Three-Unit Triplex with
For Sale
$849,000
532 Main Street, South Portland, ME 04106
Multi-Family, South Portland, ME
Property Size2,832 SF
Lot Size0.13 Acres
Price / SF$299.79
Days on Market36
Property Features for 532 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MSCC
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 1, Bathroom 2, Bathroom 3
Basement
Full, Unfinished
Lot features
Open, Sidewalks, Near Town, Neighborhood
Standard status
Active
Size
2,832 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8252
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard, Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1910
Number of units
3
Flooring type
Wood, Carpet
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Verrill Real Estate, Inc
Listed By:
Philip Verrill
(207) 756-0649
Added: Aug 3
Changed: Sep 2
Last Checked: Sep 7 at 12:06PM
MLS# 1674586
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 2,832-square-foot triplex contains three residential units with a combined six bedrooms and three bathrooms. Built in 1910, the property has wood-frame construction with vinyl siding, wood and carpet flooring, a shingle roof, and a basement. Heating is provided through natural gas, baseboard, electric, and hot water systems. The property is fully rented.
Located at 532 Main Street in South Portland, Maine, the property sits on a 0.13-acre lot within zoning designation MSCC. Public water and public sewer serve the site. The three-unit configuration, existing occupancy, and established residential improvements provide a straightforward multifamily property profile.
Located at 532 Main Street in South Portland, Maine, the property sits on a 0.13-acre lot within zoning designation MSCC. Public water and public sewer serve the site. The three-unit configuration, existing occupancy, and established residential improvements provide a straightforward multifamily property profile.
Key Highlights
- Three‑unit residential property with six bedrooms and three bathrooms
- 2,832 square feet of property size on a 0.13‑acre lot
- Fully rented at the time of listing
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
$50,046
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
5.89%
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%
$1,000,920
$1.0M
Cap Rate 7%
$714,943
$714.9K
Cap Rate 9%
$556,067
$556.1K
Market Conditions
NOI Build-Up for 2,832 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
$76.5K $27.00/SF
− Vacancy
−$5.0K −$1.76/SF
EGI
$71.5K $25.25/SF
− OpEx
−$21.4K −$7.57/SF
NOI
$50.0K $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%
$1,000,920
Cap Rate 7%
$714,943
Cap Rate 9%
$556,067
Alternative Uses
Best Use
Multifamily LT 5
$714.9K
$625.6K – $834.1K
NOI $50,046 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$665.1K
$582.0K – $776.0K
NOI $46,560 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$778.4K
$681.1K – $908.1K
NOI $54,486 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 04106, ME
26,641
Population
12,849
Households
2.1
Avg Household Size
41
Median Age
49%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
2,184
Density / Sq Mi
$83,744
Median Household Income
$47,818
Median Earnings
$1,642
Median Rent
$403,500
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 - Fully leased residential property with public water and sewer service.
Where is this triplex located?
The property is located at 532 Main Street South Portland, ME.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Three‑unit residential property with six bedrooms and three bathrooms; 2,832 square feet of property size on a 0.13‑acre lot; Fully rented at the time of listing
