3-Unit Triplex with Off-Street
New
For Sale
$1,099,000
115 Clark Street, Portland, ME 04102
The occupied property includes shared laundry, outdoor decks, and convenient access to Portland’s West End dining and cultural offerings.
Property Size2,784 SF
Price / SF$394.76
Days on Market7
Property Features for 115 Clark Street
General Information
Standard status
Active
Size
2,784 SF
Total Parking Spaces
5
Property subtype
Multi-family
Occupancy
100%
Additional Details
Gross Income
$91,500
Multifamily Units
3
Tenant in Place
Yes
Amenities
shared on-site laundry
outdoor decks
Building Details
Year Built
1884
Listing Agency:
Signature Homes Real Estate Group,LLC
Listed By:
Katherine Az Ashley Lutkoff
(207) 560-1400
Source:
Greatislandrealty
Added: Oct 22
Changed: Oct 27
Last Checked: Oct 26 at 5:18PM
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 Signature Homes Real Estate Group,LLC
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Investment Insights
Based on property information with market context.
This 2,784-square-foot triplex contains three residences and was built in 1884. Two apartments have loft areas, one is furnished, and the property includes two outdoor decks and shared on-site laundry. All three units are occupied by tenants. Five off-street parking spaces serve the property.
At 115 Clark Street, the building is in Portland’s West End, near restaurants, coffee shops, galleries, and cultural venues. The three-unit configuration and existing tenancy define the property’s current residential setup.
At 115 Clark Street, the building is in Portland’s West End, near restaurants, coffee shops, galleries, and cultural venues. The three-unit configuration and existing tenancy define the property’s current residential setup.
Key Highlights
- Three‑unit property with all residences tenant‑occupied
- 2,784 square feet; built in 1884
- Two residences feature loft spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,197
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$983,940
$983.9K
Cap Rate 7%
$702,814
$702.8K
Cap Rate 9%
$546,633
$546.6K
Market Conditions
NOI Build-Up for 2,784 SF
Gross rent
$75.2K $27.00/SF
− Vacancy
−$4.9K −$1.76/SF
EGI
$70.3K $25.25/SF
− OpEx
−$21.1K −$7.57/SF
NOI
$49.2K $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%
$983,940
Cap Rate 7%
$702,814
Cap Rate 9%
$546,633
Alternative Uses
Best Use
Multifamily LT 5
$702.8K
$615.0K – $820.0K
NOI $49,197 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$653.9K
$572.1K – $762.9K
NOI $45,771 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$765.2K
$669.5K – $892.7K
NOI $53,563 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,696
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - The occupied property includes shared laundry, outdoor decks, and convenient access to Portland’s West End dining and cultural offerings.
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 $1,099,000.
What are key features of this property?
This property features: Three‑unit property with all residences tenant‑occupied; 2,784 square feet; built in 1884; Two residences feature loft spaces
