Mixed-Use Property With
New
For Sale
$2,000,000
819-829 Forest Avenue, Portland, ME 04103
Two-building property combines commercial storefront space with a detached three-unit residential building and substantial paved parking.
Property Size4,200 SF
Price / SF$476.19
Days on Market6
Property Features for 819-829 Forest Avenue
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Commercial
Property Condition
Severity
Repairs Needed
Evidence
The three-unit building will require interior work
Amenities
attached garage
fenced lot
Building Details
Year Built
1999
Buildings
2
Construction
metal siding, block-face
Tenancy
Multi
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
Listed By:
Renee Roy
(603) 433-3350
Source:
Greatislandrealty
Added: Aug 31
Changed: Sep 4
Last Checked: Sep 4 at 4:21AM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This mixed-use property includes a 4,200-square-foot commercial building constructed in 1999 with metal siding, metal roofing, block-face construction, and two separate first-floor storefront areas. The commercial building also includes an attached one-car garage. Both structures occupy one completely fenced parcel with a substantial paved parking area.
A detached three-unit building, constructed in 1980, provides a three-bedroom, two-bath main residence, a one-bedroom first-floor apartment, and a two-bedroom second-floor apartment. It also has a one-car garage and vinyl exterior materials with gutters. The multifamily building requires interior work and, together with the commercial building, is being sold as-is as one property.
A detached three-unit building, constructed in 1980, provides a three-bedroom, two-bath main residence, a one-bedroom first-floor apartment, and a two-bedroom second-floor apartment. It also has a one-car garage and vinyl exterior materials with gutters. The multifamily building requires interior work and, together with the commercial building, is being sold as-is as one property.
Key Highlights
- 4,200‑square‑foot commercial building constructed in 1999
- Two separate first‑floor storefront areas
- Detached three‑unit building constructed in 1980
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
$74,220
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
3.71%
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%
$1,484,400
$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
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
$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 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%
$1,484,400
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building property combines commercial storefront space with a detached three-unit residential building and substantial paved parking.
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 areas; Detached three‑unit building constructed in 1980
