Brick Triplex with
New
For Sale
$989,000
11 South Street, Portland, ME 04101
Multi-Family, Portland, ME
Property Size3,228 SF
Lot Size0.07 Acres
Price / SF$306.38
Days on Market3
Property Features for 11 South Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B3
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 2, Bathroom 1, Bathroom 3
Parking features
Tandem, Off Street
Patio and Porch features
Deck
Basement
Daylight, Walk-Out Access, Finished
Lot features
Level, Sidewalks, Intown, Near Shopping, Near Public Transit
Standard status
Active
Size
3,228 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13252
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Natural Gas, Electric (Heating), Baseboard
Water source
Public
Amenities
private deck
fireplace
outbuilding for additional storage
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Tile
Building materials
Wood Frame, Brick
Roof type
Shingle
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
James Rathband
(207) 332-1513
Added: Sep 1
Last Checked: Sep 3 at 8:06PM
MLS# 1678643
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.
This 3,228-square-foot triplex combines historic character with updates across three residences. The renovated vacant first-floor apartment includes two bedrooms, a new kitchen and appliances, a refreshed bathroom, wood flooring, and new interior paint. The two-story upper residence offers two bedrooms, a private deck, a fireplace, and wide pine floors, while the garden-level apartment provides one bedroom. Original brick, additional fireplaces, and pine flooring contribute to the building’s period character.
The property occupies 0.07 acres in Portland’s Pleasant Street neighborhood at 11 South Street, near Downtown and local businesses including Artemesia, Bread & Friends, and Yosaku. On-site tandem parking, an outbuilding for storage, public water, public sewer, and a shingle roof add practical functionality. B3 commercial zoning supports consideration of live/work use or other future applications, subject to applicable approvals.
The property occupies 0.07 acres in Portland’s Pleasant Street neighborhood at 11 South Street, near Downtown and local businesses including Artemesia, Bread & Friends, and Yosaku. On-site tandem parking, an outbuilding for storage, public water, public sewer, and a shingle roof add practical functionality. B3 commercial zoning supports consideration of live/work use or other future applications, subject to applicable approvals.
Key Highlights
- Three‑unit building with 3,228 square feet of property size
- Renovated vacant first‑floor 2BR apartment with new kitchen, appliances, bath, flooring, and paint
- Two‑story 2BR upper unit with private deck, fireplace, and wide pine floors
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with a renovated vacant apartment, private outdoor space, tandem parking, and commercial zoning flexibility.
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 building with 3,228 square feet of property size; Renovated vacant first‑floor 2BR apartment with new kitchen, appliances, bath, flooring, and paint; Two‑story 2BR upper unit with private deck, fireplace, and wide pine floors
