Renovated Flex Space with Loading
For Sale
Contact for pricing
49 Northport Dr, Portland, ME 04103
Owner-user commercial condominium with warehouse capability, upgraded building systems, and abundant natural light.
Property Size26,784 SF
Price / SF$141.88
Days on Market195
Property Features for 49 Northport Dr
General Information
Standard status
Active
Size
26,784 SF
Property subtype
OFFICE
Additional Details
Asking Price
$3,800,000
Dock-High Doors
2
Amenities
floor-to-ceiling windows
private shipping/receiving warehouse
Building Details
Year Renovated
2015
Parking Ratio
5 per 1,000 SF
Listing Agency:
The Boulos Company
(207) 772-1333
Listed By:
Tony McDonald, CCIM/SIOR
(207) 772-1333
Source:
Moodyscre
Added: Feb 17
Changed: Aug 31
Last Checked: Aug 31 at 1:40AM
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
Investment Insights
Based on property information with market context.
This 26,784-square-foot flex space is configured as a commercial condominium with a private shipping and receiving warehouse. Floor-to-ceiling windows bring natural light into the interior, while renovation work completed in 2015 included HVAC and electrical system upgrades.
The warehouse includes two 8’ x 8’ loading docks for shipping and receiving. Shared parking serves the surrounding business park buildings at approximately 5 spaces per 1,000 SF. The property is located at 49 Northport Dr in Portland, Maine.
The warehouse includes two 8’ x 8’ loading docks for shipping and receiving. Shared parking serves the surrounding business park buildings at approximately 5 spaces per 1,000 SF. The property is located at 49 Northport Dr in Portland, Maine.
Key Highlights
- 26,784± SF commercial condominium
- Interior renovation completed in 2015 with HVAC and electrical upgrades
- Private shipping and receiving warehouse
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
$208,121
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
5.48%
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%
$4,162,420
$4.2M
Cap Rate 7%
$2,973,157
$3.0M
Cap Rate 9%
$2,312,456
$2.3M
Market Conditions
NOI Build-Up for 26,784 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
$253.9K $9.48/SF
− Vacancy
−$9.1K −$0.34/SF
EGI
$244.8K $9.14/SF
− OpEx
−$36.7K −$1.37/SF
NOI
$208.1K $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%
$4,162,420
Cap Rate 7%
$2,973,157
Cap Rate 9%
$2,312,456
Alternative Uses
Best Use
Office B
$5.48M
$4.79M – $6.39M
NOI $383,443 @ 7.0% cap · market cap 10.09%
Second Best
Warehouse
$2.97M
$2.60M – $3.47M
NOI $208,121 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$7.36M
$6.44M – $8.59M
NOI $515,312 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Location Intelligence
Trade Area within ½ mile
503
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Owner-user commercial condominium with warehouse capability, upgraded building systems, and abundant natural light.
Where is this flex space located?
The property is located at 49 Northport Dr Portland, ME.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 26,784± SF commercial condominium; Interior renovation completed in 2015 with HVAC and electrical upgrades; Private shipping and receiving warehouse
