Mixed-Use Building with Retail
For Sale
$875,000
777 Forest Ave, Portland, ME 04103
Renovated two-level residential unit accompanies an established ground-floor retail tenant.
Property Size3,948 SF
Price / SF$221.63
Days on Market42
Property Features for 777 Forest Ave
General Information
Standard status
Active
Size
3,948 SF
Units
Unit Mix
1 x 5-bedroom
Multifamily Units
1
Additional Details
Sprinkler System
Yes
Amenities
off-street parking
natural gas heating
updated hot water heater
commercial-grade fire alarm and sprinkler system
Building Details
Year Built
1930
Buildings
1
Listing Agency:
F.O. Bailey Real Estate
(207) 450-8124
Listed By:
Hoang Nguyen
Source:
603luxury
Added: Jul 21
Changed: Aug 27
Last Checked: Aug 30 at 8:33PM
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.
Located at 777 Forest Ave in Portland, Maine, this 3948-square-foot mixed-use building combines street-level retail with a renovated two-level residential unit containing five bedrooms. The commercial space is occupied by an established tenant, while the residential component provides a separate use within the same property.
Originally built in 1930, the building includes off-street parking, natural gas heating, and an updated hot water heater. A commercial-grade fire alarm and sprinkler system are also installed. The property’s combination of retail and residential space supports a live-work configuration or separate commercial and residential occupancy, subject to applicable requirements.
Originally built in 1930, the building includes off-street parking, natural gas heating, and an updated hot water heater. A commercial-grade fire alarm and sprinkler system are also installed. The property’s combination of retail and residential space supports a live-work configuration or separate commercial and residential occupancy, subject to applicable requirements.
Key Highlights
- 3948 SF mixed‑use building at 777 Forest Ave, Portland, ME 04103
- Ground‑level retail space with an established tenant
- Renovated two‑level residential unit with 5 bedrooms
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
$64,907
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
7.42%
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%
$1,298,140
$1.3M
Cap Rate 7%
$927,243
$927.2K
Cap Rate 9%
$721,189
$721.2K
Market Conditions
NOI Build-Up for 3,948 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
$125.5K $31.80/SF
− Vacancy
−$7.5K −$1.91/SF
EGI
$118.0K $29.89/SF
− OpEx
−$53.1K −$13.45/SF
NOI
$64.9K $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 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%
$1,298,140
Cap Rate 7%
$927,243
Cap Rate 9%
$721,189
Alternative Uses
Best Use
Apartment 5plus
$927.2K
$811.3K – $1.08M
NOI $64,907 @ 7.0% cap · market cap 7.42%
Second Best
Office B
$807.4K
$706.5K – $942.0K
NOI $56,520 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$1.09M
$949.5K – $1.27M
NOI $75,958 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated two-level residential unit accompanies an established ground-floor retail tenant.
Where is this mixed-use property located?
The property is located at 777 Forest Ave Portland, ME.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3948 SF mixed‑use building at 777 Forest Ave, Portland, ME 04103; Ground‑level retail space with an established tenant; Renovated two‑level residential unit with 5 bedrooms
