Two-Unit Duplex with Fenced
For Sale
$665,000
1747 Forest Avenue, Portland, ME 04103
Portland, ME
Property Size1,840 SF
Price / SF$361.41
Days on Market37
Property Features for 1747 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bathrooms
2
Full bathrooms
2
Standard status
Active
Size
1,840 SF
Amenities
fenced-in back yard
Building Details
Year built
1920
Listing Agency:
South Portland, Maine · Better Homes and Gardens Real Estate
(207) 560-4683
Listed By:
Mark Moody
(207) 839-6930
Added: Jul 21
Changed: Aug 24
Last Checked: Aug 26 at 11:06AM
MLS# 1672736
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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.
Built in 1920, this 1,840-square-foot duplex contains two separate units, each arranged with two bedrooms and one bathroom. The property is positioned on a corner lot and includes a fenced backyard along with off-street parking.
The third-floor area may offer expansion potential subject to town approval. The existing two-unit configuration supports owner occupancy with rental use of the second unit or continued operation as a residential income property.
The third-floor area may offer expansion potential subject to town approval. The existing two-unit configuration supports owner occupancy with rental use of the second unit or continued operation as a residential income property.
Key Highlights
- Two‑unit duplex with 2, 2‑bedroom, 1‑bath units
- 1,840 square feet of building area
- Corner‑lot setting with fenced backyard
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
$32,516
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
4.89%
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%
$650,320
$650.3K
Cap Rate 7%
$464,514
$464.5K
Cap Rate 9%
$361,289
$361.3K
Market Conditions
NOI Build-Up for 1,840 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
$49.7K $27.00/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$46.5K $25.25/SF
− OpEx
−$13.9K −$7.57/SF
NOI
$32.5K $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%
$650,320
Cap Rate 7%
$464,514
Cap Rate 9%
$361,289
Alternative Uses
Best Use
Multifamily LT 5
$464.5K
$406.5K – $541.9K
NOI $32,516 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$432.2K
$378.1K – $504.2K
NOI $30,251 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$505.7K
$442.5K – $590.0K
NOI $35,401 @ 7.0% cap · market cap 5.32%
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
349
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 - Well-maintained residential income property with two-bedroom units, off-street parking, and a corner-lot setting.
Where is this duplex located?
The property is located at 1747 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Two‑unit duplex with 2, 2‑bedroom, 1‑bath units; 1,840 square feet of building area; Corner‑lot setting with fenced backyard
