Duplex with Walk-Up
For Sale
$550,000
605 Washington Avenue, Portland, ME 04103
Multi-Family, Portland, ME
Property Size2,612 SF
Lot Size0.16 Acres
Price / SF$210.57
Days on Market48
Property Features for 605 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Parking features
Off Street
Patio and Porch features
Porch, Deck
Interior features
Bathtub, Shower
Fencing
Fenced
Basement
Unfinished, Full
Lot features
Corner Lot, Level, Sidewalks, Near Shopping, Near Turnpike/ Interstate, Near Town, Near Public Transit
Standard status
Active
Size
2,612 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7522
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
garage
off street parking
washer/dryer hookups
fenced lot
Building Details
Year built
1905
Number of units
2
Flooring type
Laminate, Carpet
Building materials
Wood Frame, Aluminum Siding, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Maine Real Estate Co
(207) 292-1030
Listed By:
Karen Edgcombe
(207) 523-0198
Added: Jul 31
Changed: Sep 12
Last Checked: Sep 16 at 5:06PM
MLS# 1635440
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 1905 duplex contains two 4-bedroom/1-bath apartments, each measuring more than 1,000 square feet. The units feature generous bedrooms, adaptable living and dining areas, period character, and a combination of carpet and laminate flooring. A walk-up attic with two stairways offers additional space, subject to buyer verification with the City of Portland.
The full basement provides storage and utility areas, along with washer/dryer hookups, blown insulation, and two newer natural-gas wall-hung boilers. A garage supplies additional storage, while the 0.16-acre lot includes off-street parking and fencing. The property is served by public water and public sewer and is zoned RN3.
Located at 605 Washington Avenue in Portland, the property is near restaurants, coffee shops, transit, and parks, with a bus stop at the Washington Avenue entrance.
The full basement provides storage and utility areas, along with washer/dryer hookups, blown insulation, and two newer natural-gas wall-hung boilers. A garage supplies additional storage, while the 0.16-acre lot includes off-street parking and fencing. The property is served by public water and public sewer and is zoned RN3.
Located at 605 Washington Avenue in Portland, the property is near restaurants, coffee shops, transit, and parks, with a bus stop at the Washington Avenue entrance.
Key Highlights
- Duplex with two 4‑bedroom/1‑bath units, each more than 1,000 square feet
- 2,612 square feet of property size on a 0.16‑acre lot
- Walk‑up attic served by two staircases; added‑unit use requires City of Portland verification
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
$46,158
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
8.39%
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%
$923,160
$923.2K
Cap Rate 7%
$659,400
$659.4K
Cap Rate 9%
$512,867
$512.9K
Market Conditions
NOI Build-Up for 2,612 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
$70.5K $27.00/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$65.9K $25.25/SF
− OpEx
−$19.8K −$7.57/SF
NOI
$46.2K $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%
$923,160
Cap Rate 7%
$659,400
Cap Rate 9%
$512,867
Alternative Uses
Best Use
Multifamily LT 5
$659.4K
$577.0K – $769.3K
NOI $46,158 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$613.5K
$536.8K – $715.7K
NOI $42,943 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$717.9K
$628.2K – $837.6K
NOI $50,254 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
356
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two four-bedroom apartments include period details, basement utility space, and off-street parking on a fenced lot.
Where is this duplex located?
The property is located at 605 Washington Avenue Portland, ME.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Duplex with two 4‑bedroom/1‑bath units, each more than 1,000 square feet; 2,612 square feet of property size on a 0.16‑acre lot; Walk‑up attic served by two staircases; added‑unit use requires City of Portland verification
