Office Condominium with
For Sale
$590,000
527 Ocean Avenue 2, Portland, ME 04103
The office layout is suited to a small or medium-sized user and includes on-site parking.
Property Size2,786 SF
Price / SF$211.77
Days on Market194
Property Features for 527 Ocean Avenue 2
General Information
Standard status
Active
Size
2,786 SF
Property subtype
Office
Additional Details
Highway Access
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$5,399
Building Details
Building Size
2,786 SF
Year Built
1987
Listing Agency:
Malone Commercial Brokers, Inc.
Listed By:
Peter Harrington · License #ME BA900499
(207) 772-2422
Source:
Oceanviewproperties
Added: Apr 22
Changed: Oct 30
Last Checked: Oct 30 at 1:44AM
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 Malone Commercial Brokers, Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,786-square-foot office condominium was built in 1987 and is configured for a small or medium-sized office user. On-site parking serves owners, employees, and visitors, and the property offers an opportunity for prominent signage.
The unit is near the Ocean Avenue and Washington Avenue corner, with access to Falmouth, downtown Portland, I-295, and North Deering. Payson Park, Back Cove, and Monte's Pizza are within walking distance.
The unit is near the Ocean Avenue and Washington Avenue corner, with access to Falmouth, downtown Portland, I-295, and North Deering. Payson Park, Back Cove, and Monte's Pizza are within walking distance.
Key Highlights
- 2,786 SF office condominium
- Built in 1987
- On‑site parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,885
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$797,700
$797.7K
Cap Rate 7%
$569,786
$569.8K
Cap Rate 9%
$443,167
$443.2K
Market Conditions
NOI Build-Up for 2,786 SF
Gross rent
$60.8K $21.84/SF
− Vacancy
−$7.7K −$2.75/SF
EGI
$53.2K $19.09/SF
− OpEx
−$13.3K −$4.77/SF
NOI
$39.9K $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%
$797,700
Cap Rate 7%
$569,786
Cap Rate 9%
$443,167
Alternative Uses
Best Use
Office B
$569.8K
$498.6K – $664.8K
NOI $39,885 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$765.7K
$670.0K – $893.4K
NOI $53,601 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
412
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - The office layout is suited to a small or medium-sized user and includes on-site parking.
Where is this office unit located?
The property is located at 527 Ocean Avenue 2 Portland, ME.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 2,786 SF office condominium; Built in 1987; On‑site parking
