Four-Unit Quadplex with Deck
For Sale
$985,000
224 Valley Street, Portland, ME 04102
MULTI_FAMILY - Victorian - Portland, ME
Property Size2,911 SF
Lot Size0.11 Acres
Price / SF$338.37
Days on Market50
Property Features for 224 Valley Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bathroom 2, Bathroom 4, Bathroom 1, Bathroom 3
Parking features
Off Street
Patio and Porch features
Deck
Interior features
Bathtub, Shower, Storage
Basement
Walk-Out Access, Partial
Lot features
Rolling/ Sloping, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Near Public Transit
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, Baseboard, Hot Water(Heating)
Water source
Public
Amenities
coin-operated laundry
private deck or balcony access
natural gas heat
Building Details
Year built
1900
Floors in Building
3
Number of units
4
Flooring type
Wood, Carpet, Vinyl
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Architectural style
Victorian
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Nicholas Dambrie
(207) 553-2400
Added: Jun 24
Changed: Aug 1
Last Checked: Aug 12 at 2:06AM
MLS# 1668670
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 four-unit quadplex offers a flexible two- and three-bedroom rental mix with two 1-bedroom, 1-bath apartments and two 3-bedroom, 1-bath apartments. Each unit includes private outdoor space via a deck or balcony. The property is owner-occupied or positioned for investment use, with indoor features including storage and bathrooms with tubs and showers. Construction is wood frame with wood siding, and interiors include wood, carpet, and vinyl flooring. Heating is natural gas with baseboard hot water systems.
The home sits on a 0.11-acre in-town lot with off-street parking. Utilities are supported by public water and public sewer service. Exterior components include a shingle roof and wood siding. Recent capital improvements include a new roof in 2025 and a new natural gas boiler in 2024. Additional onsite amenities include coin-operated laundry.
Built in 1900 and styled as Victorian architecture, the property is located near the Western Promenade, downtown Portland, restaurants, parks, shopping, and public transportation, supporting convenient tenant access to everyday needs.
The home sits on a 0.11-acre in-town lot with off-street parking. Utilities are supported by public water and public sewer service. Exterior components include a shingle roof and wood siding. Recent capital improvements include a new roof in 2025 and a new natural gas boiler in 2024. Additional onsite amenities include coin-operated laundry.
Built in 1900 and styled as Victorian architecture, the property is located near the Western Promenade, downtown Portland, restaurants, parks, shopping, and public transportation, supporting convenient tenant access to everyday needs.
Key Highlights
- Two 1‑bedroom, 1‑bath and two 3‑bedroom, 1‑bath units
- Private deck or balcony access in each apartment
- New roof in 2025 and new natural gas boiler in 2024
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
$51,442
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
5.22%
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%
$1,028,840
$1.0M
Cap Rate 7%
$734,886
$734.9K
Cap Rate 9%
$571,578
$571.6K
Market Conditions
NOI Build-Up for 2,911 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
$78.6K $27.00/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$73.5K $25.25/SF
− OpEx
−$22.0K −$7.57/SF
NOI
$51.4K $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%
$1,028,840
Cap Rate 7%
$734,886
Cap Rate 9%
$571,578
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,265
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
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?
Quadplex - Four-unit quadplex in R6 zoning with private deck or balcony access in each apartment and off-street parking.
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: Two 1‑bedroom, 1‑bath and two 3‑bedroom, 1‑bath units; Private deck or balcony access in each apartment; New roof in 2025 and new natural gas boiler in 2024
