Duplex with Unfinished
For Sale
$699,000
11481150 1148-1150 Forest Ave, Portland, ME 04103
The two residences have separate electric meters and individual water heaters.
Property Size2,136 SF
Price / SF$327.25
Days on Market13
Property Features for 11481150 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
Listing Agency:
Coastal Pine Real Estate, LLC
Listed By:
Kathryn Treem
(207) 400-4064
Source:
Aroostookrealestate
Added: Sep 24
Changed: Sep 25
Last Checked: Oct 5 at 8:57PM
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 Coastal Pine Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1930, this 2,136-square-foot duplex contains two units, each with two bedrooms, one full bath and a five-room layout. Both units are tenant-occupied. Separate electric meters and water heaters serve the residences. Recent improvements include a furnace, a water heater and a roof.
An unfinished basement provides storage space and laundry facilities. The attic may offer room to expand the second-floor unit, subject to applicable approvals. A paved driveway supplies off-street parking. The property is in a Multi-Use Commercial zone.
An unfinished basement provides storage space and laundry facilities. The attic may offer room to expand the second-floor unit, subject to applicable approvals. A paved driveway supplies off-street parking. The property is in a Multi-Use Commercial zone.
Key Highlights
- Two units, each with two bedrooms, one full bath and five rooms
- 2,136 square feet; built in 1930
- Tenant‑occupied residences with separate electric meters and water heaters
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.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
329
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The two residences have separate electric meters and individual water heaters.
Where is this duplex located?
The property is located at 11481150 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 units, each with two bedrooms, one full bath and five rooms; 2,136 square feet; built in 1930; Tenant‑occupied residences with separate electric meters and water heaters
