Building Details

Year Built 1999

Listing Agency: Better Homes & Gardens Real Estate/The Masiello Group

Listed By: Renee Roy Show Phone

Source: Aroostookrealestate

Added: Sep 4 Changed: Oct 15 Last Checked: Oct 7 at 4:38PM

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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

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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, block-face construction, and two separate first-floor storefront areas. The building also has an attached one-car garage. A detached three-unit building, constructed in 1980, adds a three-bedroom, two-bath residence, a one-bedroom first-floor apartment, and a two-bedroom second-floor apartment, along with a second one-car garage.

Both buildings occupy one fenced parcel with a substantial paved parking lot. The residential building requires interior work and is being conveyed as-is with the commercial structure. The combination of retail space, residential units, garages, and on-site parking supports commercial, owner-user, rental, and redevelopment applications.

Key Highlights

• Two separate first‑floor storefront areas in the 1999 commercial building
• Detached three‑unit building constructed in 1980
• Residential mix includes 3‑bedroom, 2‑bath residence, 1‑bedroom apartment, and 2‑bedroom apartment

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

Is this asking price fair?

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 (±1% cap)

NOI $74,220 @ 7.0% cap · market cap 3.71%

Second Best

Apartment 5plus

$986.4K

$863.1K – $1.15M (±1% cap)

NOI $69,051 @ 7.0% cap · market cap 3.45%

Theoretical Best

Office A

$1.15M

$1.01M – $1.35M (±1% cap)

NOI $80,806 @ 7.0% cap · market cap 4.04%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Restaurant Spa & Massage Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

342

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-building property combines storefront space, residential units, garages, and a fully paved, fenced parking area.

Where is this mixed-use property located?

The property is located at 819829 819-829 Forest Ave 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: Two separate first‑floor storefront areas in the 1999 commercial building; Detached three‑unit building constructed in 1980; Residential mix includes 3‑bedroom, 2‑bath residence, 1‑bedroom apartment, and 2‑bedroom apartment