Two-Unit Residential Income
For Sale
$825,000
115 Woodford Street, Portland, ME 04103
Well-maintained two-unit building features double-width driveway parking for four cars and shared-level granite kitchens.
Property Size2,840 SF
Price / SF$290.49
Days on Market119
Property Features for 115 Woodford Street
General Information
Standard status
Active
Size
2,840 SF
Total Parking Spaces
4
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1870
Stories
3
Listing Agency:
Legacy Properties Sotheby's International Realty
Listed By:
Mary Jo Cross
(603) 433-3350
Source:
Greatislandrealty
Added: May 17
Changed: Sep 11
Last Checked: Sep 12 at 10:57AM
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 Legacy Properties Sotheby's International Realty
Investment Insights
Based on property information with market context.
Well situated two-unit residential income duplex with a double-width driveway that comfortably parks 4 cars. The property has been very well maintained and was owner-occupied until early this year. Both units include bamboo wood flooring and granite kitchens, and there is a third floor that can serve as a home office or support other possible uses.
The building is very close to the Boulevard and other urban amenities, supporting convenient access to surrounding services.
With its two finished units and additional third-floor flexible space, the property offers a practical owner-occupied setup or income-focused configuration within a maintained multifamily structure.
The building is very close to the Boulevard and other urban amenities, supporting convenient access to surrounding services.
With its two finished units and additional third-floor flexible space, the property offers a practical owner-occupied setup or income-focused configuration within a maintained multifamily structure.
Key Highlights
- 2‑unit building built in 1870, with double‑width driveway that parks 4 cars
- Both units feature bamboo wood flooring
- Each unit includes a granite kitchen
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
$50,187
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
6.08%
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%
$1,003,740
$1.0M
Cap Rate 7%
$716,957
$717.0K
Cap Rate 9%
$557,633
$557.6K
Market Conditions
NOI Build-Up for 2,840 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
$76.7K $27.00/SF
− Vacancy
−$5.0K −$1.76/SF
EGI
$71.7K $25.25/SF
− OpEx
−$21.5K −$7.57/SF
NOI
$50.2K $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 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%
$1,003,740
Cap Rate 7%
$716,957
Cap Rate 9%
$557,633
Alternative Uses
Best Use
Multifamily LT 5
$717.0K
$627.3K – $836.5K
NOI $50,187 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$667.0K
$583.6K – $778.2K
NOI $46,691 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$780.6K
$683.0K – $910.7K
NOI $54,640 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,017
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-unit building features double-width driveway parking for four cars and shared-level granite kitchens.
Where is this duplex located?
The property is located at 115 Woodford Street Portland, ME.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 2‑unit building built in 1870, with double‑width driveway that parks 4 cars; Both units feature bamboo wood flooring; Each unit includes a granite kitchen
