Mixed-Use Building with
671 Forest Avenue Portland, ME 04103
671 Forest Avenue, Portland, ME, 04103
$1,499,000
For Sale
$1,499,000
Mixed-use property with one street-level retail unit and eight residential units plus a full finished basement with loading dock.
Property Size11,169 SF
Price / SF$134.21
Days on Market187
Property Features for 671 Forest Avenue
General Information
- Standard status
- Active
- Size
- 11,169 SF
- Property subtype
- Commercial / Multi Family
Building Details
- Year Built
- 1910
Listing agency
Maine Real Estate Co
(207) 415-7986
Listed by
Sarem Al-Shawk · License #DB927429
(207) 415-7986
Source
Compass
Added: Jan 17 Updated: Jul 23 at 5:59AM Checked: Jul 23 at 5:59AM
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 mixed-use building includes one street-level retail unit and eight residential units on the second floor. The residential units are described as offering 1 to 3 bedroom layouts. A full finished basement is also part of the property and includes a loading dock, providing additional usable space for storage and retail logistics.
The property is positioned at the intersection of Forest Ave, Woodford St, and Ocean Ave in Portland, ME, and the listing notes accessibility via major thoroughfares and public transportation.
Overall, the configuration combines ground-floor retail with above-floor residential apartments, supported by a finished basement with loading dock for practical on-site function.
The property is positioned at the intersection of Forest Ave, Woodford St, and Ocean Ave in Portland, ME, and the listing notes accessibility via major thoroughfares and public transportation.
Overall, the configuration combines ground-floor retail with above-floor residential apartments, supported by a finished basement with loading dock for practical on-site function.
Key Highlights
- 9 total units: 1 street‑level retail unit plus 8 residential units
- Mixed‑use property at the intersection of Forest Ave, Woodford St, and Ocean Ave in Portland
- Residential units feature 1 to 3 bedrooms
Local Financial Insights For Retail
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 | $201.0k | $18.00 |
| − Vacancy | −$34.2k | −$3.06 |
| EGI | $166.9k | $14.94 |
| − OpEx | −$50.1k | −$4.48 |
| NOI | $116.8k | $10.46 |
11,169 SF · lease $18.00/SF/yr · vacancy 17.00% · expense 30.00%
Alternative Uses
Best Use
Apartment 5plus
$2.62M
$2.30M – $3.06M
NOI $183,625 @ 7.0% cap · market cap 12.25%
Second Best
Mixed Use
$1.98M
$1.73M – $2.31M
NOI $138,719 @ 7.0% cap · market cap 9.25%
Theoretical Best
Office A
$3.07M
$2.69M – $3.58M
NOI $214,887 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
A Company of Girls
Association / Organization
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Mixed-use property with one street-level retail unit and eight residential units plus a full finished basement with loading dock.
Where is this apartment building located?
The property is located at 671 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: 9 total units: 1 street‑level retail unit plus 8 residential units; Mixed‑use property at the intersection of Forest Ave, Woodford St, and Ocean Ave in Portland; Residential units feature 1 to 3 bedrooms
