Portland Mixed-Use Investment
For Sale
Contact for pricing
522-526 Washington Avenue, Portland, ME 04103
Two adjoining properties with commercial and residential income potential.
Property Size5,036 SF
Price / SF$226.37
Days on Market107
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 Agency:
Vitalius Real Estate Group
(207) 541-3755
Listed By:
Chris Sullivan · License #ME BR918132
Source:
Crexi
Added: May 18
Changed: Jul 10
Last Checked: Aug 31 at 3:53PM
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.
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
$62,547
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
5.49%
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%
$1,250,940
$1.3M
Cap Rate 7%
$893,529
$893.5K
Cap Rate 9%
$694,967
$695.0K
Market Conditions
NOI Build-Up for 5,036 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
$108.8K $21.60/SF
− Vacancy
−$8.7K −$1.73/SF
EGI
$100.1K $19.87/SF
− OpEx
−$37.5K −$7.45/SF
NOI
$62.5K $12.42/SF
Area
Cumberland County, ME
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,250,940
Cap Rate 7%
$893,529
Cap Rate 9%
$694,967
Alternative Uses
Best Use
Mixed Use
$893.5K
$781.8K – $1.04M
NOI $62,547 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,890 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,493
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
Questions? Ask Rey
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Frequently Asked Questions
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.
