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    1 Canal Plz Portland, ME 04101

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    For Lease
    Contact for pricing

    Class A Office Space, Downtown Location

    Lot size:
    150,755 SF

    Property Features for 1 Canal Plz

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    150,755 SF
    Class
    A
    Total Rate
    364324.58

    Building Details

    Year Built
    1973
    Stories
    7

    Spaces For Lease

    at 1 Canal Plz, Portland, ME 04101 Contact us
    Unit Available Space

    $29 /Mo

    Size
    42,475 SF
    Contact us

    We can help!

    Listing Contact
    Peter Gwilym
    Peter Gwilym

    Listing Agency: Porta & Co Listing Agent: Peter Gwilym

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

    Learn more

    Property Insight Report

    Overview

    One Canal Plaza offers a unique opportunity to lease prime Class A office space in Portland's vibrant downtown core. This prestigious seven-story building, constructed in 1973, boasts a total of 150,755 square feet, with a significant portion currently vacant. The available space ranges from a minimum of 14,160 square feet to a maximum contiguous block of 42,475 square feet, ideal for a variety of business needs. Located between Middle and Fore Street, the building benefits from a prominent downtown address and exceptional visibility. Large windows throughout the space, particularly on floors 5-7 where the available space is located, provide stunning 180-degree views of Casco Bay, flooding the interior with natural light. The building is zoned B and offers convenient parking in the nearby Fore Street garage. The lease rate is $29.00 per square foot on a modified gross basis. This is a multi-tenant building with executive office and traditional office space available. The minimum divisible space is 14,160 square feet. Don't miss this chance to secure a highly desirable location for your business in the heart of Portland.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    John T Gorman ... Charitable Organization Bopp Fred W Law Firm Thaxter Sidney F Law Firm 1-800 Office Solutions Computer & Electronic Repair Senator Susan M ... State Government Office

    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
    -70.255231252324
    Latitude
    43.656870194266

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    FAQs

    What type of property is this?
    Office Property / Space - Class A Office Space, Downtown Location
    Where is this office property / space located?
    The property is located at 1 Canal Plz Portland, ME.
    What is the lease rate?
    The lease rate is $29 SF/Yr.
    What are key features of this property?
    This property features: 150,755 SF Class A office building, multiple tenants.; 42,475 SF of contiguous vacant space available, divisible to 14,160 SF.; Located in a prominent downtown location between Middle and Fore Street.
    (207) 272-4262 Call to check price and availability
    Request Owner's contact information
    1 Canal Plz 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
    1 Canal Plz Portland, ME 04101
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    Contact for Pricing
    Please call us for current price
    and status of this listing Peter Gwilym
    Peter Gwilym
    Real Estate License ID: 922193
    (207) 272-4262 (207) 747-1515
    Learn more
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