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Property profile & analytics
OFF-MARKET
Estimated value
$10,275,000
Office buildings
245 Commercial St Portland, ME 04101-4622
Entity Owned
~
Est. High Equity
Property ID
US42-0496221
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1900
Total area
53,916 SF
Lot
0.22 ac (9,392 SF)
APN
PTLD M:038 B:F006001
UPID
US42-0496221
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
MaineCom General Contractor
-
Drummond Woodsum & Mac Mahon: Mc Evoy Elizabeth D Law Firm
-
Kathryn Nelson Physician
-
FedEx Drop Box Postal Service Courier Service
-
Muse Paintbar - Portland Training Center (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$12.67M
Comparable Approach
Comparable
$8.44M
Blend (final)
Blend
$10.28M
Owner & transaction history
245 Commercial Street LLC
245 Commercial Street LLC
since 2025
Last sale
$10.0M
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$14.9M
+50.8%
Retail stores
$10.9M
+10.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Portland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$13,720,000
6.5%
$12,665,000
7%
$11,760,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$9,885,000
Current use
COMMERCIAL (GENERAL)
$14,910,000
Change: +51% · Conversion: Easy
RETAIL STORES
$10,935,000
Change: +11% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$8,075,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$10.28M
Range $9.25M – $11.30M · ±10% · vs last sale $10.00M (Dec 22 2025)
Last sale anchor
$10.00M
Dec 22 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$191 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$99,883
Tax year 2023
Assessed value
$6,931,500
Assessed 2023
Previous assessed
$6,931,500
+0.0% YoY
Effective rate
1.44%
On assessed value
Assessed land
$792,500
Assessed improvement
$6,139,000
Applied tax rate
60,545.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1900
Heating
NONE
Buildings
1
Units
1
Total area
53,916 SF
Lot
0.22 ac (9,392 SF)
APN
PTLD M:038 B:F006001
UPID
US42-0496221
Jurisdiction
PORTLAND
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$9.9M
COMMERCIAL (GENERAL)
Est. value
$14.9M
RETAIL STORES
Est. value
$10.9M
INDUSTRIAL (GENERAL)
Est. value
$8.1M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
RETAIL STORES
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1900
Heating
NONE
Buildings
1
Units
1
Lot
0.22 ac
Current owner
From public records · entity-resolved
245 Commercial Street LLC
Entity
Mailing address
PO BOX 11409, PORTLAND, ME 04104-7409
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 22, 2025
$10,000,000
245 Commercial Street LLC
Casco View Holdings LLC
Deed
$13,000,000 · Bangor Savings Bank
Nov 19, 2013
—
Casco View Holdings 3 LLC
Cotton St Holdings LLC
Quit Claim Deed
related
—
Mar 1, 2011
—
Casco View Holdings LLC
Me Employers Mutual Ins
Quit Claim Deed
related
$4,580,000 · Bangor Savings Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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