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    921 Ocean Ave Portland, ME 04103

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    921 Ocean Ave Portland, ME 04103

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    • Commercial real estate
    • 2.82 lot acres
    Off-Market
    Property ID
    US42-0132095
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 921 Ocean Ave

    Lot size
    2.82 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 2.82-acre development site, located at 921 Ocean Avenue in Portland, Maine, presents a unique investment opportunity. Zoned R5, this property allows for both commercial and residential uses, offering significant flexibility for developers. Preliminary drawings suggest the potential for subdivision into approximately 11 buildable lots, maximizing the land's potential. The elevated location boasts Casco Bay views, adding significant desirability to any future development. The site enjoys convenient frontage on both Ocean Avenue and Presumpscot Street, providing excellent accessibility. Its proximity to I-295 ensures easy access to major transportation routes, while its location just minutes from downtown Portland offers unparalleled convenience. The R5 zoning is poised for improved density under the forthcoming RN-4 regulations, further enhancing the property's long-term value. This prime location, combined with the potential for substantial development, makes this a truly exceptional opportunity for discerning investors seeking a high-return project in a thriving Maine market. The asking price for this remarkable property is $1,300,000. The property's address is 921 Ocean Avenue, Portland, ME 04103, situated in Cumberland County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.261121087896
    Latitude
    43.696644792156

    Comparable in this City

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      Updated Two-Family Near Woodfords Corner

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      Mixed-Use Building in Downtown Portland

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      Mixed-Use Investment Opportunity, Portland

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    Similar Nearby for Sale

    • $849,000
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      Updated Two-Family Near Woodfords Corner

      Updated two-family near shops, restaurants, and Heseltine Park.
      60-62 Ocean Ave, Portland, ME 04103
      View Details
    • $935,000
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      Mixed-Use Building with Restaurant Space

      Mixed-use building with restaurant and residential components in Portland, Maine.
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    • New
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      Mixed-Use Property in Prime Location

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    • $514,000
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      244 Ray St

      Former Group Home/ Mixed Use Location in Portland Maine neighborhood
      244 Ray St, Portland, ME 04103
      View Details
    • Contact for pricing
      2,764 SF

      Two-Unit Property with Expansion Potential

      Two-unit property with expansion potential and off-street parking.
      429 Deering Ave, Portland, ME 04103
      View Details
    • $799,000
      2,592 SF

      Turnkey Historic Two-Family Home

      Updated two-family home in North Deering, close to amenities.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Warehouse/Distribution Building Near I-295

      24,962 SF warehouse/distribution building on 1.61 acres near I-295.
      340 Presumpscot St, Portland, ME 04103
      View Details
    • Contact for pricing
      45,657 SF

      Portland Retail/Flex/Industrial Space Available

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      2,800 SF

      Industrial/Flex Space For Rent

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      3,000 SF

      Portland Office Space For Lease

      3,000 SF office space suitable for professional services.
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      14,128 SF

      Industrial Building with Air Conditioning

      14,128 SF industrial building suitable for manufacturing and warehousing.
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    • $17 SF/Yr
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      Portland Industrial/Office Gem

      10,609 SF, 2-Story Flex Space
      160 Presumpscot St, Portland, ME 04103
      View Details
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    921 Ocean Ave
    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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