44-Unit Apartment Complex with Five
For Sale
$9,999,500
1390 Forest Avenue, Portland, ME 04103
COMMERCIAL - Portland, ME
Property Size39,592 SF
Lot Size3.80 Acres
Price / SF$252.56
Days on Market88
Property Features for 1390 Forest Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
54
Rooms
Basement
Lot features
Near Shopping
Standard status
Active
Size
39,592 SF
Lot size
3.80 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Baseboard
Water source
Public
Amenities
laundry
Building Details
Year built
1985
Flooring type
Vinyl, Laminate, Carpet
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Maine Realty 2000
(207) 893-2000
Listed By:
Bruce Ludka
(207) 776-1007
Added: May 11
Changed: Aug 4
Last Checked: Aug 6 at 1:06PM
MLS# 1660908
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-building apartment complex offers 44 units across 3 three-story 12-unit buildings and 2 two-story 4-unit buildings. All units are 2-bedroom. Construction is wood frame with vinyl siding, with interior finishes including vinyl, laminate, and carpet. Heating is natural gas with baseboard hot water heat, supported by public water and public sewer. The property includes heat and hot water with natural gas. Additional space includes an extensive shop area, storage, and office space with a half bath below unit #5, plus a large shed. Outside, there is ample parking with guest spaces and a lawn area.
The buildings sit on a 3.8-acre lot at 1390 Forest Avenue in Portland, Maine. The complex is zoned 54 and was built in 1985. Roofing is shingle.
The current operating profile includes mostly long-term tenants, with the property described as having a strong rental history and mostly low turnover, and it is currently fully occupied.
The buildings sit on a 3.8-acre lot at 1390 Forest Avenue in Portland, Maine. The complex is zoned 54 and was built in 1985. Roofing is shingle.
The current operating profile includes mostly long-term tenants, with the property described as having a strong rental history and mostly low turnover, and it is currently fully occupied.
Key Highlights
- 44 units across five buildings: 3 three‑story 12‑unit buildings and 2 two‑story 4‑unit buildings
- All units are 2‑bedroom
- 3.8‑acre lot with ample parking and guest spaces plus lawn area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$650,916
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,018,320
$13.0M
Cap Rate 7%
$9,298,800
$9.3M
Cap Rate 9%
$7,232,400
$7.2M
Market Conditions
NOI Build-Up for 39,592 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.26M $31.80/SF
− Vacancy
−$75.5K −$1.91/SF
EGI
$1.18M $29.89/SF
− OpEx
−$532.6K −$13.45/SF
NOI
$650.9K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$13,018,320
Cap Rate 7%
$9,298,800
Cap Rate 9%
$7,232,400
Alternative Uses
Best Use
Apartment 5plus
$9.30M
$8.14M – $10.85M
NOI $650,916 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.88M
$9.52M – $12.70M
NOI $761,732 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
44
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
563
Businesses Nearby
Explore this area
Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-building, wood-frame apartment complex is currently fully occupied with mostly long-term, 2-bedroom tenants.
Where is this apartment building located?
The property is located at 1390 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $9,999,500.
What are key features of this property?
This property features: 44 units across five buildings: 3 three‑story 12‑unit buildings and 2 two‑story 4‑unit buildings; All units are 2‑bedroom; 3.8‑acre lot with ample parking and guest spaces plus lawn area
