Renovated Office
For Sale
$575,000
522 Washington Avenue, Portland, ME 04103
Commercial Sale, Portland, ME
Property Size5,445 SF
Lot Size0.16 Acres
Price / SF$181.39
Days on Market85
Property Features for 522 Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
B-2b
Rooms
Basement
Interior features
Storage
Basement
Walk-Out Access, Full, Unfinished
Lot features
Public Transport Access, Near Turnpike/ Interstate, Business District, Bus Line, Near Shopping
Standard status
Active
Size
3,170 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6173
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Hot Water(Heating), Oil
Water source
Public
Amenities
basement storage
Building Details
Year built
1920
Flooring type
Carpet, Vinyl, Hardwood, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Flat, Shingle
Additional Structures
Storage
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 318-2555
Added: Jul 14
Changed: Oct 5
Last Checked: Oct 6 at 2:06PM
MLS# 1662684
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.
Renovated and expanded in 2016, this office building provides flexible commercial space with individual office tenants already in place. The property includes basement storage, on-site parking, public water and sewer, and a mix of carpet, wood, hardwood, and vinyl flooring. Construction features wood framing with vinyl siding, while heating is provided through hot water, forced air, oil, and natural gas systems.
The 0.16-acre property is located on Washington Avenue in Portland, with access to I-295, downtown Portland, and surrounding neighborhoods. B-2b zoning supports its office-building classification. The building may be acquired together with the neighboring property at 526 Washington Avenue, creating a package purchase option. Built in 1920, the property combines an established structure with a 2016 renovation and expansion.
The 0.16-acre property is located on Washington Avenue in Portland, with access to I-295, downtown Portland, and surrounding neighborhoods. B-2b zoning supports its office-building classification. The building may be acquired together with the neighboring property at 526 Washington Avenue, creating a package purchase option. Built in 1920, the property combines an established structure with a 2016 renovation and expansion.
Key Highlights
- Renovated and expanded in 2016
- Partially leased to individual office tenants
- 0.16 acres on Washington Avenue in Portland
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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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 building - Flexible office space with individual tenants, basement storage, on-site parking, and B-2b zoning.
Where is this office building 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: Renovated and expanded in 2016; Partially leased to individual office tenants; 0.16 acres on Washington Avenue in Portland
