Duplex with Private Outdoor
For Sale
$875,000
106 Sherman Street, Portland, ME 04101
Two-unit property with a private garden, rooftop deck, and distinct outdoor areas for each residence.
Property Size2,535 SF
Price / SF$345.17
Days on Market8
Property Features for 106 Sherman Street
General Information
Standard status
Active
Size
2,535 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Amenities
private garden
private rooftop deck
Building Details
Year Built
1899
Listing Agency:
Keller Williams Realty
Listed By:
Kevin Fletcher
(207) 536-4222
Source:
Portsiderealestategroup
Added: Sep 5
Changed: Sep 11
Last Checked: Sep 12 at 10:27AM
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.
This 2,535-square-foot duplex, built in 1899, contains two distinct residences. The first-floor apartment offers two bedrooms and direct access to a private garden. Above, a three-bedroom townhouse occupies the second and third floors, providing a two-level layout and its own rooftop deck with views toward Back Bay. Each unit has dedicated outdoor space, a feature that adds meaningful separation between the residences.
The property is located at 106 Sherman St in Portland’s Parkside neighborhood. Deering Oaks Park, local bakeries, dining establishments, and the Back Cove trails are described as being nearby, with a walkable setting connecting the property to these destinations.
The property is located at 106 Sherman St in Portland’s Parkside neighborhood. Deering Oaks Park, local bakeries, dining establishments, and the Back Cove trails are described as being nearby, with a walkable setting connecting the property to these destinations.
Key Highlights
- Two‑unit duplex with 2,535 square feet of property size
- First‑floor unit includes 2 bedrooms and a private garden
- Upper residence is a 3‑bedroom, 2‑level townhouse
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
$44,797
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
5.12%
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%
$895,940
$895.9K
Cap Rate 7%
$639,957
$640.0K
Cap Rate 9%
$497,744
$497.7K
Market Conditions
NOI Build-Up for 2,535 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
$68.4K $27.00/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$64.0K $25.25/SF
− OpEx
−$19.2K −$7.57/SF
NOI
$44.8K $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%
$895,940
Cap Rate 7%
$639,957
Cap Rate 9%
$497,744
Alternative Uses
Best Use
Multifamily LT 5
$640.0K
$560.0K – $746.6K
NOI $44,797 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$595.4K
$521.0K – $694.6K
NOI $41,677 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$696.7K
$609.7K – $812.9K
NOI $48,772 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,904
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?
Duplex - Two-unit property with a private garden, rooftop deck, and distinct outdoor areas for each residence.
Where is this duplex located?
The property is located at 106 Sherman Street Portland, ME.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,535 square feet of property size; First‑floor unit includes 2 bedrooms and a private garden; Upper residence is a 3‑bedroom, 2‑level townhouse
