Duplex with Off-Street
New
For Sale
$699,000
1148-1150 Forest Ave, Portland, ME 04103
Tenant-occupied duplex in a Multi-Use Commercial zone with basement storage and laundry.
Property Size2,136 SF
Price / SF$327.25
Days on Market6
Property Features for 1148-1150 Forest Ave
General Information
Standard status
Active
Size
2,136 SF
Property subtype
Multi-Family
Zoning
Multi-Use Commercial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
laundry
Building Details
Year Built
1930
Listed By:
Doug Schauf · License #BA917314
(207) 838-5593
Source:
Makemaineyourhome
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 6:30AM
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 Doug Schauf
Investment Insights
Based on property information with market context.
This 1930 duplex contains two separate units, each arranged with two bedrooms, one full bath, and five rooms. Dedicated electric meters and individual water heaters serve the units. The property also includes an unfinished full basement with laundry and storage, plus an attic that could support expansion of the second-floor unit subject to applicable approvals.
Exterior and mechanical updates include a newer furnace, water heater, and roof. A paved driveway provides off-street parking. The property is tenant-occupied and produces rental income. Its Multi-Use Commercial zoning and position along Forest Ave in Portland provide access to shopping, local businesses, major roadways, and the Maine Turnpike, with potential for home-based or small-business use subject to applicable requirements.
Exterior and mechanical updates include a newer furnace, water heater, and roof. A paved driveway provides off-street parking. The property is tenant-occupied and produces rental income. Its Multi-Use Commercial zoning and position along Forest Ave in Portland provide access to shopping, local businesses, major roadways, and the Maine Turnpike, with potential for home-based or small-business use subject to applicable requirements.
Key Highlights
- Two‑unit duplex with two bedrooms, one full bath, and five rooms per unit
- Dedicated electric meters and water heaters for each unit
- Full unfinished basement with laundry and storage
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
$37,746
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
5.40%
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%
$754,920
$754.9K
Cap Rate 7%
$539,229
$539.2K
Cap Rate 9%
$419,400
$419.4K
Market Conditions
NOI Build-Up for 2,136 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
$57.7K $27.00/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$53.9K $25.25/SF
− OpEx
−$16.2K −$7.57/SF
NOI
$37.7K $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%
$754,920
Cap Rate 7%
$539,229
Cap Rate 9%
$419,400
Alternative Uses
Best Use
Multifamily LT 5
$539.2K
$471.8K – $629.1K
NOI $37,746 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$501.7K
$439.0K – $585.3K
NOI $35,117 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$587.1K
$513.7K – $684.9K
NOI $41,096 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
673
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
Check the figures for this property
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?
Duplex - Tenant-occupied duplex in a Multi-Use Commercial zone with basement storage and laundry.
Where is this duplex located?
The property is located at 1148-1150 Forest Ave Portland, ME.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms, one full bath, and five rooms per unit; Dedicated electric meters and water heaters for each unit; Full unfinished basement with laundry and storage
