Two-Unit Property With
1148-1150 Forest Avenue, Portland, ME 04103
For Sale
$699,000
Multi-Family, Portland, ME
Property Size2,136 SF
Lot Size0.09 Acres
Price / SF$327.25
Days on Market55
Property Features for 1148-1150 Forest Avenue
General Information
Property type
Property subtype
Zoning
Bathrooms
Full bathrooms
Rooms
Parking features
Interior features
Basement
Lot features
Standard status
Size
Lot size
Additional Details
Tenant in Place
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Water source
Amenities
laundry
storage
Building Details
Year built
Number of units
Flooring type
Building materials
Roof type
Listing Agency:
Coastal Pine Real Estate, LLC
(207) 776-8675
Listed By:
Kathryn Treem
(207) 400-4064
Added: Sep 21
Changed: Oct 31
Last Checked: Nov 14 at 2:06AM
MLS# 1681452
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.
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Investment Insights
Based on property information with market context.
This 2,136-square-foot duplex, built in 1930, contains two units with matching layouts of two bedrooms, one full bathroom, and five rooms. Separate electric meters and water heaters serve the units. Interior finishes include wood, laminate, and vinyl flooring, while heating is provided by baseboard and forced-air systems using oil and hot water. A full unfinished basement includes laundry and storage space, and the attic may support expansion of the second-floor unit subject to applicable approvals.
The property occupies 0.09 acres at 1148-1150 Forest Avenue in Portland, ME. A paved driveway provides off-street parking, and the building is served by public water and public sewer. Recent property improvements include a newer furnace, water heater, and shingle roof. The Multi Use Commercial zoning may support residential occupancy along with certain home-based or small-business uses, subject to applicable requirements. The property is currently tenant-occupied.
The property occupies 0.09 acres at 1148-1150 Forest Avenue in Portland, ME. A paved driveway provides off-street parking, and the building is served by public water and public sewer. Recent property improvements include a newer furnace, water heater, and shingle roof. The Multi Use Commercial zoning may support residential occupancy along with certain home-based or small-business uses, subject to applicable requirements. The property is currently tenant-occupied.
Key Highlights
- Two units, each with 2 bedrooms, 1 full bathroom, and a five‑room layout
- 2,136 square feet on a 0.09‑acre lot
- Multi Use Commercial zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,746
Cap Rate
5.40%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
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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
$421,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Portland, ME
Properties on Market for Duplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied duplex in a Multi Use Commercial zone with public utilities and a paved off-street parking area.
Where is this duplex located?
The property is located at 1148-1150 Forest Avenue 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 units, each with 2 bedrooms, 1 full bathroom, and a five‑room layout; 2,136 square feet on a 0.09‑acre lot; Multi Use Commercial zoning
