Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    244 Western Ave, South Portland, ME 04106

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Medical Office Space

    Type:Office
    Property size:
    15,250 SF
    Lot size:
    2.61 Acres
    Added:
    May 15, 2024
    Days on Market:
    750
    Last Refresh:
    May 12 at 9:28 pm

    Property Features for 244 Western Ave

    General Information

    Standard status
    Active
    Size
    15,250 SF
    Lot size
    2.61 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1976

    Spaces For Lease

    at 244 Western Ave Contact us

    Medical Office Building $26/Mo

    Size
    19,188 SF
    Type
    Office
    MEDICAL OFFICE SPACEn• 19,188± SF on 2.61± Acres n• Subdividablen• Ample...
    show more
    Contact us

    We can help!

    Listing Contact
    Jennifer Small
    Jennifer Small

    Listing agent Jennifer Small License #ME 906232

    Listing office Malone Commercial Brokers

    Listing date May 15, 2024

    Source Crexi

    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 Malone Commercial Brokers

    HighLights

    • 15,250± SF leasable medical office space on 2.61± Acres
    • Ample on‑site parking with 92± spaces
    • Subdividable space
    • Highly visible signage opportunity
    • Includes 11 exam rooms, 3 treatment rooms, 2 operating rooms, and 12 offices
    • Built in 1976
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

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

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

    Similar Places Nearby

    • Petco Vaccination Clinic — 220 Maine Mall Rd, South Portland, ME 04106

    Location Insight

    • Map
    • Local Demand
    City
    South Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3246165
    Latitude
    43.6368567

    Nearby Similar for Lease

    • $25 SF/Yr
      3,099 SF

      Class A Medical Building Space

      Class A medical building with convenient highway access and ample parking.
      100 Foden Road, South Portland, ME 04106
      View Details
    • $2,000/Mo
      1,000 SF

      Versatile Office or Retail Space

      1,000± SF space ideal for various business types.
      851 Sawyer St, South Portland, ME 04106
      View Details
    • $15 SF/Yr
      7,599 SF

      Class A Office Sublease Available

      7,599±SF Class A office space for sublease in South Portland.
      500 Southborough Dr , South Portland, ME
      View Details
    • $17 SF/Yr
      6,321 SF

      South Portland Office Space Available

      Office space for lease near Maine Mall and Portland Jetport.
      311 Darling Ave, South Portland, ME
      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
      View Details
    • $23 SF/Yr
      1,054 SF

      Retail Space Near Maine Mall

      Retail space with high visibility and ample parking available for lease.
      29 Western Ave, South Portland, ME
      View Details
    • $7 SF/Yr
      12,808 SF

      Retail Space in Cornerbrook Plaza

      High-performing retail center with flexible space and excellent accessibility.
      343 Gorham Rd, South Portland, ME
      View Details
    • Contact for pricing
      20,700 SF

      Corner Retail Building with Pylon Sign

      Freestanding retail building on a corner lot with strong visibility and updated roof and HVAC for dependable occupancy.
      130 Western Ave, South Portland, ME 04106
      View Details
    • $13 SF/Yr
      4,646 SF

      Class A Office/Medical Building

      Class A office/medical building with suites available for lease.
      175 Running Hill Road, South Portland, ME
      View Details
    • $7 SF/Yr
      2,400 SF

      South Portland Industrial/Flex Space

      2,400± SF industrial/flex space for lease in South Portland.
      1 Runway Rd, South Portland, ME
      View Details
    • Contact for pricing
      6,250 SF

      Freestanding Restaurant/Retail Building in Maine

      6,250 SF restaurant/retail building in Maine Mall trade area.
      465 Maine Mall Rd, South Portland, ME 04106
      View Details
    • $16 SF/Yr
      5,121 SF

      Class-A Office Suite For Lease

      Full-floor office suite in South Portland's Maine Mall area.
      30 Long Creek Dr, South Portland, ME
      View Details

    FAQs

    Where is this medical office space located?
    The property is located at 244 Western Ave South Portland, ME.
    What is the lease rate?
    The lease rate is $26 SF/Yr.
    What are key features of this property?
    This property features: 15,250± SF leasable medical office space on 2.61± Acres; Ample on‑site parking with 92± spaces; Subdividable space
    (207) 772-2422 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jennifer Small
    Jennifer Small
    Real Estate License ID: ME 906232
    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.
    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

    Thank You for Inquiry
    244 Western Ave, South Portland, ME 04106
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!