Mixed-Use Retail and Residential
671-675 Forest Avenue Portland, ME 04103
For Sale
$1,499,000
MULTI_FAMILY - Portland, ME
Property Size7,446 SF
Lot Size0.12 Acres
Price / SF$201.32
Days on Market17
Property Features for 671-675 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B2B
Bathrooms
8
Rooms
Bathroom 1, Bathroom 6, Bathroom 2, Bathroom 8, Bathroom 5, Bathroom 3, Basement, Bathroom 4, Bathroom 7
Parking features
Off Street, On Street
Basement
Unfinished, Walk-Out Access, Finished, Full
Standard status
Active
Size
7,446 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
15028
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil, Hot Water(Heating)
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
9
Flooring type
Carpet, Tile, Vinyl
Building materials
Masonry, Brick, Brick Veneer
Roof type
Flat
Listing Agency:
Maine Real Estate Co
(207) 292-1030
Listed By:
Sarem Al-Shawk
(207) 415-7986
Added: Jul 13
Changed: Jul 28
Last Checked: Jul 29 at 2:06AM
MLS# 1650249
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 building includes one street-level retail unit and eight residential units located on the second floor. Residential units feature 1 to 3 bedroom layouts. The property also has a full finished basement with a loading dock, adding additional practical space for the building.
The address is 671-675 Forest Avenue in Portland, Maine, at the intersection of Forest Ave, Woodford St, and Ocean Ave. Zoning is listed as B2B.
Overall, the configuration provides a straightforward combination of retail space at street level and multiple residential apartments above, supported by the finished basement and loading dock.
The address is 671-675 Forest Avenue in Portland, Maine, at the intersection of Forest Ave, Woodford St, and Ocean Ave. Zoning is listed as B2B.
Overall, the configuration provides a straightforward combination of retail space at street level and multiple residential apartments above, supported by the finished basement and loading dock.
Key Highlights
- Mixed‑use building with 1 street‑level retail unit and 8 residential units (9 units total)
- Located at the intersection of Forest Ave, Woodford St, and Ocean Ave
- Full finished basement with a loading dock
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 authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use building with one street-level retail unit and eight residential units on the second floor.
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 with 1 street‑level retail unit and 8 residential units (9 units total); Located at the intersection of Forest Ave, Woodford St, and Ocean Ave; Full finished basement with a loading dock
