Brick Retail
For Sale
$1,495,000
677 Forest Avenue, Portland, ME 04103
Freestanding commercial property with on-site parking and an established seafood retail use.
Property Size4,922 SF
Price / SF$303.74
Days on Market103
Property Features for 677 Forest Avenue
General Information
Standard status
Active
Size
4,922 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1938
Construction
brick
Listing Agency:
F.O. Bailey Real Estate
(207) 650-3455
Listed By:
David Jones · License #DB918088
(207) 650-3455
Source:
Fobaileyrealestate
Added: May 21
Changed: Aug 30
Last Checked: Aug 30 at 5:53PM
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 F.O. Bailey Real Estate
Investment Insights
Based on property information with market context.
This 4,922-square-foot brick retail building at 677 Forest Ave was constructed in 1938 and is currently occupied by PJ Merrill Seafood. The property includes the real estate only; the operating business is not part of the sale, although a separate business acquisition may be available to qualified buyers.
The site offers on-site parking, frontage, and visibility along Forest Avenue in Portland. A grandfathered seafood retail use is in place, while the property information also identifies redevelopment potential for continued commercial use or a future repositioning of the site.
The site offers on-site parking, frontage, and visibility along Forest Avenue in Portland. A grandfathered seafood retail use is in place, while the property information also identifies redevelopment potential for continued commercial use or a future repositioning of the site.
Key Highlights
- 4,922‑square‑foot brick retail building constructed in 1938
- Currently occupied by PJ Merrill Seafood retail store
- Grandfathered seafood retail use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,474
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,029,480
$1.0M
Cap Rate 7%
$735,343
$735.3K
Cap Rate 9%
$571,933
$571.9K
Market Conditions
NOI Build-Up for 4,922 SF
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.
Gross rent
$88.6K $18.00/SF
− Vacancy
−$15.1K −$3.06/SF
EGI
$73.5K $14.94/SF
− OpEx
−$22.1K −$4.48/SF
NOI
$51.5K $10.46/SF
Area
Cumberland County, ME
Vacancy
17.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,029,480
Cap Rate 7%
$735,343
Cap Rate 9%
$571,933
Alternative Uses
Best Use
Retail
$735.3K
$643.4K – $857.9K
NOI $51,474 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,697 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,017
Businesses Nearby
14k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 18%
Beauty & Spa 12%
Artist & Craftsman Supply
Shops & Services
5,242 visits/mo
0.1 miles
Mobil
Shops & Services
4,636 visits/mo
0.4 miles
Domino's Pizza
Dining
2,563 visits/mo
0.3 miles
Sun Tan City
Beauty & Spa
1,752 visits/mo
0.1 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding commercial property with on-site parking and an established seafood retail use.
Where is this storefront property located?
The property is located at 677 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 4,922‑square‑foot brick retail building constructed in 1938; Currently occupied by PJ Merrill Seafood retail store; Grandfathered seafood retail use
