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    Property profile & analytics

    198 Maine Mall Rd South Portland, ME 04106

    • Commercial real estate
    • 96,050 SF
    • 12.90 lot acres
    For Lease
    View listing
    Last Sale
    Dec 17, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0311885
    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

    • Commercial real estate

    Property Details for 198 Maine Mall Rd

    Year built
    1987
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    12.90 lot acres
    Property size
    96,050 SF
    Zone code
    Z
    Property type
    Commercial real estate
    APN
    SPOR M:068 L:006-B
    APU
    SPORM068L006B

    Description

    Mallside Plaza, located at 198 Maine Mall Rd in South Portland, ME 04106, presents a unique opportunity for retail and restaurant businesses. This multi-tenant property boasts a total of 98,401 square feet, situated on a generous 12.9-acre lot. The property offers flexible space options, with a minimum divisible space of 2,000 square feet and a maximum contiguous space of 5,000 square feet currently available. A significant 5,000 square feet of vacant space is ready for immediate occupancy. Built in 1987, the property features ample parking with 467 spaces to accommodate customers and employees. The property's zoning is designated as CCR. Its convenient location in South Portland, Cumberland County, provides excellent visibility and accessibility. The property's address is 198 Maine Mall Rd, and its APN is 05220__068*0000*006B. This is an ideal location for businesses seeking high traffic and strong community presence. The property's size and layout offer versatility for a variety of retail and restaurant concepts. Don't miss this chance to establish your business in a thriving commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $19,880,000
      6.5%
      $18,355,000
      7%
      $17,040,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $24,188,000
      Market price range: $10.2M - $28.6M
      AI Estimate
      $13,661,000
      Market price range: $4.10M - $17.1M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $20,710,000
      Current use
      RETAIL STORES
      $19,480,000
      Change: -6% Conversion: Easy
      OFFICE BUILDING
      $17,615,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    South Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3327
    Latitude
    43.6397
    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
    $288,842
    $10,314,200
    $10,113,100
    $20,427,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,720,000
      18,090 SF

      2092 Broadway

      COMMERCIAL (GENERAL) • 18,090 SF
      2092 Broadway, South Portland, ME 04106-3223
      View Details
    • Value Estimation
      $590,000
      3,339 SF

      257 Frnt St

      COMMERCIAL (GENERAL) • 3,339 SF
      257 Frnt St, South Portland, ME 04106-1510
      View Details
    • Value Estimation
      $3,720,000
      21,636 SF

      700 Main St

      COMMERCIAL (GENERAL) • 21,636 SF
      700 Main St, South Portland, ME 04106-5402
      View Details
    • Value Estimation by Request
      1,560 SF

      327 Main St

      COMMERCIAL (GENERAL) • 1,560 SF
      327 Main St, South Portland, ME 04106-5514
      View Details
    • Value Estimation by Request
      876 SF

      93 Lincoln St

      COMMERCIAL (GENERAL) • 876 SF
      93 Lincoln St, South Portland, ME 04106-2614
      View Details
    • Value Estimation
      $3,450,000
      6.39 Acres

      675 Main St

      COMMERCIAL (GENERAL) • 6.39 Acres
      675 Main St, South Portland, ME 04106-5422
      View Details

    Similar Nearby for Sale

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    • $4,650,000
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      Retail Building Near Maine Mall

      20,700 SF retail building on 2 acres for sale.
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      South Portland Multifamily Investment Opportunity

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    Similar Nearby for Lease

    • $14 SF/Yr
      36,972 SF

      75 John Roberts Road Office Space

      Class A Office, 8,114 SF Available
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      View Details
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      Renovated Office Space in Portland

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      View Details
    • $14 SF/Yr
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      Corner Office Suite For Rent

      4,040± SF office suite with ample free parking.
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      View Details
    • $24 SF/Yr
      1,700 SF

      Retail/Office Space For Lease

      Retail/office space in high-traffic South Portland location.
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      View Details
    • $13 SF/Yr
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      Class A Office/Medical Building

      Class A office/medical building with suites available for lease.
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    • $13 SF/Yr
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      Class A Office Suite Available

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      View Details
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    198 Maine Mall Rd
    South Portland, ME 04106
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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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