Four-Unit Residential Income
11 Russell Street, Portland, ME 04102
New
MULTI_FAMILY - Other - Portland, ME
Property size:
3,500 SFLot size:
0.06 AcresPrice / SF:
$314/SF- Added:
- Jun 16, 2026
- Days on Market:
- 1
- Last Refresh:
- Jun 16 at 4:06 pm
Property Features for 11 Russell Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-6
- Bathrooms
- 5
- Rooms
- Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 4
- Parking features
- Off Street
- Pets allowed
- No
- Interior features
- Storage
- Basement
- Unfinished, Crawl Space, Dirt Floor, Full
- Standard status
- Active
- Size
- 3,500 SF
- Lot size
- 0.06 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 12701
Utilities
- Sewer type
- Public Sewer
- Heating system
- Baseboard, Forced Air, Natural Gas
- Water source
- Public
Building Details
- Year built
- 1850
- Floors in Building
- 3
- Number of units
- 4
- Flooring type
- Wood, Tile
- Building materials
- Wood Frame, Vinyl Siding
- Roof type
- Shingle
- Architectural style
- Other
- Additional Structures
- Storage
Listing agent Aaron Chadbourne (207) 839-5122
Listing office Demetria Real Estate 347 Main Street, Gorham, ME (207) 839-5122
Listing date Jun 16, 2026
MLS# 1656948
Listing URL
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.
HighLights
- Four‑unit property in Portland’s West End, steps from Maine Medical Center
- Unit mix includes one- and two‑bedroom apartments, with layouts suited to tenants or owner occupancy
- Separate utilities; heating includes baseboard and forced air with natural gas
- Off‑street driveway parking plus outdoor deck, shared laundry room, and basement storage
- Wood frame construction with vinyl siding and a shingle roof; public water and public sewer
Overview
11 Russell Street is a four-unit multifamily property offering a mix of one- and two-bedroom apartments. Units are described as straightforward, livable layouts with good kitchen space, separate living areas, and functional bedroom sizing. Separate utilities are in place, helping keep resident billing and operations more direct. The heating system includes updated gas monitors, with monitoring and maintenance provided by Pine State. The property also features a shared laundry room, basement storage, and an outdoor deck, along with off-street driveway parking.
The building is located mere steps from Maine Medical Center in Portland’s West End. The offering notes strong rental demand from the healthcare workforce and a consistently active rental market supported by local tenant needs.
For owner-occupants, the configuration provides the option to live in the West End while offsetting expenses with rental income from the remaining units. For investors, the property presents a four-unit residential income asset with a described track record of strong rental history and market-rate rents, paired with utility separation and practical on-site amenities such as laundry, storage, and parking. Showings are available Friday afternoons between 2–4pm by appointment only.
The building is located mere steps from Maine Medical Center in Portland’s West End. The offering notes strong rental demand from the healthcare workforce and a consistently active rental market supported by local tenant needs.
For owner-occupants, the configuration provides the option to live in the West End while offsetting expenses with rental income from the remaining units. For investors, the property presents a four-unit residential income asset with a described track record of strong rental history and market-rate rents, paired with utility separation and practical on-site amenities such as laundry, storage, and parking. Showings are available Friday afternoons between 2–4pm by appointment only.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $94.5k | $27.00 |
| − Vacancy | −$6.1k | −$1.76 |
| EGI | $88.4k | $25.25 |
| − OpEx | −$26.5k | −$7.57 |
| NOI | $61.9k | $17.67 |
3,500 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$883.6K
$773.1K – $1.03M
NOI $61,850 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$822.0K
$719.3K – $959.0K
NOI $57,542 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$962.0K
$841.7K – $1.12M
NOI $67,338 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Cumberland
- State
- Maine
- Longitude
- -70.274589
- Latitude
- 43.653325
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four units with updated gas heating, off-street parking, and shared laundry—steps from Maine Medical Center.
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 $1,100,000.
What are key features of this property?
This property features: Four‑unit property in Portland’s West End, steps from Maine Medical Center; Unit mix includes one- and two‑bedroom apartments, with layouts suited to tenants or owner occupancy; Separate utilities; heating includes baseboard and forced air with natural gas
