Mixed-Use Property with
For Sale
$480,000
526 Washington Avenue, Portland, ME 04103
Multi-Family, Portland, ME
Property Size1,866 SF
Lot Size0.16 Acres
Price / SF$257.23
Days on Market46
Property Features for 526 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-2B
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Basement
Full, Unfinished
Lot features
Level, Sidewalks, Near Turnpike/ Interstate, Near Town
Standard status
Active
Size
1,866 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5228
Utilities
Sewer type
Public Sewer
Heating system
Oil, Baseboard
Water source
Public
Building Details
Year built
1935
Number of units
2
Flooring type
Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle, Flat
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 541-3755
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 28 at 5:06PM
MLS# 1662685
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.
This mixed-use property at 526 Washington Avenue combines a two-unit residential component with additional commercial space. The building contains 1,866 square feet on a 0.16-acre lot and was constructed in 1935 with a wood-frame structure, vinyl siding, and a combination of shingle and flat roofing. Wood flooring, basement space, oil and baseboard heat, public water, and public sewer are included. Off-street parking adds to the on-site functionality.
The property is located on Washington Avenue in Portland near the Roux Institute campus, with access to downtown, Back Cove, restaurants, breweries, and I-295. B-2B zoning applies to the site. The neighboring building at 522 Washington Avenue is also identified as a potential package purchase.
The property is located on Washington Avenue in Portland near the Roux Institute campus, with access to downtown, Back Cove, restaurants, breweries, and I-295. B-2B zoning applies to the site. The neighboring building at 522 Washington Avenue is also identified as a potential package purchase.
Key Highlights
- Two‑unit residential component with additional commercial space
- 1,866 square feet on a 0.16‑acre lot
- Off‑street parking included
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
$32,975
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
6.87%
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%
$659,500
$659.5K
Cap Rate 7%
$471,071
$471.1K
Cap Rate 9%
$366,389
$366.4K
Market Conditions
NOI Build-Up for 1,866 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
$50.4K $27.00/SF
− Vacancy
−$3.3K −$1.76/SF
EGI
$47.1K $25.25/SF
− OpEx
−$14.1K −$7.57/SF
NOI
$33.0K $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%
$659,500
Cap Rate 7%
$471,071
Cap Rate 9%
$366,389
Alternative Uses
Best Use
Multifamily LT 5
$471.1K
$412.2K – $549.6K
NOI $32,975 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$438.3K
$383.5K – $511.3K
NOI $30,678 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$512.9K
$448.8K – $598.4K
NOI $35,901 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
295
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential units accompany commercial space and off-street parking along Washington Avenue.
Where is this mixed-use property located?
The property is located at 526 Washington Avenue Portland, ME.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Two‑unit residential component with additional commercial space; 1,866 square feet on a 0.16‑acre lot; Off‑street parking included
