Four-Unit Apartment
For Sale
$1,150,000
11 Russell Street, Portland, ME 04102
Multifamily property with flexible one- and two-bedroom layouts, separate utilities, parking, and shared laundry.
Property Size3,500 SF
Price / SF$328.57
Days on Market194
Property Features for 11 Russell Street
General Information
Standard status
Active
Size
3,500 SF
Property subtype
MULTI_FAMILY
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,701
Amenities
off-street driveway parking
outdoor deck
shared laundry room
basement storage
Building Details
Building Size
3,500 SF
Year Built
1850
Buildings
1
Listing Agency:
Demetria Real Estate
Listed By:
Aaron Chadbourne
(207) 839-5122
Source:
Dambriegaron
Added: Apr 8
Changed: Oct 17
Last Checked: Oct 16 at 6:07PM
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 Demetria Real Estate
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Investment Insights
Based on property information with market context.
This four-unit multifamily property includes a mix of one- and two-bedroom apartments with separate living areas, functional bedrooms, and kitchen space. The building offers 3,500 square feet and dates to 1850. Separate utilities support straightforward unit operations, while gas monitors provide updated heating equipment maintained by Pine State.
On-site features include off-street driveway parking, an outdoor deck, shared laundry, and basement storage. The property is located near Maine Medical Center in Portland’s West End and has a rental history with market-rate rents. The configuration also supports an owner-occupancy approach, with the ability to occupy one apartment while renting the remaining units.
On-site features include off-street driveway parking, an outdoor deck, shared laundry, and basement storage. The property is located near Maine Medical Center in Portland’s West End and has a rental history with market-rate rents. The configuration also supports an owner-occupancy approach, with the ability to occupy one apartment while renting the remaining units.
Key Highlights
- Four‑unit property with one- and two‑bedroom apartments
- 3,500 square feet in a building constructed in 1850
- Separate utilities and updated heating with gas monitors maintained by Pine State
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,850
Cap Rate
5.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,237,000
$1.2M
Cap Rate 7%
$883,571
$883.6K
Cap Rate 9%
$687,222
$687.2K
Market Conditions
NOI Build-Up for 3,500 SF
Gross rent
$94.5K $27.00/SF
− Vacancy
−$6.1K −$1.76/SF
EGI
$88.4K $25.25/SF
− OpEx
−$26.5K −$7.57/SF
NOI
$61.9K $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%
$1,237,000
Cap Rate 7%
$883,571
Cap Rate 9%
$687,222
Alternative Uses
Best Use
Multifamily LT 5
$883.6K
$773.1K – $1.03M
NOI $61,850 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$822.0K
$719.3K – $959.0K
NOI $57,542 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$962.0K
$841.7K – $1.12M
NOI $67,338 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,007
Businesses Nearby
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Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
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
Frequently Asked Questions
What type of property is this?
Quadplex - Multifamily property with flexible one- and two-bedroom layouts, separate utilities, parking, and shared laundry.
Where is this quadplex located?
The property is located at 11 Russell Street Portland, ME.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Four‑unit property with one- and two‑bedroom apartments; 3,500 square feet in a building constructed in 1850; Separate utilities and updated heating with gas monitors maintained by Pine State
