Three-Unit Residential Income
115 Clark Street Portland, ME 04102
For Sale
$1,345,000
Well-maintained three-unit with off-street parking and multiple distinct unit layouts, including deck access and a lofted third level.
Property Size2,784 SF
Price / SF$483.12
Days on Market127
Property Features for 115 Clark Street
General Information
- Standard status
- Active
- Size
- 2,784 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1884
Listing Agency:
Keller Williams Realty
(207) 232-8877
Listed By:
William Van Wickler
(207) 232-8877
Source:
Compass
Added: Mar 19
Changed: Jul 21
Last Checked: Jul 23 at 9:36AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
A well-maintained three-unit residential income property on the Portland peninsula offering off-street parking. The building’s units include a sunny first-floor 2-bedroom with a large kitchen, tile shower, attractive built-ins, and access to a deck. A second-floor 1–2 bedroom unit features a spacious bathroom, a private rear entrance, and a versatile third-floor space with skylights that can serve as a second bedroom or home office. The third unit includes soaring ceilings and exposed timber beams in the living area, with an upstairs bedroom and loft space suitable for an office or additional sleeping area.
The property is located near the Arts District, downtown, and the Old Port, providing a highly walkable setting. The offering includes a described history of long-term tenant occupancy and mentions that the third unit previously operated as a short-term rental and may be conveyed fully furnished.
A detailed list of improvements and features is available, reflecting ongoing maintenance throughout the building.
The property is located near the Arts District, downtown, and the Old Port, providing a highly walkable setting. The offering includes a described history of long-term tenant occupancy and mentions that the third unit previously operated as a short-term rental and may be conveyed fully furnished.
A detailed list of improvements and features is available, reflecting ongoing maintenance throughout the building.
Key Highlights
- Well‑maintained West End three‑unit (built 1884) with off‑street parking and multiple distinct unit layouts
- Apartment 1: first‑floor 2‑bedroom with large kitchen, tile shower, built‑ins, and deck access
- Apartment 2: second‑floor 1–2 bedroom with spacious bathroom and private rear entrance; third‑floor versatile space with skylights
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 | $75.2k | $27.00 |
| − Vacancy | −$4.9k | −$1.76 |
| EGI | $70.3k | $25.25 |
| − OpEx | −$21.1k | −$7.57 |
| NOI | $49.2k | $17.67 |
2,784 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$702.8K
$615.0K – $820.0K
NOI $49,197 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$653.9K
$572.1K – $762.9K
NOI $45,771 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$765.2K
$669.5K – $892.7K
NOI $53,563 @ 7.0% cap · market cap 3.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Well-maintained three-unit with off-street parking and multiple distinct unit layouts, including deck access and a lofted third level.
Where is this triplex located?
The property is located at 115 Clark Street Portland, ME.
What is the asking price?
The asking price for this property is $1,345,000.
What are key features of this property?
This property features: Well‑maintained West End three‑unit (built 1884) with off‑street parking and multiple distinct unit layouts; Apartment 1: first‑floor 2‑bedroom with large kitchen, tile shower, built‑ins, and deck access; Apartment 2: second‑floor 1–2 bedroom with spacious bathroom and private rear entrance; third‑floor versatile space with skylights
