Two-Unit Residential Income
240 Park Avenue, Portland, ME 04102
New
MULTI_FAMILY - Victorian - Portland, ME
Property size:
2,333 SFLot size:
0.08 AcresPrice / SF:
$321/SF- Added:
- Jun 16, 2026
- Days on Market:
- 1
- Last Refresh:
- Jun 16 at 3:06 pm
Property Features for 240 Park Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R6
- Bathrooms
- 3
- Rooms
- Bathroom 2, Bathroom 1, Bathroom 3, Basement
- Parking features
- Off Street
- Patio and Porch features
- Porch, Deck
- Pets allowed
- No
- Interior features
- 1st Floor Bedroom, Shower, Storage
- Basement
- Full, Unfinished
- 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
Building Details
- Year built
- 1897
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Tile, Wood
- Building materials
- Wood Frame, Shingle Siding
- Roof type
- Shingle
- Architectural style
- Victorian
- Additional Structures
- Outbuilding, Storage
Listing agent Bailey Pate (207) 229-5449
Listing office Maine Real Estate Co 685 US Route 1, Scarborough, ME (207) 292-1030
Listing date Jun 16, 2026
MLS# 1667394
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
- Two‑unit residence built in 1897 with Victorian architectural style
- Unit 1: 2 bedrooms and 1 bathroom with hardwood flooring and a porch entrance
- Unit 2: 4 bedrooms and 2 bathrooms across the 2nd and 3rd floors with balcony access
- Separately metered electric and gas for each unit plus independent water heating systems
- Shared basement laundry with washer and dryer; off‑street parking and garage for storage
- Utilities: public water and public sewer; heating includes natural gas hot water and steam
Overview
This Victorian-style duplex includes two distinct residences. Unit 1 offers two bedrooms and one bathroom, with hardwood flooring, bright natural light, and a functional layout connecting comfortable everyday living areas to a warm wood kitchen with ample cabinetry and durable, low-maintenance storage finishes. Neutral interior tones and original trim details are complemented by large windows and a welcoming porch entrance.
Unit 2 spans the second and third floors and features four bedrooms and two bathrooms. Hardwood flooring continues through expansive living spaces, including a generous living room with large windows. Additional indoor-outdoor space is provided via balcony access, while the kitchen includes warm wood cabinetry, durable low maintenance countertops, and neutral finishes. The property also includes separately metered electric and gas systems for each unit, along with independent water heating. A shared basement laundry room includes a washer and dryer, and there is a garage for storage.
Located at 240 Park Avenue in Portland, the property is positioned across from Seadogs Stadium and directly opposite the Portland Expo Center. The home is described as minutes from downtown Portland and surrounded by everyday amenities and city conveniences, supporting a tenant or buyer preference for a walk-to-access lifestyle.
Unit 2 spans the second and third floors and features four bedrooms and two bathrooms. Hardwood flooring continues through expansive living spaces, including a generous living room with large windows. Additional indoor-outdoor space is provided via balcony access, while the kitchen includes warm wood cabinetry, durable low maintenance countertops, and neutral finishes. The property also includes separately metered electric and gas systems for each unit, along with independent water heating. A shared basement laundry room includes a washer and dryer, and there is a garage for storage.
Located at 240 Park Avenue in Portland, the property is positioned across from Seadogs Stadium and directly opposite the Portland Expo Center. The home is described as minutes from downtown Portland and surrounded by everyday amenities and city conveniences, supporting a tenant or buyer preference for a walk-to-access lifestyle.
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 | $63.0k | $27.00 |
| − Vacancy | −$4.1k | −$1.76 |
| EGI | $58.9k | $25.25 |
| − OpEx | −$17.7k | −$7.57 |
| NOI | $41.2k | $17.67 |
2,333 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$589.0K
$515.4K – $687.1K
NOI $41,228 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$547.9K
$479.5K – $639.3K
NOI $38,356 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$641.2K
$561.1K – $748.1K
NOI $44,886 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Park Place Sober ...
Social Service Agency
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Cumberland
- State
- Maine
- Longitude
- -70.276919
- Latitude
- 43.655592
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two separately metered units with shared basement laundry offer flexible owner-occupant or investor living arrangements.
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 $750,000.
What are key features of this property?
This property features: Two‑unit residence built in 1897 with Victorian architectural style; Unit 1: 2 bedrooms and 1 bathroom with hardwood flooring and a porch entrance; Unit 2: 4 bedrooms and 2 bathrooms across the 2nd and 3rd floors with balcony access
