Duplex with Private Outdoor
New
For Sale
$875,000
106 Sherman Street, Portland, ME 04101
Multi-Family, Portland, ME
Property Size2,535 SF
Lot Size0.04 Acres
Price / SF$345.17
Days on Market3
Property Features for 106 Sherman Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Basement, Bathroom 3, Bathroom 2
Parking features
On Street
Patio and Porch features
Deck
Basement
Unfinished, Walk-Out Access, Full
Lot features
Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate
Standard status
Active
Size
2,535 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8339
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Other (Heating), Natural Gas
Water source
Public
Amenities
private garden oasis
private rooftop deck
Building Details
Year built
1899
Floors in Building
3
Number of units
2
Flooring type
Tile, Wood
Building materials
Wood Frame, Asbestos
Roof type
Shingle
Architectural style
Victorian
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Kevin Fletcher · License #BA903663
(207) 754-9311
Added: Sep 6
Changed: Sep 8
Last Checked: Sep 8 at 3:06PM
MLS# 1679536
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.
Built in 1899, this 2,535-square-foot duplex contains two distinct residences within a Victorian-style structure. The first-floor apartment offers two bedrooms and direct access to a private garden, while the upper residence is a three-bedroom, two-level townhouse with its own rooftop deck and views toward Back Bay. Wood and tile flooring, public water and public sewer, natural-gas heating, and on-street parking are among the property’s existing features.
The property occupies 0.04 acres in Portland’s Parkside neighborhood and is zoned R6. Its location provides walkable access to Deering Oaks Park, local bakeries, restaurants, Maine Medical Center, and the Back Cove trails. Each unit has dedicated outdoor space, including the garden at ground level and elevated deck space above.
The property occupies 0.04 acres in Portland’s Parkside neighborhood and is zoned R6. Its location provides walkable access to Deering Oaks Park, local bakeries, restaurants, Maine Medical Center, and the Back Cove trails. Each unit has dedicated outdoor space, including the garden at ground level and elevated deck space above.
Key Highlights
- Two‑unit duplex totaling 2,535 square feet
- 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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit Victorian property with separate garden and rooftop deck areas.
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 totaling 2,535 square feet; First‑floor unit includes 2 bedrooms and a private garden; Upper residence is a 3‑bedroom, 2‑level townhouse
