SRO Conversion
For Sale
Contact for pricing
1135 Washington Avenue, Portland, ME 04103
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 Market108
Property Features for 1135 Washington Avenue
General Information
Standard status
Active
Size
3,532 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
RN-1
Investment Type
Owner/User
Building Details
Year Built
1966
Units
11
Listed By:
Frank O'Connor · License #CCIM, SIOR
Source:
Crexi
Added: May 28
Changed: Sep 7
Last Checked: Sep 12 at 4:25AM
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 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
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
$62,416
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
8.32%
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%
$1,248,320
$1.2M
Cap Rate 7%
$891,657
$891.7K
Cap Rate 9%
$693,511
$693.5K
Market Conditions
NOI Build-Up for 3,532 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
$95.4K $27.00/SF
− Vacancy
−$6.2K −$1.76/SF
EGI
$89.2K $25.25/SF
− OpEx
−$26.7K −$7.57/SF
NOI
$62.4K $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%
$1,248,320
Cap Rate 7%
$891,657
Cap Rate 9%
$693,511
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,361
Businesses Nearby
Explore this area
Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
Median Home Value
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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?
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
