Mixed-Use Property with Multifamily
For Sale
$2,000,000
Pending
819-829 Forest Avenue, Portland, ME 04103
Portland, ME
Property Size4,200 SF
Days on Market48
Property Features for 819-829 Forest Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Pending
Size
4,200 SF
Amenities
paved parking lot
fenced-in lot
one-car attached garage
one-car garage
Building Details
Year built
1999
Listing Agency:
Auburn, Maine · Better Homes and Gardens Real Estate
Listed By:
Renee Roy
(207) 782-8311
Added: Sep 2
Changed: Oct 16
Last Checked: Oct 19 at 10:06PM
MLS# 1678817
Copyright © 2026 Better Homes and Gardens-The Masiello Group. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This mixed-use property includes a 1999 commercial building with metal siding, metal roofing, and block-face construction. The first floor contains two separate storefront areas, and an attached one-car garage provides additional functional space. The commercial building measures 4,200 square feet.
A detached three-unit building, constructed in 1980, adds residential and flexible occupancy options. Its configuration includes a three-bedroom, two-bath main residence, a one-bedroom first-floor apartment, and a two-bedroom second-floor apartment. The building also has a one-car garage and requires interior work. Both structures are offered together, as-is, on one completely fenced parcel with a substantial paved parking area.
A detached three-unit building, constructed in 1980, adds residential and flexible occupancy options. Its configuration includes a three-bedroom, two-bath main residence, a one-bedroom first-floor apartment, and a two-bedroom second-floor apartment. The building also has a one-car garage and requires interior work. Both structures are offered together, as-is, on one completely fenced parcel with a substantial paved parking area.
Key Highlights
- 4,200‑square‑foot commercial building constructed in 1999
- Two separate first‑floor storefront spaces
- Detached three‑unit building constructed in 1980
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,220
Cap Rate
3.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,484,400
$1.5M
Cap Rate 7%
$1,060,286
$1.1M
Cap Rate 9%
$824,667
$824.7K
Market Conditions
NOI Build-Up for 4,200 SF
Gross rent
$113.4K $27.00/SF
− Vacancy
−$7.4K −$1.76/SF
EGI
$106.0K $25.25/SF
− OpEx
−$31.8K −$7.57/SF
NOI
$74.2K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,484,400
Cap Rate 7%
$1,060,286
Cap Rate 9%
$824,667
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$927.8K – $1.24M
NOI $74,220 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$986.4K
$863.1K – $1.15M
NOI $69,051 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$1.15M
$1.01M – $1.35M
NOI $80,806 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
865
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine storefront space, residential units, garages, and a fully fenced paved parking area.
Where is this mixed-use property located?
The property is located at 819-829 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 4,200‑square‑foot commercial building constructed in 1999; Two separate first‑floor storefront spaces; Detached three‑unit building constructed in 1980
