Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    40 Free St Portland, ME 04101
    Back to Search
    Property profile & analytics

    40 Free St, Portland, ME 04101

    View on Map
    • Retail properties & Spaces
    • 50,000 SF
    • 0.41 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Auntie's House / Bakery / Specialty Food Shop
    • Copland Marketing, LLC / Marketing & Advertising
    • angela adams / Home Decor Store / Department Store
    • Bare Waxing Boutique / Spa & Massage Center / Skin Care Clinic

    Property Details for 40 Free St

    Year built
    2020
    Lot size
    0.41 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional Class A retail space, totaling 1,551 square feet, is situated within a vibrant mixed-use building in Portland's desirable downtown area. Part of a larger 50,000 square foot, five-story new construction (2020) building, this street-level unit offers unparalleled visibility and accessibility. The property boasts a highly desirable location on Free Street, providing stunning water views and immediate proximity to the Old Port and waterfront. With a Walk Score of 96, this location ensures high foot traffic and convenient access for customers. The unit is part of a multiple-tenancy building, offering a dynamic and thriving commercial environment. The 0.413-acre lot provides ample space and visibility. The zoning is designated B3 & DEOZ, allowing for a variety of retail uses. The property's APN is 38/A/14-16, located in Cumberland County's Greater Portland submarket. This is a rare opportunity to secure a prime retail space in one of Portland's most sought-after locations. The minimum divisible space is 1,551 square feet, and the maximum contiguous space available is also 1,551 square feet. Upper floors of the building are developed as residential apartments, creating a synergistic mix of commercial and residential activity. Don't miss this chance to establish your business in this thriving downtown Portland location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.2583
    Latitude
    43.6563

    Comparable in this City

    • Value Estimation by Request
      12,847 SF

      3 Commercial St

      Individual retail properties
      3 Commercial St, Portland, ME 04101
      View Details
    • Value Estimation by Request
      689 SF

      10 Exchange St

      Individual retail properties
      10 Exchange St, Portland, ME 04101
      View Details
    • Value Estimation by Request
      16,785 SF

      89 Exchange St

      Individual retail properties
      89 Exchange St, Portland, ME 04101
      View Details
    • Value Estimation by Request
      48,912 SF

      157 Middle St

      Individual retail properties
      157 Middle St, Portland, ME 04101
      View Details
    • Value Estimation by Request
      6,300 SF

      52 Hanover St

      Individual retail properties
      52 Hanover St, Portland, ME 04101
      View Details
    • Value Estimation by Request
      45,297 SF

      180 Kennebec St

      Individual retail properties
      180 Kennebec St, Portland, ME 04101
      View Details

    Similar Nearby for Sale

    • $357,900
      1,193 SF

      Prime Old Port Retail Space

      Portland Waterfront Storefront - $357,900
      383 Commercial St, Portland, ME 04101
      View Details
    • Contact for pricing
      6,800 SF

      Retail Parcel For Sale

      Retail parcel with 5305 SF lot and 6800 SF building.
      360 Cumberland Ave, Portland, ME 04101
      View Details
    • Contact for pricing
      28,877 SF

      Downtown Portland Mixed-Use Building

      Mixed-use building with retail and residential units in downtown Portland.
      540 Congress St, Portland, ME 04101
      View Details
    • Contact for pricing
      8,228 SF

      Mixed-Use Property with Retail

      Mixed-use property featuring retail and luxury studio apartments.
      46 Market St, Portland, ME 04101
      View Details
    • $369,000
      924 SF

      Retail Condo in Old Port

      Retail condominium unit in Portland's historic Old Port.
      3 Gold St, Portland, ME 04101
      View Details
    • Contact for pricing
      15,840 SF

      Retail Space in Arts District

      First floor retail space with full basement in Portland.
      24 Preble Street Ext, Portland, ME 04101
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      139,800 SF

      Prime Portland Retail Space

      139,800 SF, Multiple Tenants Available
      1 Canal Plz, Portland, ME 04101
      View Details
    • Contact for pricing
      2,327 SF

      Commercial Street Retail Suite

      Retail suite in desirable location with high foot traffic.
      215 Commercial St, Portland, ME 04101
      View Details
    • Contact for pricing
      2,100 SF

      Retail Space on Exchange Street

      Lower level retail space with exposed brick and stone.
      93 Exchange St, Portland, ME 04101
      View Details
    • Contact for pricing
      2,065 SF

      Retail Space on Middle Street

      Retail suite with storage in a prime location.
      115 Middle St, Portland, ME 04101
      View Details
    • Contact for pricing
      1,555 SF

      Retail Space on Congress Street

      Retail space for lease in a high-visibility location.
      584 Congress St, Portland, ME 04101
      View Details
    • Contact for pricing
      5,386 SF

      Premier Retail Destination For Lease

      Reimagined retail space available in a premier location.
      200 Middle St, Portland, ME 04101
      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.
    40 Free St
    Portland, ME 04101
    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
    40 Free St, Portland, ME, 04101
    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!