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Portland Mixed-Use Investment Opportunity

522-526 Washington Avenue Portland, ME 04103

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Two adjoining properties with commercial and residential income potential.

Type:Multifamily, Office, Mixed Use
Property size:
5,036 SF
Price / SF:
$226.37/SF
Added:
May 18, 2026
Days on Market:
58
Last Refresh:
Jun 25 at 6:06 pm

Property Features for 522-526 Washington Avenue

General Information

Standard status
Active
Size
5,036 SF
Property subtype
Multifamily, Office, Mixed Use

Building Details

Year Built
1920

Listing office Vitalius Real Estate Group

Listing date May 18, 2026

Source Crexi

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


Investment Insights

Based on property information with market context.

This offering presents a rare opportunity to acquire two adjoining properties situated on Portland's highly visible Washington Avenue corridor. These properties are available either individually or as a package deal. The combined offering includes a renovated commercial office building and a mixed-use two-family dwelling that also features commercial space. This versatile combination is well-suited for both investors and owner-users. The package provides an expansive combined parking footprint, a rare find in close proximity to downtown Portland. The location offers convenient access to I-295, Back Cove, and the Roux Institute campus. The properties currently generate strong income, with the potential for additional upside through the lease-up of available space. The property size is 5036 square feet.

Key Highlights

  • Two adjoining properties on high‑visibility Washington Avenue corridor.
  • Versatile combination of renovated commercial office building and mixed‑use 2‑family with commercial space.
  • Expansive combined parking footprint rarely found close to downtown.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $136.0k $27.00
− Vacancy −$8.8k −$1.76
EGI $127.1k $25.25
− OpEx −$38.1k −$7.57
NOI $89.0k $17.67
5,036 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%

Alternative Uses

Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M (±1% cap)
NOI $88,994 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.38M (±1% cap)
NOI $82,795 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M (±1% cap)
NOI $96,890 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Office buildings

Suggested Use

(Bike/Boat/Book/etc) Store Locksmith Pet Grooming Service Daycare Center Florist Mobile Phone Store Tanning Salon Auto Parts Store Nursing Home (Bike/Boat/Book/etc) Store

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

FAQs

What type of property is this?
Mixed-use property - Two adjoining properties with commercial and residential income potential.
Where is this mixed-use property located?
The property is located at 522-526 Washington Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: Two adjoining properties on high‑visibility Washington Avenue corridor.; Versatile combination of renovated commercial office building and mixed‑use 2‑family with commercial space.; Expansive combined parking footprint rarely found close to downtown.
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