Owner-Occupied Duplex with
For Sale
$850,000
155 Hartley Street, Portland, ME 04103
Multi-Family, Portland, ME
Property Size2,080 SF
Lot Size0.16 Acres
Price / SF$408.65
Days on Market45
Property Features for 155 Hartley Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Basement, Bathroom 1
Parking features
Off Street, Other
Patio and Porch features
Deck
Pets allowed
No
Interior features
1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Attic, Bathtub
Basement
Unfinished, Partial
Lot features
Well Landscaped, Open, Sidewalks, Neighborhood
Standard status
Active
Size
2,080 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8292
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Zoned, Baseboard
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood, Wood, Carpet
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Shoreline · RE/MAX International
(207) 553-7500
Listed By:
Thomas Ranello · License #BR109201
(207) 838-1651
Added: Jul 23
Changed: Sep 4
Last Checked: Sep 5 at 3:06PM
MLS# 1663375
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 owner-occupied duplex contains 2080 square feet within a wood-frame building constructed in 1900. Each unit can accommodate up to 3 bedrooms, with first-floor bedroom and primary bedroom options supported by bathrooms, attic space, and a basement. Interior finishes include wood, hardwood, vinyl, and carpet flooring, while natural-gas hot-water baseboard heat is zoned throughout. The property also includes a deck, shingle roofing, and vinyl siding.
Located in Portland’s Deering Center area, the property is near boutique shops, fresh-produce and locally sourced food offerings, schools serving kindergarten through grade 12, Baxter Woods, Evergreen Cemetery, and city athletic fields. The 0.16-acre lot provides off-street parking and is served by public water and public sewer. Res zoning applies.
Located in Portland’s Deering Center area, the property is near boutique shops, fresh-produce and locally sourced food offerings, schools serving kindergarten through grade 12, Baxter Woods, Evergreen Cemetery, and city athletic fields. The 0.16-acre lot provides off-street parking and is served by public water and public sewer. Res zoning applies.
Key Highlights
- Duplex with 2080 square feet and up to 3 bedrooms in each unit
- Owner‑occupied property with updated systems
- 0.16‑acre lot with off‑street parking and a deck
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
$36,757
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
4.32%
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%
$735,140
$735.1K
Cap Rate 7%
$525,100
$525.1K
Cap Rate 9%
$408,411
$408.4K
Market Conditions
NOI Build-Up for 2,080 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
$56.2K $27.00/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$52.5K $25.25/SF
− OpEx
−$15.8K −$7.57/SF
NOI
$36.8K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$735,140
Cap Rate 7%
$525,100
Cap Rate 9%
$408,411
Alternative Uses
Best Use
Multifamily LT 5
$525.1K
$459.5K – $612.6K
NOI $36,757 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$488.5K
$427.5K – $569.9K
NOI $34,196 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$571.7K
$500.2K – $667.0K
NOI $40,018 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
918
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?
Duplex - Two-unit residence with updated systems, off-street parking, and public water and sewer service.
Where is this duplex located?
The property is located at 155 Hartley Street Portland, ME.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Duplex with 2080 square feet and up to 3 bedrooms in each unit; Owner‑occupied property with updated systems; 0.16‑acre lot with off‑street parking and a deck
