For Sale
$1,500,000
103 Read Street, Portland, ME 04103
Multi-Family, Portland, ME
Property Size3,971 SF
Lot Size1.41 Acres
Price / SF$377.74
Days on Market57
Property Features for 103 Read Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN1
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 2
Parking features
On Street
Patio and Porch features
Deck, Porch
Basement
Unfinished, Full
Lot features
Level, Sidewalks, Wooded, Near Public Beach, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood, Near Public Transit
Standard status
Active
Size
3,971 SF
Lot size
1.41 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12561
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1860
Number of units
3
Flooring type
Tile, Wood
Building materials
Wood Frame, Clapboard, Vinyl Siding
Roof type
Metal, Shingle
Listing Agency:
RE/MAX By The Bay · RE/MAX International
(207) 773-2345
Listed By:
David Banks · License #204562
(207) 831-8033
Added: Aug 20
Changed: Oct 8
Last Checked: Oct 15 at 8:06AM
MLS# 1677065
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,174
Cap Rate
4.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,403,480
$1.4M
Cap Rate 7%
$1,002,486
$1.0M
Cap Rate 9%
$779,711
$779.7K
Market Conditions
NOI Build-Up for 3,971 SF
Gross rent
$107.2K $27.00/SF
− Vacancy
−$7.0K −$1.76/SF
EGI
$100.2K $25.25/SF
− OpEx
−$30.1K −$7.57/SF
NOI
$70.2K $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 Rate 5%
$1,403,480
Cap Rate 7%
$1,002,486
Cap Rate 9%
$779,711
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$877.2K – $1.17M
NOI $70,174 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$932.7K
$816.1K – $1.09M
NOI $65,286 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$1.09M
$955.0K – $1.27M
NOI $76,400 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
523
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this triplex located?
The property is located at 103 Read Street Portland, ME.
What is the asking price?
The asking price for this property is $1,500,000.
