565 Congress StPortland, ME 04101

Property Details for 565 Congress St

Year built

1900

Lot size

0.36 AC

Property size (Sq ft)

54,544 SF

Property type

Retail properties

Property subtype

Retail space

APN

PTLD M:037 B:A038001

APU

PTLDM037BA038001

Description

This exceptional 4,400 square foot office suite is situated in a three-story, historic building in Portland's vibrant downtown core, nestled within the financial and arts district. The space is part of a larger multi-tenant building totaling 54,544 square feet, offering a blend of classic charm and modern convenience. The suite boasts high ceilings, preserved period details, and expansive windows overlooking Congress Street, providing abundant natural light and city views. Currently, 4,400 square feet is the minimum and maximum contiguous space available. The building is undergoing lobby renovations, which include new flooring, updated lighting, and elevator improvements, enhancing the overall aesthetic and functionality. The building is zoned B3 - Downtown Business, under Cumberland County APN 037-A-38. This presents a unique opportunity to secure highly competitive lease rates at $9.75 per square foot, modified gross, a significant advantage for businesses seeking prime downtown Portland location. The building features a traditional office layout and is easily divisible into smaller spaces, starting at 4,400 square feet. The building also includes elevators for convenient access to all three floors.

• CAP approach

  CAP return

  Valuation

  6%

  $13,256,096

  6.5%

  $12,236,396

  7%

  $11,362,368

• Comparable approach

  Method

  Valuation

  Relative Method

  $17,959,332

  Geo Method

  $17,959,332

• Alternative Use

  Use

  Valuation

  Residential

  $10,321,858

  Hospitality

  $9,454,767

  Educational

  $7,866,255

  Medical

  $8,136,788

  Retail

  $12,236,396

Location Insight

City

Portland

County

Cumberland

State

Maine

Latitude

43.6552

Longitude

-70.2624

CBSA code

38860

CBSA name

PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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