Renovated New England
For Sale
$837,000
481 Danforth Street, Portland, ME 04102
MULTI_FAMILY - Other - Portland, ME
Property Size1,901 SF
Lot Size0.15 Acres
Price / SF$440.29
Days on Market14
Property Features for 481 Danforth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Patio and Porch features
Deck
Basement
Unfinished, Full
Lot features
Rolling/ Sloping, Open, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Railroad
Standard status
Active
Size
1,901 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
17450
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Wood, Tile
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Real Estate Store
(207) 883-4327
Listed By:
Elizabeth Marks
(207) 332-6210
Added: Jul 17
Changed: Jul 28
Last Checked: Jul 30 at 5:06PM
MLS# 1666170
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 renovated New Englander triplex is currently configured as a two-unit property, with the second and third floors renovated for bright, open living spaces. Improvements referenced include a new roof, siding, windows, electrical systems, and heating systems. The first floor is described as a blank canvas with potential to complete a third unit. Separate utilities are available for each unit.
The property is located in Portland, Maine, in the RN-2 zoning district. The second and third floors are described as having water views of the Fore River and access to private outdoor decks. The public remarks also state that three sides of the property abut city-zoned open space.
The lot size is listed as 0.15 acres, and the property size is listed as 1,901 square feet. It is presented as a for-sale investment and owner-occupant opportunity in Portland’s West End.
The property is located in Portland, Maine, in the RN-2 zoning district. The second and third floors are described as having water views of the Fore River and access to private outdoor decks. The public remarks also state that three sides of the property abut city-zoned open space.
The lot size is listed as 0.15 acres, and the property size is listed as 1,901 square feet. It is presented as a for-sale investment and owner-occupant opportunity in Portland’s West End.
Key Highlights
- Two‑unit property in Portland’s West End, configured for separate living with second and third floors renovated.
- Extensive improvements include new roof, siding, windows, electrical systems, and heating systems.
- Wood frame with vinyl siding; shingle roof; interior flooring includes wood and tile.
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 | $51.3k | $27.00 |
| − Vacancy | −$3.3k | −$1.76 |
| EGI | $48.0k | $25.25 |
| − OpEx | −$14.4k | −$7.57 |
| NOI | $33.6k | $17.67 |
1,901 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$479.9K
$419.9K – $559.9K
NOI $33,594 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$446.5K
$390.7K – $520.9K
NOI $31,254 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$522.5K
$457.2K – $609.6K
NOI $36,574 @ 7.0% cap · market cap 4.37%
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
627
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?
Triplex - Renovated New Englander triplex with separate utilities and two finished units, offering water views and outdoor decks.
Where is this triplex located?
The property is located at 481 Danforth Street Portland, ME.
What is the asking price?
The asking price for this property is $837,000.
What are key features of this property?
This property features: Two‑unit property in Portland’s West End, configured for separate living with second and third floors renovated.; Extensive improvements include new roof, siding, windows, electrical systems, and heating systems.; Wood frame with vinyl siding; shingle roof; interior flooring includes wood and tile.
