Mixed-Use Building with
For Sale
$875,000
777 Forest Avenue, Portland, ME 04103
COMMERCIAL - Portland, ME
Property Size3,948 SF
Lot Size0.14 Acres
Price / SF$221.63
Days on Market92
Property Features for 777 Forest Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Rooms
Basement
Basement
Unfinished
Accessibility
Accessible Approach with Ramp
Lot features
Public Transport Access, Near Turnpike/ Interstate, Business District
Standard status
Active
Size
3,948 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7910
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
Hoang Nguyen
(207) 450-8124
Added: May 6
Changed: Aug 4
Last Checked: Aug 5 at 11:06PM
MLS# 1655962
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.
This well-maintained mixed-use building combines a ground-level retail space with an established tenant and a spacious, renovated two-level residential unit with five bedrooms. The property includes off-street parking for added convenience. Building systems include natural gas heating, an updated hot water heater, and a commercial-grade fire alarm and sprinkler system.
The asset is located along the high-visibility Forest Ave corridor at 777 Forest Avenue in Portland, Maine. The commercial retail component sits at street level, while the residential unit provides a separate two-level living configuration within the same building.
For an owner-occupant, the layout supports a live-work approach by pairing street-facing retail with on-site residential space. For investors, the building provides both commercial and residential income components in one package, with the residential portion already renovated and configured as a five-bedroom, two-level unit. The B2 zoning offers flexibility for mixed-use operation as described, and the building’s safety systems and updated utilities support day-to-day functionality.
The asset is located along the high-visibility Forest Ave corridor at 777 Forest Avenue in Portland, Maine. The commercial retail component sits at street level, while the residential unit provides a separate two-level living configuration within the same building.
For an owner-occupant, the layout supports a live-work approach by pairing street-facing retail with on-site residential space. For investors, the building provides both commercial and residential income components in one package, with the residential portion already renovated and configured as a five-bedroom, two-level unit. The B2 zoning offers flexibility for mixed-use operation as described, and the building’s safety systems and updated utilities support day-to-day functionality.
Key Highlights
- Mixed‑use building along the Forest Ave corridor with ground‑level retail plus a renovated two‑level 5‑bedroom residential unit
- Established retail tenant and an additional residential unit providing both commercial and residential income potential
- Equipped with natural gas heating, updated hot water heater, and central air cooling
Financial Insights For Apartment 5plus
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 | $125.5k | $31.80 |
| − Vacancy | −$7.5k | −$1.91 |
| EGI | $118.0k | $29.89 |
| − OpEx | −$53.1k | −$13.45 |
| NOI | $64.9k | $16.44 |
3,948 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$927.2K
$811.3K – $1.08M
NOI $64,907 @ 7.0% cap · market cap 7.42%
Second Best
Mixed Use
$700.5K
$612.9K – $817.2K
NOI $49,034 @ 7.0% cap · market cap 5.60%
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
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 55%
Dining 27%
Beauty & Spa 18%
Artist & Craftsman Supply
Shops & Services
5,242 visits/mo
0.3 miles
Domino's Pizza
Dining
2,563 visits/mo
0.1 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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Well-maintained mixed-use property with ground-floor retail and a renovated two-level five-bedroom residence plus off-street parking.
Where is this mixed-use property located?
The property is located at 777 Forest Avenue 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: Mixed‑use building along the Forest Ave corridor with ground‑level retail plus a renovated two‑level 5‑bedroom residential unit; Established retail tenant and an additional residential unit providing both commercial and residential income potential; Equipped with natural gas heating, updated hot water heater, and central air cooling
