Two-Unit Duplex with Third
For Sale
$825,000
115 Woodford Street, Portland, ME 04103
Multi-Family, Portland, ME
Property Size2,840 SF
Lot Size0.11 Acres
Price / SF$290.49
Days on Market97
Property Features for 115 Woodford Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement
Parking features
Off Street
Patio and Porch features
Porch
Interior features
Attic, Shower
Basement
Full, Unfinished
Lot features
Open, Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Town, Near Public Transit
Standard status
Active
Size
2,840 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8440
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Electric (Heating)
Water source
Public
Building Details
Year built
1870
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Tile, Wood, Bamboo
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Legacy Properties Sotheby's International Realty
(207) 780-8900
Listed By:
Mary Jo Cross
(207) 671-4006
Added: Jun 8
Changed: Sep 4
Last Checked: Sep 12 at 6:06PM
MLS# 1666074
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 2,840-square-foot duplex contains two residences, each with bamboo flooring and a granite kitchen. A third floor provides additional space that may accommodate a home office or other supported uses. The building has wood-frame construction with vinyl siding, a shingle roof, a porch, basement storage, and public water and sewer. Heating includes electric baseboard and natural gas systems.
A double-width driveway provides off-street parking for 4 cars. The property was owner-occupied until early this year and is located near Woodfords Corner and Back Cove, with access to the Boulevard and nearby urban amenities. The parcel measures 0.11 acres and carries R3 zoning.
A double-width driveway provides off-street parking for 4 cars. The property was owner-occupied until early this year and is located near Woodfords Corner and Back Cove, with access to the Boulevard and nearby urban amenities. The parcel measures 0.11 acres and carries R3 zoning.
Key Highlights
- Two‑unit duplex totaling 2,840 square feet
- Third floor offers space for a possible home office
- Double‑width driveway with parking for 4 cars
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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Open Analytics
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
Check the figures for this property
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 - Bamboo flooring, granite kitchens, and off-street parking serve both residences.
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: Two‑unit duplex totaling 2,840 square feet; Third floor offers space for a possible home office; Double‑width driveway with parking for 4 cars
