Retail Storefront
For Sale
$1,495,000
677 Forest Avenue, Portland, ME 04103
For sale retail storefront property located at 677 Forest Avenue in Portland, Maine.
Property Size4,922 SF
Days on Market62
Property Features for 677 Forest Avenue
General Information
Standard status
Active
Size
4,922 SF
Property subtype
Commercial
Zoning
21 Retail Commercial
Taxes and HOA fees
Annual Taxes
$8,203
Building Details
Building Size
4,922 SF
Year Built
1938
Listing Agency:
F.O. Bailey Real Estate
(207) 650-3455
Listed By:
David Jones · License #DB918088
(207) 650-3455
Source:
Startpoint
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 11 at 1:42PM
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 for-sale retail storefront property is offered as part of a broader set of retail space listings, suitable for tenants seeking a street-level retail presence. The available information describes it as a commercial retail asset without additional unit or interior specifications.
The property is located at 677 Forest Avenue in Portland, Maine. Additional details such as square footage, configuration, and building features are not provided in the listing information.
Interested parties should confirm the property’s specific layout and any lease or improvement details directly with the listing representative.
The property is located at 677 Forest Avenue in Portland, Maine. Additional details such as square footage, configuration, and building features are not provided in the listing information.
Interested parties should confirm the property’s specific layout and any lease or improvement details directly with the listing representative.
Key Highlights
- Retail storefront property for sale at 677 Forest Avenue in Portland, Maine
- Year built: 1938
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Backyard Blooms — 74 Ocean Ave, Portland, ME 04103
- C.M.Skerritt Designs — 47 Ocean Ave, Portland, ME 04103
Frequently Asked Questions
What type of property is this?
Storefront property - For sale retail storefront property located at 677 Forest Avenue in Portland, Maine.
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: Retail storefront property for sale at 677 Forest Avenue in Portland, Maine; Year built: 1938
