Renovated Office
522 Washington Avenue Portland, ME 04103
Fully renovated office building with flexible space, on-site parking, and access to I-295 and downtown Portland.
Type:Commercial
Property size:
3,170 SFPrice / SF:
$197/SF- Added:
- May 9, 2026
- Days on Market:
- 62
- Last Refresh:
- Jul 6 at 2:21 am
Property Features for 522 Washington Avenue
General Information
- Standard status
- Active
- Size
- 3,170 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1920
Listing office Vitalius Real Estate Group,LLC
Listing date May 9, 2026
Source Greatislandrealty
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 fully renovated and expanded office building was updated in 2016 and offers 5,445 +/- SF of upscale, flexible space that can support a range of professional uses. The property is currently partially leased to individual office tenants, while leaving additional space available for continued occupancy planning by an owner-occupant or investor. Amenities include on-site parking and basement storage, supporting both tenant convenience and day-to-day operations.
Located on Washington Avenue in Portland, the building is positioned for easy commuting and local access. Public transport is available via a bus line, and the property provides convenient access to I-295, downtown Portland, and surrounding neighborhoods. Additional area context noted in the marketing materials includes being near shopping and near the turnpike/interstate.
For an owner-user, the partially leased configuration offers the ability to occupy available space while maintaining supplemental rental income from existing office tenants. For an investor, the same arrangement provides a leasing-focused strategy with on-site parking, basement storage, and a renovated, adaptable office environment intended to attract and retain professional tenants.
Located on Washington Avenue in Portland, the building is positioned for easy commuting and local access. Public transport is available via a bus line, and the property provides convenient access to I-295, downtown Portland, and surrounding neighborhoods. Additional area context noted in the marketing materials includes being near shopping and near the turnpike/interstate.
For an owner-user, the partially leased configuration offers the ability to occupy available space while maintaining supplemental rental income from existing office tenants. For an investor, the same arrangement provides a leasing-focused strategy with on-site parking, basement storage, and a renovated, adaptable office environment intended to attract and retain professional tenants.
Key Highlights
- Fully renovated and expanded in 2016 office building with 5,445 +/- SF of flexible space
- Partially leased to individual office tenants, with potential supplemental rental income
- On‑site parking plus basement storage included
Local Financial Insights For Office B
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 | $69.2k | $21.84 |
| − Vacancy | −$8.7k | −$2.75 |
| EGI | $60.5k | $19.09 |
| − OpEx | −$15.1k | −$4.77 |
| NOI | $45.4k | $14.32 |
3,170 SF · lease $21.84/SF/yr · vacancy 12.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$648.3K
$567.3K – $756.4K
NOI $45,382 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$871.3K
$762.4K – $1.02M
NOI $60,989 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office Units
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FAQs
What type of property is this?
Office units - Fully renovated office building with flexible space, on-site parking, and access to I-295 and downtown Portland.
Where is this office units located?
The property is located at 522 Washington Avenue Portland, ME.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Fully renovated and expanded in 2016 office building with 5,445 +/- SF of flexible space; Partially leased to individual office tenants, with potential supplemental rental income; On‑site parking plus basement storage included
