Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    239 Ocean St South Portland, ME 04106-6601

    • Turn key restaurants
    • 1,621 SF
    • 0.38 lot acres
    OFF-MARKET
    Value Estimations
    $310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0018252
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 239 Ocean St

    Year built
    1963
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.38 lot acres
    Property size
    1,621 SF
    Zone code
    Z
    Property type
    Turn key restaurants
    APN
    SPOR M:019 L:024
    APU
    SPORM019L024

    Description

    This exceptional 1,621 square foot retail property, located at 239 Ocean Street in South Portland, Maine, presents a unique investment opportunity. Situated on a 0.38-acre corner lot at the busy intersection of Ocean Street and Broadway (Route 77), this property boasts high visibility and significant traffic counts exceeding 40,000 vehicles daily. The building, constructed in 1963 and extensively renovated in 2022, features a single story and offers ample parking with 14 spaces in a private paved lot. The property is zoned LB - Limited Business and includes a retail area, kitchen/prep area, storage, and a walk-in cooler. Recent upgrades include a new roof, HVAC system, and hood system (all installed within the last two years). This location within the Knightville/Millcreek neighborhoods offers a strong community presence. The property is currently vacant, providing flexibility for a variety of retail or restaurant uses. Note that certain assets within the building may be available for separate purchase; however, the business goodwill is not included in the sale. The asking price is $895,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $263,000
      Market price range: $127k - $309k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    South Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.2524
    Latitude
    43.634
    CBSA code
    38860
    CBSA name
    PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,933
    $247,200
    $172,400
    $419,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $505,000
      6,119 SF

      125 Western Ave

      RESTAURANT • 6,119 SF
      125 Western Ave, South Portland, ME 04106-2413
      View Details
    • Value Estimation
      $2,960,000
      14,240 SF

      725 Broadway

      RESTAURANT • 14,240 SF
      725 Broadway, South Portland, ME 04106-4419
      View Details
    • Value Estimation
      $335,000
      1,757 SF

      633 Main St

      RESTAURANT • 1,757 SF
      633 Main St, South Portland, ME 04106-5415
      View Details
    • Value Estimation
      $305,000
      3,906 SF

      77 Ocean St

      RESTAURANT • 3,906 SF
      77 Ocean St, South Portland, ME 04106
      View Details
    • Value Estimation
      $445,000
      7,070 SF

      1 Spg Pt Dr

      RESTAURANT • 7,070 SF
      1 Spg Pt Dr, South Portland, ME 04106-1603
      View Details
    • Value Estimation
      $545,000
      6,264 SF

      147 Western Ave

      RESTAURANT • 6,264 SF
      147 Western Ave, South Portland, ME 04106-2413
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,358 SF

      Historic Landmark in Downtown Portland

      Fully restored 14,358 sq ft historic building for sale.
      15 Chestnut St, Portland, ME 04106
      View Details
    • $4,650,000
      20,700 SF

      Retail Building Near Maine Mall

      20,700 SF retail building on 2 acres for sale.
      130 Western Ave, South Portland, ME 04106
      View Details
    • $699,000
      2,096 SF

      South Portland Triplex with Garage

      Gutted three-unit building in Ferry Village near Willard Beach.
      73 High Street Ct, Portland, ME 04106
      View Details
    • Contact for pricing
      2,100 SF

      Commercial Zoned Property For Sale

      Commercial zoned property ideal for contractor, roofer, or storage.
      179 Lincoln St, South Portland, ME 04106
      View Details
    • Contact for pricing
      25,000 SF

      South Portland Commercial Land Opportunity

      4.14 acre commercial land parcel in South Portland, Maine.
      305 Cummings Rd, South Portland, ME 04106
      View Details
    • $4,327,286
      7,424 SF

      South Portland Medical Investment Opportunity

      Long-term NNN investment with a strong healthcare tenant.
      254 Western Ave, South Portland, ME 04106
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      98,401 SF

      Mallside Plaza Retail Space

      Prime South Portland retail/restaurant opportunity.
      198 Maine Mall Rd, South Portland, ME 04106
      View Details
    • $28 SF/Yr
      30,000 SF

      Gorham Road Retail Space

      Prime South Portland Retail Opportunity
      430 Gorham Rd, South Portland, ME 04106
      View Details
    • $27 SF/Yr
      1,440 SF

      Freestanding Building at Cash Corner

      Freestanding building in high-traffic area with parking and yard space.
      1422 Broadway, South Portland, ME 04106
      View Details
    • $15 SF/Yr
      2,647 SF

      Restaurant/Retail Space For Sublease

      2,647± SF restaurant/retail space available for sublease.
      185 Cottage Rd, South Portland, ME 04106
      View Details
    • $14 SF/Yr
      42,000 SF

      South Portland Warehouse Space For Lease

      Food-focused industrial space available.
      95-97 Darling Ave, South Portland, ME 04106
      View Details
    • $19 SF/Yr
      3,344 SF

      Prime Retail Space For Rent

      Retail space with building signage and ample on-site parking.
      611 Main St, South Portland, ME 04106
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    239 Ocean St
    South Portland, ME 04106-6601
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.