1135 Washington Avenue, Portland, ME 04103
Existing 11-room SRO offers flexibility for group home use or conversion to two- to three-unit housing.
- Added:
- May 28, 2026
- Days on Market:
- 17
- Last Refresh:
- Jun 6 at 2:22 am
Property Features for 1135 Washington Avenue
General Information
- Standard status
- Active
- Size
- 3,532 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1966
Listing agent Frank O'Connor License #CCIM, SIOR
Listing date May 28, 2026
Source Crexi
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
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
Overview
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.
Local 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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Cumberland
- State
- Maine
- Longitude
- -70.252441
- Latitude
- 43.666125
