Victorian Mixed-Use
For Sale
$565,000
49 Portland Street, South Berwick, ME 03908
Commercial Sale, South Berwick, ME
Property Size3,120 SF
Lot Size0.27 Acres
Price / SF$181.09
Days on Market49
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
Lot features
Downtown, Business District
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
Hot Water(Heating), Baseboard, Oil
Cooling system
Central Air
Water source
Public
Amenities
replacement windows
updated heating system
central air conditioning
separate electrical services
Building Details
Year built
1900
Number of units
3
Flooring type
Wood, Carpet
Building materials
Wood Frame, Wood Siding
Roof type
Membrane, Shingle
Listing Agency:
CENTURY 21 Barbara Patterson · Century 21 Real Estate
(207) 384-4008
Listed By:
W Gerard Tatlock
(207) 752-0407
Added: Jul 25
Changed: Sep 1
Last Checked: Sep 11 at 2:06AM
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.
Investment Insights
Based on property information with market context.
Built in 1900, this 3,120-square-foot Victorian property combines two office suites with a second-floor 2-bedroom apartment. One office includes three private rooms and a reception area, while the other provides two private offices and a reception area; each has a separate exterior entrance. Off-street parking serves both business and residential occupants, and existing leases cover all units.
Located at 49 Portland Street in South Berwick, the property is within the downtown area. Improvements include replacement windows, an updated hot-water baseboard heating system, central air conditioning, and separate electrical services. The building has wood-frame construction with wood siding, carpet and wood flooring, membrane and shingle roofing, public water, public sewer, and a basement. The 0.27-acre parcel is zoned B1.
Located at 49 Portland Street in South Berwick, the property is within the downtown area. Improvements include replacement windows, an updated hot-water baseboard heating system, central air conditioning, and separate electrical services. The building has wood-frame construction with wood siding, carpet and wood flooring, membrane and shingle roofing, public water, public sewer, and a basement. The 0.27-acre parcel is zoned B1.
Key Highlights
- Mixed‑use building with 3,120 square feet on a 0.27‑acre parcel
- Two office suites plus a second‑floor 2‑bedroom apartment
- Office layouts include 3 private offices and 2 private offices, each with reception space
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
$51,106
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
9.05%
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%
$1,022,120
$1.0M
Cap Rate 7%
$730,086
$730.1K
Cap Rate 9%
$567,844
$567.8K
Market Conditions
NOI Build-Up for 3,120 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
$77.9K $24.96/SF
− Vacancy
−$9.7K −$3.12/SF
EGI
$68.1K $21.84/SF
− OpEx
−$17.0K −$5.46/SF
NOI
$51.1K $16.38/SF
Area
York County, ME
Vacancy
12.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,022,120
Cap Rate 7%
$730,086
Cap Rate 9%
$567,844
Alternative Uses
Best Use
Office B
$730.1K
$638.8K – $851.8K
NOI $51,106 @ 7.0% cap · market cap 9.05%
Second Best
Apartment 5plus
$688.8K
$602.7K – $803.6K
NOI $48,217 @ 7.0% cap · market cap 8.53%
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
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Open Analytics
Current Use
Lease Details
2
Office units
1
Residential 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two office suites and a two-bedroom apartment combine commercial operations with residential occupancy.
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 $565,000.
What are key features of this property?
This property features: Mixed‑use building with 3,120 square feet on a 0.27‑acre parcel; Two office suites plus a second‑floor 2‑bedroom apartment; Office layouts include 3 private offices and 2 private offices, each with reception space
