SRO Conversion
1135 Washington Avenue Portland, ME 04103
For Sale
Contact for pricing
Existing 11-room SRO offers flexibility for group home use or conversion to two- to three-unit housing.
Property Size3,532 SF
Price / SF$212.34
Days on Market63
Property Features for 1135 Washington Avenue
General Information
Standard status
Active
Size
3,532 SF
Property subtype
Multifamily
Building Details
Year Built
1966
Listed By:
Frank O'Connor · License #CCIM, SIOR
Source:
Crexi
Added: May 28
Changed: Jul 10
Last Checked: Jul 28 at 4:17PM
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 Frank O'Connor
Investment Insights
Based on property information with market context.
The property at 1135 Washington Avenue is currently configured as an 11-room SRO. The layout is suitable for group home use and also presents an option for conversion to a two- to three-unit apartment arrangement.
The offering is for a residential income property being sold for redevelopment and adaptive reuse. The current room-based configuration gives buyers a starting point for planning how to rework the space into separate units or alternative group living arrangements, depending on their operating model.
For tenants, buyers, or operators seeking residential flexibility, the existing SRO layout can support group home use in its current form or can be adapted toward a small multi-unit apartment structure. This makes the building particularly relevant for an owner looking to reposition the asset using the existing interior rooms as the basis for future unit planning.
The offering is for a residential income property being sold for redevelopment and adaptive reuse. The current room-based configuration gives buyers a starting point for planning how to rework the space into separate units or alternative group living arrangements, depending on their operating model.
For tenants, buyers, or operators seeking residential flexibility, the existing SRO layout can support group home use in its current form or can be adapted toward a small multi-unit apartment structure. This makes the building particularly relevant for an owner looking to reposition the asset using the existing interior rooms as the basis for future unit planning.
Key Highlights
- Built in 1966
- Existing 11‑room SRO layout can support group home use
- Potential to convert into a two- to three‑unit apartment configuration
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 | $95.4k | $27.00 |
| − Vacancy | −$6.2k | −$1.76 |
| EGI | $89.2k | $25.25 |
| − OpEx | −$26.7k | −$7.57 |
| NOI | $62.4k | $17.67 |
3,532 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$891.7K
$780.2K – $1.04M
NOI $62,416 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$829.5K
$725.9K – $967.8K
NOI $58,068 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$970.8K
$849.4K – $1.13M
NOI $67,954 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Multifamily property - Existing 11-room SRO offers flexibility for group home use or conversion to two- to three-unit housing.
Where is this multifamily property located?
The property is located at 1135 Washington Avenue Portland, ME.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Built in 1966; Existing 11‑room SRO layout can support group home use; Potential to convert into a two- to three‑unit apartment configuration
