Renovated Mixed-Use
For Sale
$1,070,000
522-526 Washington Avenue, Portland, ME 04103
Two adjoining properties combine office space with a two-family building and commercial space.
Property Size5,036 SF
Price / SF$212.47
Days on Market90
Property Features for 522-526 Washington Avenue
General Information
Standard status
Active
Size
5,036 SF
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Building Details
Building Size
5,036 SF
Buildings
1
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 541-3755
Source:
Heathershieldsmaine
Added: May 18
Changed: Aug 13
Last Checked: Aug 15 at 12:02PM
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.
This mixed-use offering includes two adjoining properties available individually or as a package. The combination features a renovated commercial office building and a mixed-use two-family property with commercial space. Together, the properties are identified at 5,036 square feet and provide a combined parking footprint near downtown Portland.
The properties are located along Washington Avenue with access to I-295, Back Cove, and the Roux Institute campus. Existing income is in place, with additional space available for lease-up. The configuration accommodates both investment and owner-user considerations, subject to the applicable property terms.
The properties are located along Washington Avenue with access to I-295, Back Cove, and the Roux Institute campus. Existing income is in place, with additional space available for lease-up. The configuration accommodates both investment and owner-user considerations, subject to the applicable property terms.
Key Highlights
- Two adjoining properties available individually or as a package
- Renovated commercial office building included
- Mixed‑use two‑family property with commercial space
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 properties combine office space with a two-family building and commercial space.
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 available individually or as a package; Renovated commercial office building included; Mixed‑use two‑family property with commercial space
