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    Property profile & analytics

    244 Western Ave South Portland, ME 04106

    • Office buildings
    • 12,389 SF
    • 2.61 lot acres
    For Sale
    View listing
    Last Sale
    Jul 12, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0363756
    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 244 Western Ave

    Year built
    1976
    Construction
    FRAME
    Lot size
    2.61 lot acres
    Property size
    12,389 SF
    Zone code
    Z
    Property type
    Office buildings
    APN
    SPOR M:067 L:020
    APU
    SPORM067L020

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,288,000
      Market price range: $1.60M - $3.15M
      AI Estimate
      $1,371,000
      Market price range: $621k - $2.18M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,270,000
      Current use
      COMMERCIAL (GENERAL)
      $2,670,000
      Change: +18% Conversion: Easy
      RETAIL STORES
      $2,515,000
      Change: +11% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $1,855,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    South Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.3241
    Latitude
    43.6368
    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
    $29,831
    $540,200
    $1,569,500
    $2,109,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • 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
      $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
      $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
      $2,600,000
      15,504 SF

      324 Cummings Rd

      OFFICE BUILDING • 15,504 SF
      324 Cummings Rd, South Portland, ME 04106-3262
      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

    Similar Nearby for Sale

    • $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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      Office Space Near Maine Mall

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    • Contact for pricing
      17,071 SF

      South Portland Medical Office Building

      17,071 SF Medical Office, Ample Parking
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    • New
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      Updated Commercial Condo Near Interstates

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      Mixed-Use Property in South Portland

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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.
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    Similar Nearby for Lease

    • $14 SF/Yr
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      75 John Roberts Road Office Space

      Class A Office, 8,114 SF Available
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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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      View Details
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    • $14 SF/Yr
      104,752 SF

      Class A Office Space Available

      Class A office space for lease in South Portland.
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      View Details
    • $18 SF/Yr
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      Renovated Office Space in Portland

      10,308±SF office suite in iconic mixed-use building for lease.
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      Corner Office Suite For Rent

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    244 Western Ave
    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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