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 Market12
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: Sep 8
Last Checked: Sep 12 at 7:41AM
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.
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 = 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
$57,044
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
5.77%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
6,235
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?
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
