Triplex Renovation
For Sale
$650,000
6 Horton Place, Portland, ME 04102
Multi-Family, Portland, ME
Property Size3,636 SF
Lot Size0.05 Acres
Price / SF$178.77
Days on Market147
Property Features for 6 Horton Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Basement, Bathroom 3, Bathroom 2
Parking features
Off Street
Basement
Full, Unfinished
Lot features
Level, Intown, Near Public Transit
Standard status
Active
Size
3,636 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6293
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating), Baseboard
Water source
Public
Building Details
Year built
1900
Number of units
3
Flooring type
Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Membrane, Flat
Listing Agency:
Ashby Real Estate
(207) 239-9199
Listed By:
Sheldon Ashby
(207) 797-0000
Added: Apr 29
Changed: Sep 13
Last Checked: Sep 22 at 4:06PM
MLS# 1642065
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.
Built in 1900, this 3,636-square-foot triplex offers three residential units within a wood-frame structure with vinyl siding. Interior areas were stripped to the framing following water damage caused by frozen pipes, creating a substantial renovation project. Existing features include wood flooring, hot-water baseboard heat supplied by natural gas, a flat membrane roof, and off-street parking.
The property occupies 0.05 acres at 6 Horton Place in Portland, Maine. It is served by public water and public sewer and is located in the R6 zoning district. The configuration includes three bathrooms and a basement, providing a defined starting point for restoring the building as a multifamily property.
The property occupies 0.05 acres at 6 Horton Place in Portland, Maine. It is served by public water and public sewer and is located in the R6 zoning district. The configuration includes three bathrooms and a basement, providing a defined starting point for restoring the building as a multifamily property.
Key Highlights
- 3,636‑square‑foot triplex with 3 residential units
- Interior gutted to the studs after water damage from frozen pipes
- R6 zoning on a 0.05‑acre Portland, ME parcel
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
$59,778
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
9.20%
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%
$1,195,560
$1.2M
Cap Rate 7%
$853,971
$854.0K
Cap Rate 9%
$664,200
$664.2K
Market Conditions
NOI Build-Up for 3,636 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
$115.6K $31.80/SF
− Vacancy
−$6.9K −$1.91/SF
EGI
$108.7K $29.89/SF
− OpEx
−$48.9K −$13.45/SF
NOI
$59.8K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,195,560
Cap Rate 7%
$853,971
Cap Rate 9%
$664,200
Alternative Uses
Best Use
Multifamily LT 5
$917.9K
$803.2K – $1.07M
NOI $64,254 @ 7.0% cap · market cap 9.89%
Second Best
Apartment 5plus
$854.0K
$747.2K – $996.3K
NOI $59,778 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$999.4K
$874.4K – $1.17M
NOI $69,955 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,612
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property requiring comprehensive interior reconstruction, with public water and sewer connections.
Where is this triplex located?
The property is located at 6 Horton Place Portland, ME.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,636‑square‑foot triplex with 3 residential units; Interior gutted to the studs after water damage from frozen pipes; R6 zoning on a 0.05‑acre Portland, ME parcel
