Renovated Three-Unit Brick
For Sale
$989,000
11 South Street, Portland, ME 04101
Commercial zoning supports live/work use, with on-site tandem parking and an additional storage outbuilding.
Property Size3,228 SF
Price / SF$306.38
Days on Market58
Property Features for 11 South Street
General Information
Standard status
Active
Size
3,228 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,252
Amenities
private deck
fireplace
outbuilding for additional storage
new appliances
Building Details
Building Size
3,228 SF
Year Built
1900
Construction
brick
Listing Agency:
Keller Williams Realty
Listed By:
James Rathband
(207) 332-1513
Source:
Heathershieldsmaine
Added: Sep 1
Changed: Oct 26
Last Checked: Oct 27 at 12:25AM
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
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Investment Insights
Based on property information with market context.
Built in 1900, this 3,228-square-foot brick triplex contains three residential units with original architectural details including brickwork, fireplaces, and wide pine flooring. The vacant first-floor 2BR apartment has undergone a full renovation with a new kitchen and appliances, refreshed bathroom, new wood floors, and new interior paint. A two-story 2BR upper residence includes a private deck, city views, fireplace, and pine floors, while the lower-level garden apartment provides a 1-bedroom layout.
The property includes on-site tandem parking and a separate outbuilding for storage. Commercial zoning provides stated flexibility for a live/work arrangement or future use. The building is located on South Street in Portland’s Pleasant Street neighborhood, near Downtown and Artemesia, Bread & Friends, and Yosaku.
The property includes on-site tandem parking and a separate outbuilding for storage. Commercial zoning provides stated flexibility for a live/work arrangement or future use. The building is located on South Street in Portland’s Pleasant Street neighborhood, near Downtown and Artemesia, Bread & Friends, and Yosaku.
Key Highlights
- Three‑unit brick building totaling 3,228 square feet
- Vacant first‑floor 2BR unit with new kitchen, appliances, bath, flooring, and paint
- Two‑story 2BR upper unit with private deck and city views
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,044
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,140,880
$1.1M
Cap Rate 7%
$814,914
$814.9K
Cap Rate 9%
$633,822
$633.8K
Market Conditions
NOI Build-Up for 3,228 SF
Gross rent
$87.2K $27.00/SF
− Vacancy
−$5.7K −$1.76/SF
EGI
$81.5K $25.25/SF
− OpEx
−$24.4K −$7.57/SF
NOI
$57.0K $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%
$1,140,880
Cap Rate 7%
$814,914
Cap Rate 9%
$633,822
Alternative Uses
Best Use
Multifamily LT 5
$814.9K
$713.1K – $950.7K
NOI $57,044 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$758.1K
$663.4K – $884.5K
NOI $53,070 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$887.2K
$776.3K – $1.04M
NOI $62,105 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6,235
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Commercial zoning supports live/work use, with on-site tandem parking and an additional storage outbuilding.
Where is this triplex located?
The property is located at 11 South Street Portland, ME.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Three‑unit brick building totaling 3,228 square feet; Vacant first‑floor 2BR unit with new kitchen, appliances, bath, flooring, and paint; Two‑story 2BR upper unit with private deck and city views
