Corner Lot Office
For Sale
$575,000
499 Stevens Avenue, Portland, ME 04103
2,545± SF office building configured as six suites with on-site parking and accessible entry via wheelchair ramp.
Property Size2,545 SF
Price / SF$225.93
Days on Market40
Property Features for 499 Stevens Avenue
General Information
Standard status
Active
Size
2,545 SF
Property subtype
Commercial
Additional Details
Office Units
6
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(603) 433-3350
Source:
Greatislandrealty
Added: Jul 3
Changed: Aug 11
Last Checked: Aug 11 at 10:09AM
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 Vitalius Real Estate Group,LLC
Investment Insights
Based on property information with market context.
This corner-lot office building totals 2,545± SF and is currently configured as six professional office suites, with five tenants in place. The property includes on-site parking, attractive green space, and a wheelchair ramp for accessible entry. An attic area may support additional expansion or storage.
Set in the Deering Center area of Portland, the building is described as highly visible and benefits from prominent corner exposure.
As presented, the asset offers a mix of current income and flexibility for future use based on the existing suite configuration and the additional attic space.
Set in the Deering Center area of Portland, the building is described as highly visible and benefits from prominent corner exposure.
As presented, the asset offers a mix of current income and flexibility for future use based on the existing suite configuration and the additional attic space.
Key Highlights
- 2,545± SF commercial building in Deering Center configured as six professional office suites
- Five tenants in place with current configuration offering immediate income and flexibility for future use
- Prominent corner lot with on‑site parking and attractive green 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
$36,435
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
6.34%
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%
$728,700
$728.7K
Cap Rate 7%
$520,500
$520.5K
Cap Rate 9%
$404,833
$404.8K
Market Conditions
NOI Build-Up for 2,545 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
$55.6K $21.84/SF
− Vacancy
−$7.0K −$2.75/SF
EGI
$48.6K $19.09/SF
− OpEx
−$12.1K −$4.77/SF
NOI
$36.4K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /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%
$728,700
Cap Rate 7%
$520,500
Cap Rate 9%
$404,833
Alternative Uses
Best Use
Office B
$520.5K
$455.4K – $607.3K
NOI $36,435 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$699.5K
$612.1K – $816.1K
NOI $48,965 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
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?
Office units - 2,545± SF office building configured as six suites with on-site parking and accessible entry via wheelchair ramp.
Where is this office units located?
The property is located at 499 Stevens Avenue Portland, ME.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2,545± SF commercial building in Deering Center configured as six professional office suites; Five tenants in place with current configuration offering immediate income and flexibility for future use; Prominent corner lot with on‑site parking and attractive green space
