Office and Garage
For Sale
Contact for pricing
966 Riverside Street, Portland, ME 04103
Office and garage building totaling 4,272± SF with ample on-site parking on a 0.6494± acre lot.
Property Size4,272 SF
Lot Size0.65 Acres
Price / SF$163.86
Days on Market54
Property Features for 966 Riverside Street
General Information
Standard status
Active
Size
4,272 SF
Lot size
0.65 Acres
Property subtype
Office
Zoning
I-M
Building Details
Year Built
1973
Listing Agency:
Malone Commercial Brokers
Listed By:
Luke Malone · License #ME BA927778
Source:
Crexi
Added: Jul 9
Changed: Aug 22
Last Checked: Aug 29 at 2:34AM
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
Investment Insights
Based on property information with market context.
This for-sale office and commercial building includes 4,272± SF of office space and a 576± SF garage, set on a 0.6494± acre lot. The property is configured for both working space and on-site storage/parking support through the attached garage area, with ample parking available on site.
The building is located in a popular area on Riverside Street near a golf course, providing an accessible setting for office-oriented users.
Overall, it presents as a small office/commercial building with a dedicated garage component and substantial on-site parking for occupants and visitors.
The building is located in a popular area on Riverside Street near a golf course, providing an accessible setting for office-oriented users.
Overall, it presents as a small office/commercial building with a dedicated garage component and substantial on-site parking for occupants and visitors.
Key Highlights
- 4,272± SF office/commercial building plus 576± SF garage
- 0.6494± acre lot
- Ample on‑site parking
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
$61,158
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
8.74%
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%
$1,223,160
$1.2M
Cap Rate 7%
$873,686
$873.7K
Cap Rate 9%
$679,533
$679.5K
Market Conditions
NOI Build-Up for 4,272 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
$93.3K $21.84/SF
− Vacancy
−$11.8K −$2.75/SF
EGI
$81.5K $19.09/SF
− OpEx
−$20.4K −$4.77/SF
NOI
$61.2K $14.32/SF
Area
Cumberland County, ME
Vacancy
12.60%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
25.00%
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%
$1,223,160
Cap Rate 7%
$873,686
Cap Rate 9%
$679,533
Alternative Uses
Best Use
Office B
$873.7K
$764.5K – $1.02M
NOI $61,158 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,191 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
306
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office and garage building totaling 4,272± SF with ample on-site parking on a 0.6494± acre lot.
Where is this office building located?
The property is located at 966 Riverside Street Portland, ME.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 4,272± SF office/commercial building plus 576± SF garage; 0.6494± acre lot; Ample on‑site parking
