Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    24 Morrill St Portland, ME 04103-3420

    • Retail space
    • 25,188 SF
    • 2.68 lot acres
    OFF-MARKET
    Value Estimations
    $2,605,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0378439
    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

    • Morrills Corner Self Storage / Storage Facility
    • Maaco Auto Body Shop & Painting / Auto Repair Shop

    Property Details for 24 Morrill St

    Year built
    1989
    Lot size
    2.68 lot acres
    Property size
    25,188 SF
    Property type
    Retail space
    APN
    PTLD M:152 B:B009001
    APU
    PTLDM152BB009001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,764,000
      Market price range: $1.25M - $3.81M

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.2917
    Latitude
    43.6872
    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
    $40,295
    $432,400
    $2,363,900
    $2,796,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,885,000
      16,905 SF

      142 Presumpscot St

      RETAIL STORES (PERSONAL SERVICES) • 16,905 SF
      142 Presumpscot St, Portland, ME 04103-5221
      View Details
    • Value Estimation
      $1,835,000
      18,430 SF

      736 Riverside St

      RETAIL STORES (PERSONAL SERVICES) • 18,430 SF
      736 Riverside St, Portland, ME 04103-1031
      View Details
    • Value Estimation
      $1,475,000
      15,560 SF

      110 Warren Ave

      RETAIL STORES (PERSONAL SERVICES) • 15,560 SF
      110 Warren Ave, Portland, ME 04103
      View Details
    • Value Estimation
      $2,785,000
      17,500 SF

      432 Warren Ave

      RETAIL STORES (PERSONAL SERVICES) • 17,500 SF
      432 Warren Ave, Portland, ME 04103-1109
      View Details
    • Value Estimation
      $1,425,000
      12,516 SF

      1045 Frst Ave

      RETAIL STORES (PERSONAL SERVICES) • 12,516 SF
      1045 Frst Ave, Portland, ME 04103
      View Details
    • Value Estimation by Request
      2,440 SF

      1917 Frst Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,440 SF
      1917 Frst Ave, Portland, ME 04103-1001
      View Details

    Similar Nearby for Sale

    • New
      $1,499,000
      11,169 SF

      Mixed-Use Investment Opportunity, Portland

      Retail and residential units in a prime Portland location.
      671 Forest Ave, Portland, ME 04103
      View Details
    • $3,795,000
      3,050 SF

      Portland Retail Center - Prime Location

      High-traffic retail space, flexible layouts.
      375 Riverside St, Portland, ME 04103
      View Details
    • New
      $1,499,000
      7,446 SF

      Mixed-Use Investment Opportunity, Portland

      Retail and residential units in a prime Portland location.
      671-675 Forest Ave, Portland, ME 04103
      View Details
    • $625,000
      2,910 SF

      Portland Retail Opportunity For Sale

      Retail property in Portland, Maine, available for purchase.
      1435 Forest Ave, Portland, ME 04103
      View Details
    • Contact for pricing
      26,285 SF

      Prime Retail Space on Riverside Street

      High-visibility retail space for sale or lease near I-95.
      375 Riverside St, Portland, ME 04103
      View Details
    • $625,000
      2,910 SF

      Mixed-Use Building in Downtown Portland

      Mixed-use building with storefront and apartment in downtown Portland.
      1435 Forest Ave, Portland, ME 04103
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,000 SF

      Freestanding Building on Sanborn Street

      Individual salon suites for lease, easily accessible and near downtown.
      9 Sanborn St, Portland, ME 04103
      View Details
    • Contact for pricing
      2,722 SF

      Portland Retail/Office Space For Sale

      Retail and office spaces available in Portland, Maine.
      550 Washington Ave, Portland, ME 04103
      View Details
    • Contact for pricing
      111,140 SF

      Northgate Plaza Retail Space

      Portland, ME storefront opportunity.
      91 Auburn St, Portland, ME 04103
      View Details
    • Contact for pricing
      45,657 SF

      Portland Retail/Flex/Industrial Space Available

      20,725-45,567± SF retail/flex/industrial space for lease in Portland.
      75 Northport Dr, Portland, ME 04103
      View Details
    • Contact for pricing
      1,000 SF

      Versatile Portland Commercial Space Available

      Office, retail, and warehouse space for lease in Portland.
      306 Warren Ave, Portland, ME 04103
      View Details

    Property Visit Statistics

    • Visits by month
      265
    • Visitors by month
      332
    • Avg Time on site
      11 min
    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.
    24 Morrill St
    Portland, ME 04103-3420
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!