Victorian Duplex with
For Sale
$719,000
240 Park Avenue, Portland, ME 04102
Multi-Family, Portland, ME
Property Size2,333 SF
Lot Size0.08 Acres
Price / SF$308.19
Days on Market65
Property Features for 240 Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 2, Bathroom 3, Bathroom 1
Parking features
Off Street
Patio and Porch features
Porch, Deck
Pets allowed
No
Interior features
1st Floor Bedroom, Shower, Storage
Basement
Unfinished, Full
Lot features
Level, Sidewalks, Intown, Near Shopping, Near Public Transit
Standard status
Active
Size
2,333 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7582
Utilities
Sewer type
Public Sewer
Heating system
Steam, Hot Water(Heating), Natural Gas
Water source
Public
Amenities
shared laundry
garage
balcony
porch
Building Details
Year built
1897
Floors in Building
2
Number of units
2
Flooring type
Wood, Tile
Building materials
Wood Frame, Shingle Siding
Roof type
Shingle
Architectural style
Victorian
Additional Structures
Storage, Outbuilding
Listing Agency:
Maine Real Estate Co
(207) 292-1030
Listed By:
Bailey Pate · License #DB927429
(207) 229-5449
Added: Jul 14
Changed: Sep 16
Last Checked: Sep 16 at 6:06PM
MLS# 1667394
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 2,333-square-foot Victorian duplex, built in 1897, contains two residences with a combined six bedrooms and three bathrooms. The first-floor unit offers two bedrooms, one bathroom, wood flooring, a porch entrance, and a kitchen with wood cabinetry. The upper residence occupies the second and third floors and includes four bedrooms, two bathrooms, broad living areas, a balcony, and a separate kitchen. Both units feature wood flooring, natural light, and tile in selected areas.
Each residence has separately metered electric and gas service along with its own water heating system. Shared basement laundry includes a washer and dryer, while the garage provides additional storage. The property also includes off-street parking, public water and sewer, natural gas heating, a deck, and shingle siding. Located across from Seadogs Stadium and opposite the Portland Expo Center, the duplex is minutes from downtown Portland.
Each residence has separately metered electric and gas service along with its own water heating system. Shared basement laundry includes a washer and dryer, while the garage provides additional storage. The property also includes off-street parking, public water and sewer, natural gas heating, a deck, and shingle siding. Located across from Seadogs Stadium and opposite the Portland Expo Center, the duplex is minutes from downtown Portland.
Key Highlights
- 2,333‑square‑foot duplex with a six‑bedroom, three‑bathroom total configuration
- Unit 1 has 2 bedrooms and 1 bathroom; Unit 2 has 4 bedrooms and 2 bathrooms
- Separate electric and gas meters plus independent water heating for each residence
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
$41,228
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
5.73%
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%
$824,560
$824.6K
Cap Rate 7%
$588,971
$589.0K
Cap Rate 9%
$458,089
$458.1K
Market Conditions
NOI Build-Up for 2,333 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
$63.0K $27.00/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$58.9K $25.25/SF
− OpEx
−$17.7K −$7.57/SF
NOI
$41.2K $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%
$824,560
Cap Rate 7%
$588,971
Cap Rate 9%
$458,089
Alternative Uses
Best Use
Multifamily LT 5
$589.0K
$515.4K – $687.1K
NOI $41,228 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$547.9K
$479.5K – $639.3K
NOI $38,356 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$641.2K
$561.1K – $748.1K
NOI $44,886 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,355
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences with distinct layouts, shared laundry, outdoor spaces, and convenient access to Portland destinations.
Where is this duplex located?
The property is located at 240 Park Avenue Portland, ME.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: 2,333‑square‑foot duplex with a six‑bedroom, three‑bathroom total configuration; Unit 1 has 2 bedrooms and 1 bathroom; Unit 2 has 4 bedrooms and 2 bathrooms; Separate electric and gas meters plus independent water heating for each residence
