Building Details

Year Built 1986

Listing Agency: Keller Williams Realty

Listed By: Kevin Coyne Show Phone

Source: Greatislandrealty

Added: Jul 17 Changed: Oct 27 Last Checked: Oct 26 at 5:14PM

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Investment Insights

Based on property information with market context.

This 6,020± square-foot office and warehouse property is delivered vacant at closing and includes a functional mix of office and warehouse space. The layout features office space, a conference room, kitchen, utility room, server room, and a mezzanine area, supporting either an owner-user configuration or potential multi-tenant occupancy.

The building includes one 8' x 8' drive-in overhead door and 24± on-site parking spaces. It is positioned in Portland’s Riverside commercial corridor with convenient access to I-95 and major transportation routes, along a high-traffic commercial corridor.

The rubber membrane roof was replaced in 2018. The property offers a flexible building footprint designed to support both office needs and warehouse operations.

Key Highlights

• 6,020± SF office and warehouse building built in 1986 in Portland’s Riverside commercial corridor
• Delivered vacant at closing for immediate occupancy or leasing; suitable for single‑user or multi‑tenant use
• Includes 8' x 8' drive‑in overhead door plus office space, conference room, kitchen, utility room, server room, and mezzanine

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$46,777

Cap Rate

3.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$935,540 $935.5K

Cap Rate 7%

$668,243 $668.2K

Cap Rate 9%

$519,744 $519.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,020 SF

Gross rent

$57.1K $9.48/SF

− Vacancy

−$2.0K −$0.34/SF

EGI

$55.0K $9.14/SF

− OpEx

−$8.3K −$1.37/SF

NOI

$46.8K $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 Rate 5%

$935,540

Cap Rate 7%

$668,243

Cap Rate 9%

$519,744

Alternative Uses

Best Use

Warehouse

$668.2K

$584.7K – $779.6K (±1% cap)

NOI $46,777 @ 7.0% cap · market cap 3.90%

Second Best

Industrial

$550.3K

$481.5K – $642.1K (±1% cap)

NOI $38,523 @ 7.0% cap · market cap 3.21%

Theoretical Best

Office A

$1.65M

$1.45M – $1.93M (±1% cap)

NOI $115,822 @ 7.0% cap · market cap 9.65%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

New England Communications Telecommunications Service

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Restaurant Spa & Massage Center Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Drive-in doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

318

Businesses Nearby

Under-served

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

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Vacant office and warehouse property with an 8x8 drive-in door, office amenities, and 24 parking spaces.

Where is this flex space located?

The property is located at 480 Riverside Street Portland, ME.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: 6,020± SF office and warehouse building built in 1986 in Portland’s Riverside commercial corridor; Delivered vacant at closing for immediate occupancy or leasing; suitable for single‑user or multi‑tenant use; Includes 8' x 8' drive‑in overhead door plus office space, conference room, kitchen, utility room, server room, and mezzanine