Three-Unit Multifamily
For Sale
$1,195,000
103 Monument Street, Portland, ME 04101
Three two-bedroom residences include separate utilities, outdoor space, and driveway parking.
Property Size2,917 SF
Price / SF$409.67
Days on Market67
Property Features for 103 Monument Street
General Information
Standard status
Active
Size
2,917 SF
Property subtype
MULTI_FAMILY
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$12,030
Amenities
backyard garden
water views
city skyline views
Building Details
Building Size
2,917 SF
Year Built
1899
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty
Listed By:
Sierra Curtis · License #SA923752
(207) 701-6410
Source:
Heathershieldsmaine
Added: Jul 17
Changed: Sep 9
Last Checked: Sep 21 at 7:05AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1899, this 2,917-square-foot triplex contains three residences, each arranged with two bedrooms. The property combines original character with practical features, including separate utilities, a rear deck serving Unit 1, and an established backyard with an apple tree, flower boxes, and mature plantings. Driveway parking accommodates 6+ vehicles.
Units 2 and 3 have water views, while Unit 3 also looks toward Portland’s skyline and receives sunset exposure. The property is located in Portland’s East End, near the restaurants, coffee shops, and breweries along Washington Avenue. The Eastern Promenade and views over Casco Bay are also a short walk away.
Units 2 and 3 have water views, while Unit 3 also looks toward Portland’s skyline and receives sunset exposure. The property is located in Portland’s East End, near the restaurants, coffee shops, and breweries along Washington Avenue. The Eastern Promenade and views over Casco Bay are also a short walk away.
Key Highlights
- Three‑unit triplex with 2,917 SF and 1899 construction
- Each residence offers a two‑bedroom layout
- Separate utilities serve all three units
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
$51,548
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
4.31%
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%
$1,030,960
$1.0M
Cap Rate 7%
$736,400
$736.4K
Cap Rate 9%
$572,756
$572.8K
Market Conditions
NOI Build-Up for 2,917 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
$78.8K $27.00/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$73.6K $25.25/SF
− OpEx
−$22.1K −$7.57/SF
NOI
$51.5K $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%
$1,030,960
Cap Rate 7%
$736,400
Cap Rate 9%
$572,756
Alternative Uses
Best Use
Multifamily LT 5
$736.4K
$644.4K – $859.1K
NOI $51,548 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$685.1K
$599.5K – $799.3K
NOI $47,957 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$801.7K
$701.5K – $935.4K
NOI $56,122 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,076
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom residences include separate utilities, outdoor space, and driveway parking.
Where is this triplex located?
The property is located at 103 Monument Street Portland, ME.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Three‑unit triplex with 2,917 SF and 1899 construction; Each residence offers a two‑bedroom layout; Separate utilities serve all three units
