Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    511 Congress St Portland, ME 4101

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    2,875 SF restaurant/retail space with high visibility.

    Type:OFFICE
    Property size:
    2,875 SF
    Lot size:
    1.01 Acres
    Added:
    Jan 29, 2024
    Days on Market:
    795
    Last Refresh:
    Apr 1 at 9:50 pm

    Property Features for 511 Congress St

    General Information

    Standard status
    Active
    Size
    2,875 SF
    Lot size
    1.01 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 511 Congress St Contact us

    We can help!

    Listing Contact
    Peter Gwilym
    Peter Gwilym

    Listing agent Peter Gwilym License #922193

    Listing office Porta & Company

    Listing date Jan 29, 2024

    Source Moodyscre

    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 Porta & Company

    Overview

    Restaurant/Retail Space on Congress Street

    This 2,875 square foot space is available for lease and is suitable for restaurant or retail use. The location on Congress Street benefits from high traffic, with an average daily traffic count of 9,990 cars. The space features large windows that provide natural light and visibility. It is particularly well-suited for restaurant tenants, as it includes a full bar and existing kitchen infrastructure. A restaurant previously operated successfully in this location for over 10 years. The lease rate is $16.50 per square foot on a modified gross basis.
    Location Intelligence

    Current Use by Public Records

    Honeck & O'Toole: Busby ... Accounting Firm Troubh Heisler, PA Law Firm Dill Cynthia A Law Firm Libby Kevin G Law Firm Golden Lotus Restaurant Restaurant

    Suggested Use

    Real Estate Agency Dental Office Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.261
    Latitude
    43.6563

    Nearby Similar for Lease

    • Contact for pricing

      ME, Portland - Congress

      400 Congress St, Unit 300, Portland, ME 04101
      View Details
    • Contact for pricing

      ME, Portland - Hutchins Dr

      41 1St St, Unit 3, Portland, ME 04102
      View Details
    • $24/mo

      Downtown Portland Office Space Available

      Full floor office suites for lease in Portland's financial district.
      48 Free St, Portland, ME
      View Details
    • Contact for pricing

      Renovated Waterfront Office with Harbor Views

      Historic Class A office space with exposed beams and brick.
      254 Commercial St, Portland, ME
      View Details
    • $16/mo

      Historic Restaurant Space in Old Port

      Renovated restaurant space with patio in the Old Port.
      2-10 Cotton St, Portland, ME
      View Details
    • $26/mo

      Iconic Old Port Retail Space

      Prime retail location in the heart of Portland's waterfront district.
      373 Fore St, Portland, ME
      View Details
    • $30/mo

      Historic Office Space For Rent

      2,800 SF office space in historic Roundhouse complex.
      125 Presumpscot St, Portland, ME
      View Details
    • $18/mo

      Portland Flex/Service Space for Lease

      3,288± SF flex/service space in Portland's East Bayside District.
      31 Diamond St, Portland, ME
      View Details
    • Contact for pricing

      Financial District Office Space

      Office suites available in the Financial District.
      1 Monument Way, Portland, ME
      View Details
    • $18/mo

      Portland Retail/Office Space For Sale

      Retail and office spaces available in Portland, Maine.
      550 Washington Ave, Portland, ME
      View Details
    • $23/mo

      Fore Street Office Space Available

      Office space for lease in vibrant Portland waterfront area.
      167 Fore St, Portland, ME
      View Details
    • Contact for pricing

      Bayside Office Suite For Rent

      Office suite in Bayside with convenient access and parking.
      175 Lancaster St, Portland, ME
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - 2,875 SF restaurant/retail space with high visibility.
    Where is this conventional restaurant located?
    The property is located at 511 Congress St Portland, ME.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Restaurant/retail space with existing full bar and kitchen infrastructure.; High‑traffic location on Congress Street with 9,990 cars per day.; Large windows providing natural light and excellent visibility.
    (207) 272-4262 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Peter Gwilym
    Peter Gwilym
    Real Estate License ID: 922193
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!