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    Victorian Mixed-Use Property in South Berwick Title is generated by Realmo AI

    49 Portland Street, South Berwick, ME 03908

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    Claim this Listing
    For Sale
    $589,900

    COMMERCIAL - South Berwick, ME

    Type:Office
    Property size:
    3,120 SF
    Lot size:
    0.27 Acres
    Price / SF:
    $189/SF
    Added:
    Jan 17, 2026
    Days on Market:
    119
    Last Refresh:
    May 16 at 7:06 pm

    Property Features for 49 Portland Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    B1
    Rooms
    Basement
    Parking features
    Off Street
    Basement
    Full, Unfinished
    Standard status
    Active
    Size
    3,120 SF
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    8355

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard, Hot Water(Heating), Oil
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Number of units
    3
    Flooring type
    Carpet, Wood
    Building materials
    Wood Frame, Wood Siding
    Roof type
    Shingle, Membrane

    We can help!

    Listing Contact
    W Gerard Tatlock

    Listing agent W Gerard Tatlock

    Listing office CENTURY 21 Barbara Patterson 96 Portland Street, South Berwick, ME

    Listing date Jan 17, 2026

    MLS# 1601934

    Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fantastic downtown location with great visibility.
    • Mixed‑use property with commercial office space and a residential unit.
    • Existing leases for all units provide immediate income.
    • Well‑maintained building with updated heating, central air conditioning, and replacement windows.
    • Off‑street parking for businesses and tenants.
    • Separate entrances and electrical services for each unit.

    Overview

    This classic Victorian property in downtown South Berwick offers a mixed-use configuration, featuring commercial office space and a residential unit. The property includes two offices with established businesses and a second-floor apartment with 2 bedrooms. Office 1 comprises 3 private offices and a reception area, while Office 2 includes 2 individual offices and a reception area. Each office has its own exterior entrance. The building is well-maintained, featuring replacement windows, an updated heating system, central air conditioning, and separate electrical services. Off-street parking is available for both businesses and tenants. The property is located in a fantastic location with great visibility. Existing leases are in place for all units. The lot size is 0.27 acres, and the property size is 3120 square feet. The zoning is B1.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $567.8K
    NOI $51,106 @ 9.00% cap · cautious / downside scenario
    Moderate
    $730.1K
    NOI $51,106 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.02M
    NOI $51,106 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Office B

    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 Use Scenarios

    Best Use
    Office B
    $730.1K
    $638.8K – $851.8K (±1% cap)
    NOI $51,106 @ 7.0% cap · market cap 8.66%
    Second Best
    Mixed Use
    $553.6K
    $484.4K – $645.8K (±1% cap)
    NOI $38,750 @ 7.0% cap · market cap 6.57%
    Theoretical Best
    Office A
    $989.0K
    $865.4K – $1.15M (±1% cap)
    NOI $69,232 @ 7.0% cap · market cap 11.74%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ham insurance Insurance Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Berwick
    County
    York
    State
    Maine
    Longitude
    -70.8083585
    Latitude
    43.2353626

    Nearby Similar for Sale

    • $589,900
      3,120 SF

      Victorian Mixed-Use Property For Sale

      Mixed-use property with commercial office space and residential unit.
      49 Portland Street, South Berwick, ME 03908
      View Details
    • $699,900

      South Berwick Quadplex For Sale

      Quadplex in downtown South Berwick with commercial space.
      10 Portland St, South Berwick, ME
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use Victorian with office space and residential unit in downtown.
    Where is this mixed-use property located?
    The property is located at 49 Portland Street South Berwick, ME.
    What is the asking price?
    The asking price for this property is $589,900.
    What are key features of this property?
    This property features: Fantastic downtown location with great visibility.; Mixed‑use property with commercial office space and a residential unit.; Existing leases for all units provide immediate income.
    (207) 752-0407
    We can help!
    Listing Contact
    W Gerard Tatlock
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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