East End Triplex with Water
For Sale
$1,195,000
103 Monument Street, Portland, ME 04101
Multi-Family, Portland, ME
Property Size2,917 SF
Lot Size0.07 Acres
Price / SF$409.67
Days on Market43
Property Features for 103 Monument Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 2, Bathroom 1
Patio and Porch features
Deck
Pets allowed
No
Interior features
1st Floor Bedroom, One-Floor Living, Storage
Fencing
Fenced
Basement
Unfinished, Full
Appliances
ENERGY STAR Qualified Appliances
Lot features
Well Landscaped, Intown, Near Public Beach, Near Town, Neighborhood
Standard status
Active
Size
2,917 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
12030
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
rear deck
backyard garden
Building Details
Year built
1899
Floors in Building
3
Number of units
3
Flooring type
Carpet, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Sierra Curtis · License #SA923752
(207) 701-6410
Added: Jul 17
Changed: Aug 26
Last Checked: Aug 28 at 9:06PM
MLS# 1654675
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 2,917-square-foot Colonial triplex, built in 1899, contains three two-bedroom units and offers a practical configuration for multifamily ownership. Unit 1 includes a first-floor bedroom, one-floor living, original character, and bedroom access to the rear deck. Units 2 and 3 have partial water views, while the upper unit also looks toward Portland’s skyline and receives sunset exposure. Wood flooring, carpet, storage, public water, public sewer, natural-gas hot-water heating, and energy-efficient appliances are among the property’s existing features.
The 0.07-acre parcel includes a fenced backyard with an apple tree, flower boxes, established plantings, and a deck. A driveway accommodates parking for 6+ vehicles, and each unit has separate utilities. The property is located at 103 Monument Street in Portland’s East End, near the restaurants, coffee shops, and breweries along Washington Avenue and within walking distance of the Eastern Promenade and Casco Bay.
The 0.07-acre parcel includes a fenced backyard with an apple tree, flower boxes, established plantings, and a deck. A driveway accommodates parking for 6+ vehicles, and each unit has separate utilities. The property is located at 103 Monument Street in Portland’s East End, near the restaurants, coffee shops, and breweries along Washington Avenue and within walking distance of the Eastern Promenade and Casco Bay.
Key Highlights
- 2,917 SF triplex with three two‑bedroom units
- RN‑4 zoning on a 0.07‑acre parcel
- Built in 1899 with Colonial architecture, wood frame construction, and vinyl siding
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
Property Profile
Current Use
Lease Details
3
Residential units
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom residences with separate utilities, outdoor space, and driveway parking in Portland’s East End.
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: 2,917 SF triplex with three two‑bedroom units; RN‑4 zoning on a 0.07‑acre parcel; Built in 1899 with Colonial architecture, wood frame construction, and vinyl siding
