Mixed-Use Live-Work
For Sale
$565,000
49 Portland Street, South Berwick, ME 03908
Well-maintained live-work building with two office suites and a second-floor two-bedroom apartment plus off-street parking.
Property Size3,120 SF
Price / SF$181.09
Days on Market705
Property Features for 49 Portland Street
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Office
Occupancy
100%
Additional Details
Office Units
2
Amenities
central air conditioning
Central Air
3
Parking.
Paved Driveway, Off Street.
0.27
Building Details
Year Built
1900
Buildings
1
Construction
Victorian
Tenancy
Multi
Owner Occupied
No
Listing Agency:
CENTURY 21 Barbara Patterson
(207) 752-0407
Listed By:
W Gerard Tatlock
(207) 752-0407
Source:
Xome
Added: Aug 26, 2024
Changed: Jul 30
Last Checked: Jul 31 at 2:59AM
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 CENTURY 21 Barbara Patterson
Investment Insights
Based on property information with market context.
This live-work style mixed-use property in downtown South Berwick combines commercial office space with a residential apartment. The building currently has two offices with established businesses on the main level, including private offices and reception areas. Each office has its own exterior entrance, supporting independent access for occupants and visitors. A second-floor two-bedroom apartment provides residential space above the offices.
The building has been well maintained with replacement windows, an updated heating system, and central air conditioning. Separate electrical services are in place, which can support operational independence between the commercial and residential portions. Off-street parking is available for businesses and tenants.
The property was built in 1900 and sits on a 0.27 lot. It totals 3,120 square feet and includes existing leases for all units.
The building has been well maintained with replacement windows, an updated heating system, and central air conditioning. Separate electrical services are in place, which can support operational independence between the commercial and residential portions. Off-street parking is available for businesses and tenants.
The property was built in 1900 and sits on a 0.27 lot. It totals 3,120 square feet and includes existing leases for all units.
Key Highlights
- Two main‑level offices with private offices plus reception areas
- Second‑floor two‑bedroom apartment
- Own exterior entrance for each office
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 | $77.9k | $24.96 |
| − Vacancy | −$9.7k | −$3.12 |
| EGI | $68.1k | $21.84 |
| − OpEx | −$17.0k | −$5.46 |
| NOI | $51.1k | $16.38 |
3,120 SF · lease $24.96/SF/yr · vacancy 12.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$730.1K
$638.8K – $851.8K
NOI $51,106 @ 7.0% cap · market cap 9.05%
Second Best
Mixed Use
$553.6K
$484.4K – $645.8K
NOI $38,750 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$989.0K
$865.4K – $1.15M
NOI $69,232 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 03908, ME
7,468
Population
3,169
Households
2.4
Avg Household Size
41
Median Age
39%
College-Educated
98%
High-School Grad
31.9 sq mi
ZIP Area
234
Density / Sq Mi
$97,927
Median Household Income
$52,008
Median Earnings
$1,535
Median Rent
$385,000
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?
Live-work space - Well-maintained live-work building with two office suites and a second-floor two-bedroom apartment plus off-street parking.
Where is this live-work space located?
The property is located at 49 Portland Street South Berwick, ME.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Two main‑level offices with private offices plus reception areas; Second‑floor two‑bedroom apartment; Own exterior entrance for each office
