Mixed-Use Property with Office
For Sale
$1,070,000
522-526 Washington Avenue, Portland, ME 04103
Commercial Sale, Portland, ME
Property Size5,036 SF
Lot Size0.33 Acres
Price / SF$212.47
Days on Market43
Property Features for 522-526 Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2B
Rooms
Basement
Basement
Full, Unfinished
Lot features
Bus Line
Standard status
Active
Size
5,036 SF
Lot size
0.33 Acres
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil
Water source
Public
Building Details
Flooring type
Vinyl, Wood
Building materials
Vinyl Siding
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 541-3755
Added: Jul 11
Changed: Aug 19
Last Checked: Aug 22 at 9:06AM
MLS# 1662687
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use offering includes two adjoining properties along Washington Avenue. The package combines a renovated commercial office building with a two-family property that also contains commercial space, creating a flexible configuration for an owner-user or investor. The properties may be acquired together or individually. The combined property size is 5,036 square feet on 0.33 acres, with B2B zoning. Building features include vinyl siding, vinyl and wood flooring, baseboard and oil heating, public water, public sewer, and basement space.
The properties are in Portland, Maine, with access to I-295, Back Cove, and the Roux Institute campus. The package also provides a combined parking area, an uncommon feature for a property in this area. Existing income is associated with the offering, and additional space is available for lease-up.
The properties are in Portland, Maine, with access to I-295, Back Cove, and the Roux Institute campus. The package also provides a combined parking area, an uncommon feature for a property in this area. Existing income is associated with the offering, and additional space is available for lease-up.
Key Highlights
- Two adjoining properties offered individually or together
- 5,036 square feet across 0.33 acres
- Renovated commercial office building included
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
$88,994
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
8.32%
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%
$1,779,880
$1.8M
Cap Rate 7%
$1,271,343
$1.3M
Cap Rate 9%
$988,822
$988.8K
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
$136.0K $27.00/SF
− Vacancy
−$8.8K −$1.76/SF
EGI
$127.1K $25.25/SF
− OpEx
−$38.1K −$7.57/SF
NOI
$89.0K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,779,880
Cap Rate 7%
$1,271,343
Cap Rate 9%
$988,822
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $88,994 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,795 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,890 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two adjoining commercial properties combine office space with a two-family building and commercial area.
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 $1,070,000.
What are key features of this property?
This property features: Two adjoining properties offered individually or together; 5,036 square feet across 0.33 acres; Renovated commercial office building included
