Renovated Office
For Sale
$399,000
823 Portland Road, Saco, ME 04072
The building operates as office space and has more than 25 permitted and conditional uses under its zoning.
Property Size864 SF
Price / SF$461.81
Days on Market732
Property Features for 823 Portland Road
General Information
Standard status
Active
Size
864 SF
Property subtype
Commercial
Zoning
PR//B6
Additional Details
Condition
Newly Renovated
Highway Access
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$3,227
Building Details
Building Size
864 SF
Year Built
1954
Year Renovated
2022
Buildings
1
Listing Agency:
Conlon Realty
Listed By:
Deana Burke
(207) 423-3924
Source:
Amerorealty
Added: Oct 31, 2024
Changed: Oct 31
Last Checked: Oct 31 at 2:29PM
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 Conlon Realty
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Investment Insights
Based on property information with market context.
Currently configured for office use, this 864 sq. ft. building received a comprehensive renovation in 2022. Improvements include hardwood floors, granite countertops, updated heating and cooling systems, and smart siding. The property was built in 1954 and is zoned PR//B6, with more than 25 permitted and conditional uses identified for the site.
The building is on Portland Road in Saco, just off the highway. Downtown Saco and Old Orchard Beach are nearby, and Portland is approximately 20 minutes away.
The building is on Portland Road in Saco, just off the highway. Downtown Saco and Old Orchard Beach are nearby, and Portland is approximately 20 minutes away.
Key Highlights
- 864 sq. ft. building currently used as office space
- Renovated in 2022 with hardwood flooring, granite countertops, updated heating/cooling systems, and smart siding
- Zoned PR//B6, with over 25 permitted and conditional uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,152
Cap Rate
3.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$283,040
$283.0K
Cap Rate 7%
$202,171
$202.2K
Cap Rate 9%
$157,244
$157.2K
Market Conditions
NOI Build-Up for 864 SF
Gross rent
$21.6K $24.96/SF
− Vacancy
−$2.7K −$3.12/SF
EGI
$18.9K $21.84/SF
− OpEx
−$4.7K −$5.46/SF
NOI
$14.2K $16.38/SF
Area
York County, ME
Vacancy
12.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$283,040
Cap Rate 7%
$202,171
Cap Rate 9%
$157,244
Alternative Uses
Best Use
Office B
$202.2K
$176.9K – $235.9K
NOI $14,152 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$273.9K
$239.7K – $319.5K
NOI $19,172 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 04072, ME
20,381
Population
9,619
Households
2.1
Avg Household Size
43
Median Age
40%
College-Educated
96%
High-School Grad
38.6 sq mi
ZIP Area
528
Density / Sq Mi
$84,328
Median Household Income
$47,419
Median Earnings
$1,268
Median Rent
$370,300
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - The building operates as office space and has more than 25 permitted and conditional uses under its zoning.
Where is this office building located?
The property is located at 823 Portland Road Saco, ME.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 864 sq. ft. building currently used as office space; Renovated in 2022 with hardwood flooring, granite countertops, updated heating/cooling systems, and smart siding; Zoned PR//B6, with over 25 permitted and conditional uses
