Retail Condominium with Glass
For Sale
$525,000
490 Congress Street #101, Portland, ME 04101
A finished commercial interior with tall ceilings and separate basement storage is configured for salon use.
Property Size2,038 SF
Price / SF$257.61
Days on Market886
Property Features for 490 Congress Street #101
General Information
Standard status
Active
Size
2,038 SF
Property subtype
Commercial
Zoning
B3
Taxes and HOA fees
Annual Taxes
$9,335
Amenities
basement storage room
Building Details
Building Size
2,038 SF
Year Built
1870
Stories
1
Listing Agency:
Integrity Homes Real Estate Group, PC
Listed By:
Buffy Dumont
(207) 576-9755
Source:
Integrityhomesrealestategroup
Added: May 31, 2024
Changed: Oct 31
Last Checked: Oct 31 at 3:12AM
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 Integrity Homes Real Estate Group, PC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This retail condominium offers 2,038 square feet of interior space, including a 400-square-foot basement storage room. Its current salon layout, full-glass storefront, and 14-foot ceilings define the space. The building dates to 1870, and the property is zoned B3.
The unit is at Monument Square in downtown Portland, Maine, within a location described as having shopping traffic. The address is 490 Congress Street, Suite 101.
The unit is at Monument Square in downtown Portland, Maine, within a location described as having shopping traffic. The address is 490 Congress Street, Suite 101.
Key Highlights
- 2,038 square feet of commercial interior space
- 400‑square‑foot basement storage room
- Full‑glass storefront and 14‑foot ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,313
Cap Rate
4.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$426,260
$426.3K
Cap Rate 7%
$304,471
$304.5K
Cap Rate 9%
$236,811
$236.8K
Market Conditions
NOI Build-Up for 2,038 SF
Gross rent
$36.7K $18.00/SF
− Vacancy
−$6.2K −$3.06/SF
EGI
$30.4K $14.94/SF
− OpEx
−$9.1K −$4.48/SF
NOI
$21.3K $10.46/SF
Area
Cumberland County, ME
Vacancy
17.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$426,260
Cap Rate 7%
$304,471
Cap Rate 9%
$236,811
Alternative Uses
Best Use
Retail
$304.5K
$266.4K – $355.2K
NOI $21,313 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$560.1K
$490.1K – $653.5K
NOI $39,210 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,425
Businesses Nearby
210k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 54%
Hotels & Casinos 13%
Shops & Services 13%
Dining 12%
Trader Joe's
Groceries
68,293 visits/mo
0.4 miles
Whole Foods Market
Groceries
44,366 visits/mo
0.4 miles
Hampton Inn Portland Downtown Waterfront
Hotels & Casinos
14,714 visits/mo
0.4 miles
Circle K
Shops & Services
12,170 visits/mo
0.5 miles
Chipotle Mexican Grill
Dining
11,557 visits/mo
0.5 miles
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Retail space - A finished commercial interior with tall ceilings and separate basement storage is configured for salon use.
Where is this retail space located?
The property is located at 490 Congress Street #101 Portland, ME.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,038 square feet of commercial interior space; 400‑square‑foot basement storage room; Full‑glass storefront and 14‑foot ceilings
