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

    56 Northport Dr Portland, ME 04103

    • Office buildings
    • 22,150 SF
    • 1.74 lot acres
    For Sale
    View listing
    $3,925,000
    Last Sale
    May 08, 2023
    $2,267,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US42-0398322
    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

    • EA Fitness and Performance / Gym & Fitness Center
    • Voice Teleservices / Advertising Agency / Marketing & Advertising
    • Workers' Compensation Board / Government Office
    • Merchant Focus / Business To Business Service

    Property Details for 56 Northport Dr

    Year built
    1988
    Lot size
    1.74 lot acres
    Property size
    22,150 SF
    Property type
    Office buildings
    APN
    PTLD M:401 B:A056001
    APU
    PTLDM401BA056001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,200,000
      ML approach
      $2,265,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,477,000
      Market price range: $949k - $2.52M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $3,315,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.2866
    Latitude
    43.6995
    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
    $32,963
    $1,049,400
    $1,238,100
    $2,287,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,145,000
      10,082 SF

      1039 Washington Ave

      OFFICE BUILDING • 10,082 SF
      1039 Washington Ave, Portland, ME 04103-3628
      View Details
    • Value Estimation by Request
      3,024 SF

      1438 Washington Ave

      OFFICE BUILDING • 3,024 SF
      1438 Washington Ave, Portland, ME 04103-2024
      View Details
    • Value Estimation
      $855,000
      7,009 SF

      203 Ocean Ave

      OFFICE BUILDING • 7,009 SF
      203 Ocean Ave, Portland, ME 04103
      View Details
    • Value Estimation
      $1,115,000
      9,366 SF

      844 Stevens Ave

      OFFICE BUILDING • 9,366 SF
      844 Stevens Ave, Portland, ME 04103-2676
      View Details
    • Value Estimation
      $565,000
      4,468 SF

      489 Stevens Ave

      OFFICE BUILDING • 4,468 SF
      489 Stevens Ave, Portland, ME 04103
      View Details
    • Value Estimation by Request
      2,920 SF

      28 Vannah Ave

      OFFICE BUILDING • 2,920 SF
      28 Vannah Ave, Portland, ME 04103-4509
      View Details

    Similar Nearby for Sale

    • $3,925,000
      22,150 SF

      Fully Leased Portland Office Building

      22,150 SF office building, 100% leased, excellent location.
      56 Northport Dr, Portland, ME 04103
      View Details
    • $445,000
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      Professional Office Building For Sale

      Well-maintained 1,608± SF office building with signage opportunity.
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    • $1,150,000
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      Two-Story Office Building For Sale

      Two-story office building with parking on busy Forest Ave.
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    • New
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      1,608 SF

      Portland Retail/Office Building For Sale

      1608 SF retail or office building on busy Forest Avenue.
      796 Forest Ave, Portland, ME 04103
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    • $675,000
      2,786 SF

      Portland Office Building - Ocean Ave

      Prime Portland office space, 2,786 sq ft.
      527 Ocean Ave, Portland, ME 04103
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    • $725,000
      2,350 SF

      Updated Office Space Near I-95

      Office condos with recent updates, natural light, and easy access.
      352 Warren Ave, Portland, ME 04103
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    Similar Nearby for Lease

    • Contact for pricing
      120,000 SF

      New Class A Office Building

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    • $6,750,000
      83,272 SF

      Well-Positioned Office Building For Rent

      Three-story office building with I-95 frontage and expansion potential.
      5 Davis Farm Rd, Portland, ME 04103
      View Details
    • $10 SF/Yr
      31,900 SF

      Warehouse and Office Space Available

      27,500 SF warehouse and 4,400 SF office space for lease.
      250 Read St, Portland, ME 04103
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    • $1,300 /Mo
      750 SF

      Renovated Office Suite For Lease

      750± SF renovated office suite in North Deering, Portland.
      1321 Washington Ave, Portland, ME 04103
      View Details
    • $12 SF/Yr
      10,000 SF

      Office Space Near Downtown Portland

      Office space for lease, convenient location, ample parking.
      1037 Forest Ave, Portland, ME 04103
      View Details
    • $40 SF/Yr
      2,800 SF

      Historic Office Space For Rent

      2,800 SF office space in historic Roundhouse complex.
      125 Presumpscot St, Portland, ME 04103
      View Details

    Property Visit Statistics

    • Visits by month
      712
    • Visitors by month
      797
    • Avg Time on site
      15 min
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    56 Northport Dr
    Portland, ME 04103
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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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