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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    241 Running Hl Rd South Portland, ME 04106-3220

    • Office buildings
    • 6,257 SF
    • 11.50 lot acres
    OFF-MARKET
    Last Sale
    Sep 30, 2022
    $1,850,000
    Value Estimations
    $1,840,000
    Show details
    Cap Rate Potential
    4.5%
    Office buildings
    Location Intelligence
    Property ID
    US42-0291020
    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

    • Office buildings

    Property Details for 241 Running Hl Rd

    Year built
    2003
    Construction
    STEEL FRAME
    Lot size
    11.50 lot acres
    Property size
    6,257 SF
    Property type
    Office buildings
    APN
    SPOR M:084 L:005
    APU
    SPORM084L005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,140,000
      ML approach
      $2,135,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,590,000
      6.5%
      $1,470,000
      7%
      $1,365,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,592,000
      Market price range: $806k - $1.59M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,145,000
      Current use
      COMMERCIAL (GENERAL)
      $1,350,000
      Change: +18% Conversion: Easy
      RETAIL STORES
      $1,270,000
      Change: +11% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    South Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.35
    Latitude
    43.6364
    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
    $23,827
    $433,100
    $1,252,000
    $1,685,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $10,120,000
      95,457 SF

      600 Sable Oaks Dr

      OFFICE BUILDING • 95,457 SF
      600 Sable Oaks Dr, South Portland, ME 04106-3299
      View Details
    • Value Estimation
      $2,155,000
      18,740 SF

      39 Wallace Ave

      OFFICE BUILDING • 18,740 SF
      39 Wallace Ave, South Portland, ME 04106-6143
      View Details
    • Value Estimation
      $10,975,000
      53,624 SF

      65 Gannett Dr

      OFFICE BUILDING • 53,624 SF
      65 Gannett Dr, South Portland, ME 04106-6944
      View Details
    • Value Estimation
      $12,830,000
      72,336 SF

      225 Gorham Rd

      OFFICE BUILDING • 72,336 SF
      225 Gorham Rd, South Portland, ME 04106-2461
      View Details
    • Value Estimation
      $690,000
      3,407 SF

      138 Ocean St

      OFFICE BUILDING • 3,407 SF
      138 Ocean St, South Portland, ME 04106-3652
      View Details
    • Value Estimation
      $1,410,000
      9,020 SF

      21 Donald B Dean Dr

      OFFICE BUILDING • 9,020 SF
      21 Donald B Dean Dr, South Portland, ME 04106-3252
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      17,071 SF

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      Updated Commercial Condo Near Interstates

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    • $560,000
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      Mixed-Use Property in South Portland

      Mixed-use property with office spaces and apartment in South Portland.
      854 Broadway, South Portland, ME 04106
      View Details
    • $560,000
      4,370 SF

      Mixed-Use Property in South Portland

      Mixed-use property with office spaces and apartment in South Portland.
      854 Broadway, South Portland, ME 04106
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    • $4,327,286
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      South Portland Medical Investment Opportunity

      Long-term NNN investment with a strong healthcare tenant.
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    • $3,800,000
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      2,495 SF mixed-use/office space near Maine Mall.
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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
      75 John Roberts Rd, South Portland, ME 04106
      View Details
    • $13 SF/Yr
      4,646 SF

      Class A Office/Medical Building

      Class A office/medical building with suites available for lease.
      175 Running Hill Rd, South Portland, ME 04106
      View Details
    • $14 SF/Yr
      104,752 SF

      Class A Office Space Available

      Class A office space for lease in South Portland.
      2 Gannett Dr, South Portland, ME 04106
      View Details
    • $14 SF/Yr
      1,323 SF

      Class A Office Space Available

      Class A office building with ample parking and professional landscaping.
      778 Main St, South Portland, ME 04106
      View Details
    • $14 SF/Yr
      4,040 SF

      Corner Office Suite For Rent

      4,040± SF office suite with ample free parking.
      202 Gannett Dr, South Portland, ME 04106
      View Details
    • $18 SF/Yr
      10,308 SF

      Renovated Office Space in Portland

      10,308±SF office suite in iconic mixed-use building for lease.
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      View Details
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    241 Running Hl Rd
    South Portland, ME 04106-3220
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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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