Property profile

244 Western Ave South Portland, ME 04106

FOR LEASE
Office buildings
Property ID
US42-0363756
12,389 SF 2.61 ac lot Built 1976
Entity Owned Free & Clear
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Property summary

AI-generated overview

This exceptional 17,071 square foot medical office building, situated on a 2.61-acre lot in desirable South Portland, Maine, presents a unique investment opportunity. Built in 1976, the single-building property is zoned CS-Suburban Commercial and boasts a multiple-tenancy configuration, ideal for a variety of medical practices or healthcare-related businesses. The property's address is 244 Western Avenue, South Portland, ME 04106, conveniently located within Cumberland County. Its ample lot size provides significant potential for expansion or future development. The property's assessed parcel number (APN) is Map 67, Lot 20. This well-maintained building offers a substantial footprint for a growing medical practice or a portfolio addition for an investor seeking a stable, established property in a thriving market. The property's location offers easy access to major transportation routes, ensuring convenient access for patients and staff. The building's age provides an opportunity for potential renovations or upgrades to meet current market demands and enhance its value. This is a rare opportunity to acquire a well-positioned medical office building in a highly sought-after location. Serious inquiries are encouraged.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1976
Construction FRAME
Total area 12,389 SF
Lot 2.61 ac (113,692 SF)
Zoning code Z
APN SPOR M:067 L:020
UPID US42-0363756

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Pediatrician Physician
  • Physician
  • Physician
  • Physician
  • Physician

Location

244 Western Ave South Portland, ME 04106
South Portland metro Census 3002 PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$2.29M
Blend (final) Blend
$1.80M

Owner & transaction history

since 2026
5 recorded transactions
2026
$3.3M
2024
Price N/A
2021
Price N/A
2021
Price N/A
2017
Price N/A

Zoning & alternative use

Z · South Portland, ME
Top alternative use upside
Commercial (general) $2.7M +17.6%
Retail stores $2.5M +10.6%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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