Victorian
New
For Sale
$1,050,000
583 Washington Avenue, Portland, ME 04103
Multi-Family, Portland, ME
Property Size4,107 SF
Lot Size6,156.00 Acres
Price / SF$255.66
Days on Market3
Property Features for 583 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Basement, Bathroom 3, Bathroom 2
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Bathtub, Pantry, Shower, Storage
Fencing
Fenced
Basement
Full, Finished
Lot features
Well Landscaped, Sidewalks, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Suburban, Near Public Transit
Standard status
Active
Size
4,107 SF
Lot size
6,156.00 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10897
Utilities
Sewer type
Public Sewer
Heating system
Oil, Steam
Water source
Public
Amenities
off street parking
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Tile, Hardwood
Building materials
Wood Frame, Vinyl Siding
Roof type
Membrane
Architectural style
Victorian
Additional Structures
Storage
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 773-1990
Listed By:
Marguerite Gilfoil
(207) 671-8392
Added: Sep 25
Last Checked: Sep 27 at 2:06PM
MLS# 1682008
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 1900-built Victorian triplex contains three three-bedroom units within 4,107 square feet. Interior features include hardwood and tile flooring, porches, and storage. The property has oil-fired steam heat, public water and sewer, and a membrane roof. R-5 zoning is listed for the site.
Off-street parking is available. The property is near I-295 and Back Cove at 583 Washington Avenue in Portland.
Off-street parking is available. The property is near I-295 and Back Cove at 583 Washington Avenue in Portland.
Key Highlights
- Three units, each with 3 bedrooms
- 4,107 square feet in a 1900‑built Victorian building
- R‑5 zoning
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
$72,577
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
6.91%
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%
$1,451,540
$1.5M
Cap Rate 7%
$1,036,814
$1.0M
Cap Rate 9%
$806,411
$806.4K
Market Conditions
NOI Build-Up for 4,107 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
$110.9K $27.00/SF
− Vacancy
−$7.2K −$1.76/SF
EGI
$103.7K $25.25/SF
− OpEx
−$31.1K −$7.57/SF
NOI
$72.6K $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%
$1,451,540
Cap Rate 7%
$1,036,814
Cap Rate 9%
$806,411
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$907.2K – $1.21M
NOI $72,577 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$964.6K
$844.0K – $1.13M
NOI $67,522 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$1.13M
$987.7K – $1.32M
NOI $79,017 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three three-bedroom residences offer flexibility for rental or owner occupancy.
Where is this triplex located?
The property is located at 583 Washington Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Three units, each with 3 bedrooms; 4,107 square feet in a 1900‑built Victorian building; R‑5 zoning
