Office Warehouse Flex
For Sale
$1,500,000
480 Riverside Street, Portland, ME 04103
Vacant office and warehouse property with an 8x8 drive-in door, office amenities, and 24 parking spaces.
Property Size6,020 SF
Price / SF$249.17
Days on Market73
Property Features for 480 Riverside Street
General Information
Standard status
Active
Size
6,020 SF
Total Parking Spaces
24
Property subtype
Commercial
Additional Details
Highway Access
Yes
Drive-In Doors
1
Amenities
conference room
kitchen
Building Details
Year Built
1986
Listing Agency:
Keller Williams Realty
Listed By:
Kevin Coyne
(603) 433-3350
Source:
Greatislandrealty
Added: Jul 2
Changed: Sep 11
Last Checked: Sep 11 at 1:19PM
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 Keller Williams Realty
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.
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 = 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
$46,777
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
3.12%
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%
$935,540
$935.5K
Cap Rate 7%
$668,243
$668.2K
Cap Rate 9%
$519,744
$519.7K
Market Conditions
NOI Build-Up for 6,020 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
$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 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%
$935,540
Cap Rate 7%
$668,243
Cap Rate 9%
$519,744
Alternative Uses
Best Use
Warehouse
$668.2K
$584.7K – $779.6K
NOI $46,777 @ 7.0% cap · market cap 3.12%
Second Best
Industrial
$550.3K
$481.5K – $642.1K
NOI $38,523 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,822 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Northeast region
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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 $1,500,000.
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
