Mixed-Use Building with Off-Street
For Sale
$480,000
526 Washington Avenue, Portland, ME 04103
Two-unit residential building with added commercial space and off-street parking near Roux Institute campus.
Property Size1,866 SF
Price / SF$257.23
Days on Market114
Property Features for 526 Washington Avenue
General Information
Standard status
Active
Size
1,866 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1935
Tenancy
Multi
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(603) 433-3350
Source:
Greatislandrealty
Added: May 13
Changed: Sep 3
Last Checked: Sep 2 at 7:47PM
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 mixed-use property includes a two-unit residential building plus additional commercial space, with valuable off-street parking on site. The layout is designed to support both residential and commercial use within the same ownership, offering flexibility for an investor or an owner-occupant who wants to combine live-and-work functionality.
Located on Portland’s Washington Avenue corridor, the property provides visibility and accessibility as well as convenient proximity to the Roux Institute campus. The listing also notes close access to downtown, Back Cove, local restaurants and breweries, and I-295, with the area positioned near turnpike/interstate routes.
For tenants and buyers, the combination of two residential units and complementary commercial space can support a range of occupancy strategies, including retaining residential income while operating, leasing, or upgrading the commercial component. Off-street parking adds practical convenience for residents, customers, and service needs. The property is also described as available as part of a package with the neighboring building at 522 Washington Ave, which may be of interest to buyers seeking additional scale in the same corridor.
Located on Portland’s Washington Avenue corridor, the property provides visibility and accessibility as well as convenient proximity to the Roux Institute campus. The listing also notes close access to downtown, Back Cove, local restaurants and breweries, and I-295, with the area positioned near turnpike/interstate routes.
For tenants and buyers, the combination of two residential units and complementary commercial space can support a range of occupancy strategies, including retaining residential income while operating, leasing, or upgrading the commercial component. Off-street parking adds practical convenience for residents, customers, and service needs. The property is also described as available as part of a package with the neighboring building at 522 Washington Ave, which may be of interest to buyers seeking additional scale in the same corridor.
Key Highlights
- 2‑unit residential building plus additional commercial space
- Off‑street parking included
- Built in 1935
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
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential building with added commercial space and off-street parking near Roux Institute campus.
Where is this duplex 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: 2‑unit residential building plus additional commercial space; Off‑street parking included; Built in 1935
