161 Commercial StPortland, ME 04101

Property Details for 161 Commercial St

Year built

1900

Lot size

0.08 AC

Property size (Sq ft)

22,326 SF

Property type

Retail properties

Property subtype

Retail space

APN

PTLD M:032 B:S004001

APU

PTLDM032BS004001

Description

This exceptional six-story mixed-use building, located at 161 Commercial Street in Portland, Maine's vibrant Old Port district, offers 18,754 square feet of space. Built in 1850 and boasting classic Greek Revival architecture, the property currently houses a mix of retail and office tenants, providing immediate income potential. The building's B3 zoning allows for a variety of uses. The asking price is $5,495,000, translating to $293 per square foot. Situated at the corner of Commercial and Market Streets, this landmark property benefits from high visibility and foot traffic. Its historic character, combined with potential for future residential conversion (subject to approvals) and eligibility for historic tax credits, makes it an attractive investment. The property features water views and convenient access to I-295. The building's one-building structure is comprised of six stories and sits on a parcel with APN 05170_032 S004. This fully tenanted asset presents a rare opportunity to acquire a significant piece of Portland's rich history and thriving commercial landscape. The property is owned by 161 Commercial Street LLC.

• CAP approach

  CAP return

  Valuation

  6%

  $5,425,998

  6.5%

  $5,008,613

  7%

  $4,650,855

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,351,130

  Geo Method

  $7,351,130

• Alternative Use

  Use

  Valuation

  Residential

  $4,224,952

  Hospitality

  $3,870,034

  Educational

  $3,219,822

  Medical

  $3,330,557

  Retail

  $5,008,613

Location Insight

City

Portland

County

Cumberland

State

Maine

Latitude

43.6562

Longitude

-70.2524

CBSA code

38860

CBSA name

PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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