Freestanding Office
For Sale
$1,095,000
7 Forest Avenue, Portland, ME 04101
Standalone commercial property with divisible space and zoning that permits residential use.
Property Size5,102 SF
Price / SF$214.62
Days on Market49
Property Features for 7 Forest Avenue
General Information
Standard status
Active
Size
5,102 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$10,233
Building Details
Building Size
5,102 SF
Year Built
1900
Buildings
1
Listing Agency:
Spectrum Real Estate
Listed By:
Anthony Donovan
(207) 329-6732
Source:
Heathershieldsmaine
Added: Aug 19
Changed: Sep 22
Last Checked: Oct 5 at 9:08PM
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 Spectrum Real Estate
Investment Insights
Based on property information with market context.
This freestanding office property dates to 1900 and provides a distinct standalone setting for professional operations. The interior can be divided into separate areas, supporting flexible occupancy within the building. A full basement adds additional below-grade space, although no measurements are included here.
Located at 7 Forest Avenue in downtown Portland, the property places office users within the city’s central business environment, with access to local amenities and transportation. Zoning permits residential use, and the seller will provide residential renovation plans for consideration.
Located at 7 Forest Avenue in downtown Portland, the property places office users within the city’s central business environment, with access to local amenities and transportation. Zoning permits residential use, and the seller will provide residential renovation plans for consideration.
Key Highlights
- Freestanding office building at 7 Forest Avenue
- Built in 1900
- Interior layout can be divided into separate areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,041
Cap Rate
6.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,460,820
$1.5M
Cap Rate 7%
$1,043,443
$1.0M
Cap Rate 9%
$811,567
$811.6K
Market Conditions
NOI Build-Up for 5,102 SF
Gross rent
$111.4K $21.84/SF
− Vacancy
−$14.0K −$2.75/SF
EGI
$97.4K $19.09/SF
− OpEx
−$24.3K −$4.77/SF
NOI
$73.0K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,460,820
Cap Rate 7%
$1,043,443
Cap Rate 9%
$811,567
Alternative Uses
Best Use
Office B
$1.04M
$913.0K – $1.22M
NOI $73,041 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,160 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Standalone commercial property with divisible space and zoning that permits residential use.
Where is this office building located?
The property is located at 7 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Freestanding office building at 7 Forest Avenue; Built in 1900; Interior layout can be divided into separate areas
