $21.84 |
| − Vacancy | −$2.5k | −$2.75 |
| EGI | $17.0k | $19.09 |
| − OpEx | −$4.3k | −$4.77 |
| NOI | $12.8k | $14.32 |
891 SF · lease $21.84/SF/yr · vacancy 12.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$182.2K
$159.5K – $212.6K
NOI $12,756 @ 7.0% cap · market cap 5.67%
Second Best
Retail
$133.1K
$116.5K – $155.3K
NOI $9,318 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$244.9K
$214.3K – $285.7K
NOI $17,142 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,563
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - New office and retail space with permits for additional upper-level area in Portland’s Old Port.
Where is this office units located?
The property is located at 383 Commercial St Portland, ME.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 336± SF existing office/retail space; Permits in place to add an upper level; Total planned size of 891± SF
