Eastern Promenade Colonial Revival
63-69 Morning Street Portland, ME 04101
For Sale
$2,690,000
MULTI_FAMILY - Colonial - Portland, ME
Property Size6,283 SF
Lot Size0.17 Acres
Price / SF$428.14
Days on Market12
Property Features for 63-69 Morning Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RN-4
- Bathrooms
- 6
- Rooms
- Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bathroom 6, Bathroom 5, Basement
- Basement
- Full, Unfinished, Walk-Out Access
- Standard status
- Active
- Size
- 6,283 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 12517
Utilities
- Sewer type
- Public Sewer
- Heating system
- Hot Water(Heating), Baseboard, Natural Gas
- Water source
- Public
Building Details
- Year built
- 1922
- Number of units
- 5
- Flooring type
- Vinyl, Wood, Tile, Carpet
- Building materials
- Wood Frame, Vinyl Siding
- Roof type
- Shingle, Membrane
- Architectural style
- Colonial
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 541-3755
Added: Jul 14
Last Checked: Jul 24 at 11:06PM
MLS# 1662865
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 rare 5-unit building is located one door from the Eastern Promenade. The main residence at 69 Morning Street is a Colonial Revival building constructed in 1922. It currently features three thoughtfully maintained units rich with preserved architectural detail and tasteful updates. Two one-bedroom units anchor the first floor, while the upper residence spans 3+ bedrooms, two baths, enclosed decks, and sweeping Casco Bay views from the third floor. Connected at 63 Morning Street, an adjoining 2-unit addition was constructed in 1987 and presents multiple possibilities: retain the existing layout as a straightforward income-producing property, or reimagine it entirely. The layout is a genuine blank canvas. The property has seven off-street parking spaces consisting of two garage bays and five outdoor spots. This property presents a unique opportunity for investors, owner-occupants, or those seeking a multigenerational compound in the heart of the Eastern Promenade. The property is zoned RN-4 and has a lot size of 0.17 acres. The property size is 6283 square feet.
Key Highlights
- 5‑unit building connected at 69 Morning Street and 63 Morning Street, one door from the Eastern Promenade
- Main residence at 69 Morning Street: Colonial Revival built in 1922 with 3 maintained units, incl. two 1‑bedroom units
- Upper residence spans 3+ bedrooms and 2 baths, with enclosed decks and Casco Bay views from the 3rd floor
Financial Insights For Apartment 5plus
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 | $199.8k | $31.80 |
| − Vacancy | −$12.0k | −$1.91 |
| EGI | $187.8k | $29.89 |
| − OpEx | −$84.5k | −$13.45 |
| NOI | $103.3k | $16.44 |
6,283 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.29M – $1.72M
NOI $103,296 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,882 @ 7.0% cap · market cap 4.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Rare 5-unit building near Eastern Promenade with flexible layout.
Where is this apartment building located?
The property is located at 63-69 Morning Street Portland, ME.
What is the asking price?
The asking price for this property is $2,690,000.
What are key features of this property?
This property features: 5‑unit building connected at 69 Morning Street and 63 Morning Street, one door from the Eastern Promenade; Main residence at 69 Morning Street: Colonial Revival built in 1922 with 3 maintained units, incl. two 1‑bedroom units; Upper residence spans 3+ bedrooms and 2 baths, with enclosed decks and Casco Bay views from the 3rd floor
