Portland Mixed-Use Investment
522-526 Washington Avenue Portland, ME 04103
522-526 Washington Avenue, Portland, ME, 04103
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For Sale
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Two adjoining properties with commercial and residential income potential.
Property Size5,036 SF
Price / SF$226.37
Days on Market64
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
Listed by
Chris Sullivan · License #ME BR918132
Source
Crexi
Added: May 18 Checked: Jul 19 at 9:47 am
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
NOI $88,994 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,795 @ 7.0% cap · market cap 7.26%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office buildings
Similar For Sale Nearby
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.
