Brick Retail Building with Seafood
677 Forest Avenue Portland, ME 04103
For Sale
$1,495,000
COMMERCIAL - Portland, ME
Property Size4,922 SF
Lot Size0.28 Acres
Price / SF$303.74
Days on Market47
Property Features for 677 Forest Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
21 Retail Commercial
Rooms
Basement
Basement
Finished, Full
Standard status
Active
Size
4,922 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8203
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1938
Building materials
Brick, Wood Siding
Roof type
Membrane
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
David Jones · License #DB918088
(207) 650-3455
Added: Jun 12
Last Checked: Jul 28 at 5:06AM
MLS# 1667022
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.
A prominent brick retail building is offered for sale (or lease) as real estate only at 677 Forest Avenue. The property is currently occupied by the PJ Merrill Seafood retail store, and the site is described as having a grandfathered seafood retail use. The offering includes a parcel of 0.28 acres and a building size of 4,922 square feet, with on-site parking and a configuration suited to storefront retail operations.
The property is positioned in a highly visible, highly traveled location along a major commercial corridor, with exceptional frontage and outstanding visibility as described in the remarks. The asset is zoned “21 Retail Commercial,” supporting a retail-oriented use profile and reinforcing its role as a street-facing commercial site. Substantial on-site parking is identified as part of the site’s day-to-day convenience.
This property may be a practical fit for developers, investors, and owner-users looking for a prominent retail address with a continued retail tenant in place and redevelopment possibilities referenced in the remarks. Because the business is not included in the sale, prospective buyers may want to review how a transition from the current seafood retail operation would be handled, including whether acquisition of the business may be available separately to qualified buyers.
The property is positioned in a highly visible, highly traveled location along a major commercial corridor, with exceptional frontage and outstanding visibility as described in the remarks. The asset is zoned “21 Retail Commercial,” supporting a retail-oriented use profile and reinforcing its role as a street-facing commercial site. Substantial on-site parking is identified as part of the site’s day-to-day convenience.
This property may be a practical fit for developers, investors, and owner-users looking for a prominent retail address with a continued retail tenant in place and redevelopment possibilities referenced in the remarks. Because the business is not included in the sale, prospective buyers may want to review how a transition from the current seafood retail operation would be handled, including whether acquisition of the business may be available separately to qualified buyers.
Key Highlights
- Brick commercial building with wood siding, built in 1938
- Public water and public sewer service
- Membrane roof
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 | $88.6k | $18.00 |
| − Vacancy | −$15.1k | −$3.06 |
| EGI | $73.5k | $14.94 |
| − OpEx | −$22.1k | −$4.48 |
| NOI | $51.5k | $10.46 |
4,922 SF · lease $18.00/SF/yr · vacancy 17.00% · expense 30.00%
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
Location Intelligence
Current Use
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 - Brick retail building on a busy corridor with on-site parking, currently operating as grandfathered seafood retail.
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: Brick commercial building with wood siding, built in 1938; Public water and public sewer service; Membrane roof
