66-Unit Self-Storage
For Sale
$1,300,000
980 Riverside Street, Portland, ME 04103
Industrial-zoned property combining storage units with a renovated warehouse, offices, bathroom, and additional yard area.
Property Size12,000 SF
Lot Size0.92 Acres
Days on Market1064
Property Features for 980 Riverside Street
General Information
Standard status
Active
Size
12,000 SF
Lot size
0.92 Acres
Property subtype
Commercial
Zoning
Industrial
Warehouse & Industrial
Warehouse Space
2,400 SF
Self-Storage Units
66
Additional Details
Outdoor Storage
Yes
Taxes and HOA fees
Annual Taxes
$10,065
Building Details
Building Size
12,000 SF
Stories
1
Listing Agency:
Keller Williams Realty
(207) 775-6561
Listed By:
Marc Fishman · License #BA901721
(207) 775-6561
Source:
Startpoint
Added: Sep 13, 2023
Changed: Aug 7
Last Checked: Aug 10 at 11:30AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This self-storage property includes 66 units along with a newly renovated, stand-alone 2,400-square-foot warehouse and garage. The warehouse contains two large offices and a bathroom, creating a separate commercial component within the overall property. The warehouse is currently vacant and can be occupied by the owner or leased separately.
The property occupies 0.92 acres at 980 Riverside Street in Portland, Maine, with additional yard space available for fleet storage or other site use. Industrial zoning supports the property’s commercial configuration and combines self-storage operations with warehouse and yard functionality.
The property occupies 0.92 acres at 980 Riverside Street in Portland, Maine, with additional yard space available for fleet storage or other site use. Industrial zoning supports the property’s commercial configuration and combines self-storage operations with warehouse and yard functionality.
Key Highlights
- 66‑unit self‑storage facility
- Newly renovated 2,400‑square‑foot stand‑alone warehouse and garage
- Warehouse includes two large offices and a bathroom
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
$114,912
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
8.84%
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%
$2,298,240
$2.3M
Cap Rate 7%
$1,641,600
$1.6M
Cap Rate 9%
$1,276,800
$1.3M
Market Conditions
NOI Build-Up for 12,000 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
$172.8K $14.40/SF
− Vacancy
−$8.6K −$0.72/SF
EGI
$164.2K $13.68/SF
− OpEx
−$49.2K −$4.10/SF
NOI
$114.9K $9.58/SF
Area
Cumberland County, ME
Vacancy
5.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,298,240
Cap Rate 7%
$1,641,600
Cap Rate 9%
$1,276,800
Alternative Uses
Best Use
Office B
$2.45M
$2.15M – $2.86M
NOI $171,793 @ 7.0% cap · market cap 13.21%
Second Best
Self Storage
$1.64M
$1.44M – $1.92M
NOI $114,912 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $230,875 @ 7.0% cap · market cap 17.76%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - Industrial-zoned property combining storage units with a renovated warehouse, offices, bathroom, and additional yard area.
Where is this self storage facility located?
The property is located at 980 Riverside Street Portland, ME.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 66‑unit self‑storage facility; Newly renovated 2,400‑square‑foot stand‑alone warehouse and garage; Warehouse includes two large offices and a bathroom
