6-Unit Apartment
For Sale
$1,325,000
10 Adelaide Street, Portland, ME 04103
Updated apartments offer private entrances, separate utility metering, rear parking, and shared basement laundry.
Property Size3,530 SF
Price / SF$375.35
Days on Market38
Property Features for 10 Adelaide Street
General Information
Standard status
Active
Size
3,530 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
2 x 1BR, 4 x 2BR
Multifamily Units
6
Amenities
shared laundry
Building Details
Year Built
1980
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(207) 536-4222
Source:
Portsiderealestategroup
Added: Jul 27
Changed: Aug 31
Last Checked: Aug 31 at 8:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Vitalius Real Estate Group,LLC
Investment Insights
Based on property information with market context.
This 6-unit apartment building includes 2 one-bedroom residences and 4 two-bedroom residences within 3,530 SF. Each apartment has its own private entrance and separately metered utility service. The units have been updated, and the property was built in 1980.
A rear parking lot provides off-street parking for residents, while shared basement laundry serves the building. The property is located at 10 Adelaide Street in Portland, Maine, and is offered for sale as a multifamily asset.
A rear parking lot provides off-street parking for residents, while shared basement laundry serves the building. The property is located at 10 Adelaide Street in Portland, Maine, and is offered for sale as a multifamily asset.
Key Highlights
- 6‑unit multifamily building with 2 one‑bedroom units and 4 two‑bedroom units
- 3,530 SF property built in 1980
- Private entrance for every apartment
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
$58,035
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
4.38%
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%
$1,160,700
$1.2M
Cap Rate 7%
$829,071
$829.1K
Cap Rate 9%
$644,833
$644.8K
Market Conditions
NOI Build-Up for 3,530 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
$112.3K $31.80/SF
− Vacancy
−$6.7K −$1.91/SF
EGI
$105.5K $29.89/SF
− OpEx
−$47.5K −$13.45/SF
NOI
$58.0K $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%
$1,160,700
Cap Rate 7%
$829,071
Cap Rate 9%
$644,833
Alternative Uses
Best Use
Apartment 5plus
$829.1K
$725.4K – $967.3K
NOI $58,035 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$970.2K
$849.0K – $1.13M
NOI $67,916 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
726
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated apartments offer private entrances, separate utility metering, rear parking, and shared basement laundry.
Where is this apartment building located?
The property is located at 10 Adelaide Street Portland, ME.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 6‑unit multifamily building with 2 one‑bedroom units and 4 two‑bedroom units; 3,530 SF property built in 1980; Private entrance for every apartment
