Mixed-Use Property in Prime
777 Forest Avenue Portland, ME 04103
For Sale
$875,000
MULTI_FAMILY - Colonial - Portland, ME
Property Size3,948 SF
Lot Size0.14 Acres
Price / SF$221.63
Days on Market67
Property Features for 777 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B2
Bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Basement, Bathroom 3
Basement
Unfinished
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, Heat Pump (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Number of units
2
Flooring type
Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
Hoang Nguyen
(207) 450-8124
Added: May 23
Changed: Jun 11
Last Checked: Jul 28 at 4:06AM
MLS# 1656222
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 mixed-use property offers both residential and commercial income potential. It is situated in a highly visible location on Forest Ave in Portland, ME. The property features a ground-level retail space with an established tenant. Additionally, there is a spacious, renovated two-level residential unit with 5 bedrooms. The residential unit offers strong rental potential. The property's flexible layout and off-street parking add to its appeal. The building is equipped with natural gas heating, an updated hot water heater, and a commercial-grade fire alarm and sprinkler system. The lot size is 0.14 acres and the property size is 3948 square feet. The zoning is B2. This property is ideal for those seeking rental income, a live/work setup, or long-term investment. It is also listed as Commercial MLS #1655962.
Key Highlights
- Mixed‑use property with ground‑level retail space and an attached two‑level renovated 5‑bedroom residential unit
- Ground‑level retail includes an established tenant (buyer to verify lease details)
- Equipped with central air plus natural gas heating, heat pump (heating), and forced air systems
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with retail space and renovated residential unit.
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 property with ground‑level retail space and an attached two‑level renovated 5‑bedroom residential unit; Ground‑level retail includes an established tenant (buyer to verify lease details); Equipped with central air plus natural gas heating, heat pump (heating), and forced air systems
