Four-Unit Residential Property with Outdoor
224 Valley Street, Portland, ME 04102
New
MULTI_FAMILY - Victorian - Portland, ME
Property size:
2,911 SFLot size:
0.11 AcresPrice / SF:
$338/SF- Added:
- Jun 24, 2026
- Days on Market:
- 4
- Last Refresh:
- Jun 27 at 1:06 pm
Property Features for 224 Valley Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R6
- Bathrooms
- 4
- Rooms
- Basement, Bathroom 4, Bathroom 1, Bathroom 3, Bathroom 2
- Parking features
- Off Street
- Patio and Porch features
- Deck
- Interior features
- Bathtub, Shower, Storage
- Basement
- Partial, Walk-Out Access
- Standard status
- Active
- Size
- 2,911 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 9902
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Hot Water(Heating), Baseboard
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 3
- Number of units
- 4
- Flooring type
- Carpet, Vinyl, Wood
- Building materials
- Wood Frame, Wood Siding
- Roof type
- Shingle
- Architectural style
- Victorian
- Additional Structures
- Storage
Listing agent Nicholas Dambrie (207) 553-2400
Listing office Keller Williams Realty 50 Sewall Street, Portland, ME (207) 879-9800
Listing date Jun 24, 2026
MLS# 1668670
Listing URL
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.
HighLights
- Four‑unit property with two 1‑bedroom, 1‑bath units and two 3‑bedroom, 1‑bath units
- New roof installed in 2025 and new natural gas boiler installed in 2024
- Each unit includes private outdoor space with deck or balcony access
- Large in‑town lot with ample off‑street parking and off‑street parking available
- Public utilities: public water and public sewer; natural gas heat and hot water heating
- Victorian‑style wood frame building with shingle roof
Overview
This four-unit residential property is owner-occupied or suited to an investor, with a unit mix of two 1-bedroom, 1-bath apartments and two larger 3-bedroom, 1-bath apartments. The layout is designed around bright, sun-filled interiors and private outdoor space for tenants, with each unit providing access to a deck or balcony. Building amenities include coin-operated laundry and natural gas heat. Recent capital improvements include a new roof in 2025 and a new natural gas boiler installed in 2024.
The property sits on a lot size of 0.11 acres and includes ample off-street parking, supporting day-to-day convenience for tenants and visitors. It is located near Western Promenade, downtown Portland, local restaurants, parks, shopping, and public transportation, offering straightforward access to surrounding in-town amenities.
For buyers, this quadplex provides a balanced configuration of smaller and larger units within one building, backed by recent system updates. Tenants benefit from private deck or balcony space, in-unit lifestyle comfort from natural gas heating, and shared coin-operated laundry. The current owner-occupant scenario may also align with eligibility considerations related to Portland rent control restrictions, depending on the buyer’s intended use and circumstances.
The property sits on a lot size of 0.11 acres and includes ample off-street parking, supporting day-to-day convenience for tenants and visitors. It is located near Western Promenade, downtown Portland, local restaurants, parks, shopping, and public transportation, offering straightforward access to surrounding in-town amenities.
For buyers, this quadplex provides a balanced configuration of smaller and larger units within one building, backed by recent system updates. Tenants benefit from private deck or balcony space, in-unit lifestyle comfort from natural gas heating, and shared coin-operated laundry. The current owner-occupant scenario may also align with eligibility considerations related to Portland rent control restrictions, depending on the buyer’s intended use and circumstances.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $78.6k | $27.00 |
| − Vacancy | −$5.1k | −$1.76 |
| EGI | $73.5k | $25.25 |
| − OpEx | −$22.0k | −$7.57 |
| NOI | $51.4k | $17.67 |
2,911 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$734.9K
$643.0K – $857.4K
NOI $51,442 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$683.7K
$598.2K – $797.7K
NOI $47,859 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$800.1K
$700.1K – $933.4K
NOI $56,006 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Cumberland
- State
- Maine
- Longitude
- -70.278411
- Latitude
- 43.651554
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - A well-maintained quadplex offering two 1-bedroom and two 3-bedroom apartments, each with private outdoor access and updated systems.
Where is this quadplex located?
The property is located at 224 Valley Street Portland, ME.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Four‑unit property with two 1‑bedroom, 1‑bath units and two 3‑bedroom, 1‑bath units; New roof installed in 2025 and new natural gas boiler installed in 2024; Each unit includes private outdoor space with deck or balcony access
