Mixed-Use Building with Street
671-675 Forest Avenue Portland, ME 04103
671-675 Forest Avenue, Portland, ME, 04103
$1,499,000
For Sale
$1,499,000
Mixed-use property with one street-level retail unit and eight second-floor residential units, plus a finished basement with loading dock.
Property Size7,446 SF
Price / SF$201.32
Days on Market183
Property Features for 671-675 Forest Avenue
General Information
- Standard status
- Active
- Size
- 7,446 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1910
Listing Agency
Maine Real Estate Co
Listed by
Sarem Al-Shawk
(603) 433-3350
Source
Greatislandrealty
Added: Jan 17 Checked: Jun 21 at 2:38 am
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 Maine Real Estate Co
Investment Insights
Based on property information with market context.
This for-sale mixed-use building includes one street-level retail unit and eight residential units located on the second floor. The residential mix is described as 1 to 3 bedroom layouts. A full, finished basement adds usable space, and the property is noted as having a loading dock to support logistics for the lower-level area and the street-level retail unit.
The building is positioned at the intersection of Forest Avenue, Woodford Street, and Ocean Avenue in Portland, Maine. The public remarks also indicate that the location provides accessibility via major thoroughfares and public transportation.
For tenants and owners, the configuration offers a built-in live-work style mix, combining retail presence at street level with multiple residential units above. This structure may suit buyers looking for a property that supports day-to-day rental income across both commercial and residential components, while also providing additional finished basement space with loading dock functionality.
The building is positioned at the intersection of Forest Avenue, Woodford Street, and Ocean Avenue in Portland, Maine. The public remarks also indicate that the location provides accessibility via major thoroughfares and public transportation.
For tenants and owners, the configuration offers a built-in live-work style mix, combining retail presence at street level with multiple residential units above. This structure may suit buyers looking for a property that supports day-to-day rental income across both commercial and residential components, while also providing additional finished basement space with loading dock functionality.
Key Highlights
- Mixed‑use building built in 1910 with 9 total units: 1 retail unit and 8 residential units
- One street‑level retail unit plus eight second‑floor residential units with 1 to 3 bedrooms
- Finished basement provides additional space for storage or potential expansion, with a loading dock
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $236.8k | $31.80 |
| − Vacancy | −$14.2k | −$1.91 |
| EGI | $222.6k | $29.89 |
| − OpEx | −$100.2k | −$13.45 |
| NOI | $122.4k | $16.44 |
7,446 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,417 @ 7.0% cap · market cap 8.17%
Second Best
Retail
$1.11M
$973.4K – $1.30M
NOI $77,870 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,258 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
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FAQs
What type of property is this?
Apartment building - Mixed-use property with one street-level retail unit and eight second-floor residential units, plus a finished basement with loading dock.
Where is this apartment building located?
The property is located at 671-675 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Mixed‑use building built in 1910 with 9 total units: 1 retail unit and 8 residential units; One street‑level retail unit plus eight second‑floor residential units with 1 to 3 bedrooms; Finished basement provides additional space for storage or potential expansion, with a loading dock
