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    151 Middle St Portland, ME 04101

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    For Lease
    Contact for pricing

    Historic Portland medical space for lease.

    Lot size:
    54,400 SF

    Property Features for 151 Middle St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    54,400 SF
    Total Rate
    71400

    Building Details

    Year Built
    1900
    Stories
    3

    Spaces For Lease

    at 151 Middle St, Portland, ME 04101 Contact us
    Unit Suite 03/04

    $15 /Mo

    Size
    5,796 SF
    Contact us

    We can help!

    Listing Contact
    Peter Harrington
    Peter Harrington

    Listing Agency: Malone Commercial Brokers Listing Agent: Peter Harrington

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional three-story medical office building, located at 151 Middle Street in Portland, Maine, offers 54,400 square feet of space, with 5,796 square feet currently available for lease. Built in 1900, the building boasts a prime location in the heart of Portland's vibrant downtown, zoned B-3 (Downtown Business) and PAD (Pedestrian Activities Overlay). The property sits on a 0.56-acre lot and features attractive 9.1-foot ceilings throughout. Multiple tenants currently occupy the building, creating a thriving and established medical community. The building is equipped with elevators for convenient access to all three floors. This is a rare opportunity to secure space in a well-maintained, historically significant building in a high-demand area. The property's central location provides excellent visibility and accessibility for patients and staff. The building's existing infrastructure and established tenant base make it an ideal investment for medical professionals seeking a prestigious and functional workspace in the heart of Portland. The APN is 05170_028 K002, and the property is located in Cumberland County, Maine, zip code 04101. Inquire today to learn more about leasing opportunities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Casablanca Comics (Bike/Boat/Book/etc) Store Anthony's Italian Kitchen Restaurant Athleta Clothing & Fashion Store Blindsight Gallery Art Gallery

    Suggested Use

    Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Law Firm Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.2539083
    Latitude
    43.6585041

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    FAQs

    What type of property is this?
    Medical office - Historic Portland medical space for lease.
    Where is this medical office located?
    The property is located at 151 Middle St Portland, ME.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: 5,796± SF of lower-level retail space available for lease.; Located in a prime Portland, ME retail corridor with established tenants including Anthropologie, Athleta, and others.; Features ample natural light from large windows.
    (207) 772-2422 Call to check price and availability
    Request Owner's contact information
    151 Middle St Portland, ME 04101
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    151 Middle St Portland, ME 04101
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    Contact for Pricing
    Please call us for current price
    and status of this listing Peter Harrington
    Peter Harrington
    Real Estate License ID: BA900499
    (207) 772-2422 (207) 318-8888
    Learn more
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