Mixed-Use Building with Commercial
736 Forest Avenue, Portland, ME 04103
For Sale
$799,000
Two occupied apartments sit above a street-level commercial space in Portland’s B2b zone.
Property Size3,540 SF
Price / SF$225.71
Days on Market158
Property Features for 736 Forest Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Occupancy
Site & Location
Corner Location
Traffic Count
Highway Access
Road Access
Public Transit
Mixed-Use Components
Units
Unit Mix
Multifamily Units
Additional Details
Floor
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
direct access to public transportation
Storage
Building Details
Building Size
Year Built
Buildings
Stories
Tenancy
Listing Agency:
Elevate Maine Realty
(207) 331-4565
Listed By:
Melanie Crane Michael Navarro
(207) 203-9022
Source:
Integrityhomesrealestategroup
Added: Jun 6
Changed: Nov 7
Last Checked: Nov 9 at 5:45PM
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 Elevate Maine Realty
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Investment Insights
Based on property information with market context.
This 3,540-square-foot mixed-use building combines a commercial suite on the first floor with two renovated apartments above. The 829-square-foot corner commercial space is complemented by a 945-square-foot, two-bedroom, one-bathroom apartment on the second floor and a 1,766-square-foot, four-bedroom, two-bathroom apartment on the third. Each residence has a separate entrance, and both are occupied. The property was built in 1900 and is zoned B2b.
At Forest Avenue and Pleasant Avenue, the building is just north of Woodford’s Corner. The location has an estimated traffic count of 35,000+ vehicles per day, public transportation access, and off-street parking for three vehicles, with additional street parking. I-295 and downtown Portland are a few minutes away; Back Cove and the Stevens Avenue/Deering neighborhood are within a half-mile.
At Forest Avenue and Pleasant Avenue, the building is just north of Woodford’s Corner. The location has an estimated traffic count of 35,000+ vehicles per day, public transportation access, and off-street parking for three vehicles, with additional street parking. I-295 and downtown Portland are a few minutes away; Back Cove and the Stevens Avenue/Deering neighborhood are within a half-mile.
Key Highlights
- 3,540‑square‑foot mixed‑use building, constructed in 1900
- 829‑square‑foot commercial corner suite on the first floor
- Two renovated, occupied apartments with separate entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,200
Cap Rate
7.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,164,000
$1.2M
Cap Rate 7%
$831,429
$831.4K
Cap Rate 9%
$646,667
$646.7K
Market Conditions
NOI Build-Up for 3,540 SF
Gross rent
$112.6K $31.80/SF
− Vacancy
−$6.8K −$1.91/SF
EGI
$105.8K $29.89/SF
− OpEx
−$47.6K −$13.45/SF
NOI
$58.2K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,164,000
Cap Rate 7%
$831,429
Cap Rate 9%
$646,667
Alternative Uses
Best Use
Apartment 5plus
$831.4K
$727.5K – $970.0K
NOI $58,200 @ 7.0% cap · market cap 7.28%
Second Best
Mixed Use
$628.1K
$549.6K – $732.8K
NOI $43,967 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$973.0K
$851.4K – $1.14M
NOI $68,108 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
2
Residential units
35,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
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Business Placement
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
$421,800
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Portland, ME
Properties on Market for Mixed-use properties in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two occupied apartments sit above a street-level commercial space in Portland’s B2b zone.
Where is this mixed-use property located?
The property is located at 736 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3,540‑square‑foot mixed‑use building, constructed in 1900; 829‑square‑foot commercial corner suite on the first floor; Two renovated, occupied apartments with separate entrances
