Corner Office
For Sale
$575,000
499 Stevens Avenue, Portland, ME 04103
Multi-suite office property with on-site parking, green space, and a wheelchair ramp for accessible entry.
Property Size2,545 SF
Price / SF$225.93
Days on Market58
Property Features for 499 Stevens Avenue
General Information
Standard status
Active
Size
2,545 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1900
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(207) 536-4222
Source:
Portsiderealestategroup
Added: Jul 5
Changed: Aug 28
Last Checked: Aug 30 at 6:54PM
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.
Built in 1900, this 2,545-square-foot office building is arranged as six professional suites, with five tenants currently in place. The property occupies a corner lot and includes on-site parking, landscaped green space, and a wheelchair ramp serving the entrance. An attic provides additional space for storage or future planning considerations.
The building is located at 499 Stevens Avenue in Portland’s Deering Center, an established business district setting. Its existing suite layout supports continued office use, while the property’s physical configuration provides flexibility for an owner-user or investor evaluating the existing arrangement.
The building is located at 499 Stevens Avenue in Portland’s Deering Center, an established business district setting. Its existing suite layout supports continued office use, while the property’s physical configuration provides flexibility for an owner-user or investor evaluating the existing arrangement.
Key Highlights
- 2,545‑square‑foot office building constructed in 1900
- Six professional office suites with five tenants in place
- Corner lot at 499 Stevens Avenue in Portland’s Deering Center
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
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 building - Multi-suite office property with on-site parking, green space, and a wheelchair ramp for accessible entry.
Where is this office building 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‑square‑foot office building constructed in 1900; Six professional office suites with five tenants in place; Corner lot at 499 Stevens Avenue in Portland’s Deering Center
