Office Building with Detached
New
For Sale
$575,000
930 Forest Avenue, Portland, ME 04103
Dutch Colonial layout offers adaptable office configuration with off-street parking.
Property Size1,940 SF
Price / SF$296.39
Days on Market4
Property Features for 930 Forest Avenue
General Information
Standard status
Active
Size
1,940 SF
Property subtype
Commercial
Zoning
B 2b
Lease Term
[]
Additional Details
Highway Access
Yes
Building Details
Year Built
1939
Construction
Dutch Colonial
Listing Agency:
Portside Real Estate Group
Listed By:
Karen Thompson
(207) 329-6729
Source:
Portsiderealestategroup
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 16 at 2:18PM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
This 1940 SF office building occupies a Dutch Colonial structure constructed in 1939, with a layout that can accommodate professional offices, medical or wellness suites, salon or studio operations, and contractor office-and-storage needs. A detached 3+ bay garage adds dedicated space for fleet vehicles, equipment, or inventory, while off-street parking supports staff and visitors.
The property is located at 930 Forest Avenue in Portland, Maine, minutes from downtown and with access to I-95. B 2b zoning and the combination of office, garage, and parking improvements support a range of business configurations within an established commercial setting.
The property is located at 930 Forest Avenue in Portland, Maine, minutes from downtown and with access to I-95. B 2b zoning and the combination of office, garage, and parking improvements support a range of business configurations within an established commercial setting.
Key Highlights
- 1940 SF office building in a Dutch Colonial structure
- Detached 3+ bay garage for vehicles, equipment, or inventory
- B 2b zoning
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
$28,257
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
4.91%
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%
$565,140
$565.1K
Cap Rate 7%
$403,671
$403.7K
Cap Rate 9%
$313,967
$314.0K
Market Conditions
NOI Build-Up for 1,940 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
$52.4K $27.00/SF
− Vacancy
−$5.3K −$2.72/SF
EGI
$47.1K $24.28/SF
− OpEx
−$18.8K −$9.71/SF
NOI
$28.3K $14.57/SF
Area
Cumberland County, ME
Vacancy
10.09%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
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%
$565,140
Cap Rate 7%
$403,671
Cap Rate 9%
$313,967
Alternative Uses
Best Use
Healthcare Medical
$403.7K
$353.2K – $471.0K
NOI $28,257 @ 7.0% cap · market cap 4.91%
Second Best
Office B
$396.8K
$347.2K – $462.9K
NOI $27,773 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$533.2K
$466.6K – $622.1K
NOI $37,325 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
807
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Dutch Colonial layout offers adaptable office configuration with off-street parking.
Where is this office building located?
The property is located at 930 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1940 SF office building in a Dutch Colonial structure; Detached 3+ bay garage for vehicles, equipment, or inventory; B 2b zoning
