Two-Unit Property With
New
For Sale
$699,000
1148-1150 Forest Avenue, Portland, ME 04103
Multi-Family, Portland, ME
Property Size2,136 SF
Lot Size0.09 Acres
Price / SF$327.25
Days on Market7
Property Features for 1148-1150 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi Use Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Parking features
Off Street
Interior features
1st Floor Bedroom, Pantry
Basement
Full, Unfinished
Lot features
Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate
Standard status
Active
Size
2,136 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6608
Utilities
Sewer type
Public Sewer
Heating system
Oil, Baseboard, Hot Water(Heating), Forced Air
Water source
Public
Amenities
laundry
Building Details
Year built
1930
Number of units
2
Flooring type
Vinyl, Laminate, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Coastal Pine Real Estate, LLC
(207) 776-8675
Listed By:
Kathryn Treem
(207) 400-4064
Added: Sep 21
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
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.
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 = 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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
