Renovated Office
For Sale
$575,000
522 Washington Avenue, Portland, ME 04103
Fully renovated office building with flexible space, on-site parking, and access to I-295 and downtown Portland.
Property Size3,170 SF
Price / SF$181.39
Days on Market152
Property Features for 522 Washington Avenue
General Information
Standard status
Active
Size
3,170 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
1920
Year Renovated
2016
Tenancy
Multi
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(207) 541-3755
Source:
Greatislandrealty
Added: May 13
Changed: Oct 10
Last Checked: Oct 10 at 1:19AM
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,382
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$907,640
$907.6K
Cap Rate 7%
$648,314
$648.3K
Cap Rate 9%
$504,244
$504.2K
Market Conditions
NOI Build-Up for 3,170 SF
Gross rent
$69.2K $21.84/SF
− Vacancy
−$8.7K −$2.75/SF
EGI
$60.5K $19.09/SF
− OpEx
−$15.1K −$4.77/SF
NOI
$45.4K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$907,640
Cap Rate 7%
$648,314
Cap Rate 9%
$504,244
Alternative Uses
Best Use
Office B
$648.3K
$567.3K – $756.4K
NOI $45,382 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$871.3K
$762.4K – $1.02M
NOI $60,989 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
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 $575,000.
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
