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    Property profile & analytics

    121 Middle St Portland, ME 04101

    • Retail space
    • 37,845 SF
    • 0.22 lot acres
    For Lease
    View listing
    $45 SF/Yr
    Value Estimations
    $885,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0527760
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Simonelli Joanne / Attorney
    • Dr. Ronald E. Bailyn, MD / Psychiatrist
    • Dr. Joseph E. Rubin, MD / Psychiatrist
    • Dr. Valerie A. Hart / Registered General Nurse
    • Portland Psychiatric Services / Psychotherapist

    Property Details for 121 Middle St

    Year built
    1867
    Lot size
    0.22 lot acres
    Property size
    37,845 SF
    Property type
    Retail space
    APN
    PTLD M:028 B:M005001
    APU
    PTLDM028BM005001

    Description

    This exceptional 37,845 square foot, four-story retail building at 121 Middle Street offers a unique leasing opportunity in Cumberland County. Currently undergoing a historic rehabilitation, 2,482 square feet of first-floor space will be available for lease in June. This street-level storefront boasts ample natural light from expansive floor-to-ceiling windows, creating an inviting atmosphere for any business. The building's prime location places it adjacent to Free People and within easy walking distance of other high-profile retailers such as Cellardoor Winery, Judith, and Anthropologie. This vibrant and growing retail/urban area ensures high foot traffic and excellent visibility. The building features a 200 Amp 120/240 VOLT 3-Phase power system and elevators for convenient access to all four floors. The upper floors are occupied by The Docent's Collection, a luxury hospitality brand, further enhancing the prestige of the location. The property is zoned B3 & PAD and identified by APN Map 28, Block M, Lot 5001. Additional basement storage space may be available; inquire for details. This is an unparalleled chance to establish a presence in a thriving commercial district within a beautifully restored historic building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $885,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.2529
    Latitude
    43.6589
    CBSA code
    38860
    CBSA name
    PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $73,613
    $816,500
    $4,292,000
    $5,108,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      12,847 SF

      3 Commercial St

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      3 Commercial St, Portland, ME 04101
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    • Value Estimation
      $485,000
      7,277 SF

      47 India St

      RETAIL STORES (PERSONAL SERVICES) • 7,277 SF
      47 India St, Portland, ME 04101-4866
      View Details
    • Value Estimation
      $470,000
      6,496 SF

      7 Dana St

      RETAIL STORES (PERSONAL SERVICES) • 6,496 SF
      7 Dana St, Portland, ME 04101-4014
      View Details
    • Value Estimation
      $515,000
      7,248 SF

      5 Exchange St

      RETAIL STORES (PERSONAL SERVICES) • 7,248 SF
      5 Exchange St, Portland, ME 04101
      View Details
    • Value Estimation
      $805,000
      13,444 SF

      31 Exchange St

      RETAIL STORES (PERSONAL SERVICES) • 13,444 SF
      31 Exchange St, Portland, ME 04101-5017
      View Details
    • Value Estimation
      $660,000
      10,450 SF

      416 Fore St

      RETAIL STORES (PERSONAL SERVICES) • 10,450 SF
      416 Fore St, Portland, ME 04101-4027
      View Details

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    Similar Nearby for Lease

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      View Details
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      Downtown Portland Office/Retail Space

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    121 Middle St
    Portland, ME 04101
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    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
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