First-Floor Office
For Sale
Contact for pricing
Pending
535 Ocean Ave, Portland, ME 04103
B-1-zoned office condominium with on-site parking and multiple existing short-term leases.
Property Size1,315 SF
Days on Market63
Property Features for 535 Ocean Ave
General Information
Standard status
Pending
Size
1,315 SF
Property subtype
Office
Zoning
B-1
Additional Details
Floor
First Floor
Building Details
Year Built
1987
Units
6
Tenancy
Multi
Listing Agency:
Malone Commercial Brokers
Listed By:
Andrew Ingalls · License #ME 112114
(207) 671-6162
Source:
Crexi
Added: Aug 6
Changed: Oct 4
Last Checked: Oct 5 at 6:57PM
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
Investment Insights
Based on property information with market context.
This first-floor office condominium contains 1,315 square feet within a 1987 building. The space is configured with six offices and benefits from abundant natural light. Five of the six offices are currently occupied under short-term leases, while the property also includes on-site parking.
B-1 zoning supports its office-oriented commercial identity. The property is approximately five minutes from downtown Portland, providing a nearby connection to the city center while maintaining a dedicated office setting.
B-1 zoning supports its office-oriented commercial identity. The property is approximately five minutes from downtown Portland, providing a nearby connection to the city center while maintaining a dedicated office setting.
Key Highlights
- 1,315± SF first‑floor office condominium
- Six‑office configuration with five offices under short‑term leases
- B‑1 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,826
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$376,520
$376.5K
Cap Rate 7%
$268,943
$268.9K
Cap Rate 9%
$209,178
$209.2K
Market Conditions
NOI Build-Up for 1,315 SF
Gross rent
$28.7K $21.84/SF
− Vacancy
−$3.6K −$2.75/SF
EGI
$25.1K $19.09/SF
− OpEx
−$6.3K −$4.77/SF
NOI
$18.8K $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%
$376,520
Cap Rate 7%
$268,943
Cap Rate 9%
$209,178
Alternative Uses
Best Use
Office B
$268.9K
$235.3K – $313.8K
NOI $18,826 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$361.4K
$316.3K – $421.7K
NOI $25,300 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Market
Vacancy Rate% for Office 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?
Office units - B-1-zoned office condominium with on-site parking and multiple existing short-term leases.
Where is this office units located?
The property is located at 535 Ocean Ave Portland, ME.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1,315± SF first‑floor office condominium; Six‑office configuration with five offices under short‑term leases; B‑1 zoning
