Victorian Triplex with Detached
New
For Sale
$800,000
117 Allen Ave, Portland, ME 04103
Three occupied apartments feature individual laundry sets and a mix of two- and one-bedroom layouts.
Property Size3,438 SF
Lot Size0.29 Acres
Price / SF$232.69
Days on Market3
Property Features for 117 Allen Ave
General Information
Standard status
Active
Size
3,438 SF
Lot size
0.29 Acres
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$74,400
Sprinkler System
Yes
Amenities
fireplaces
front porch
built-in cabinetry
original molding
in-unit laundry
storage shed
Building Details
Year Built
1912
Buildings
1
Construction
Victorian
Listed By:
Signature Homes Real Estate Group
(207) 885-0500
Source:
Signaturehomesmaine
Added: Oct 4
Last Checked: Oct 5 at 6:51PM
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
Investment Insights
Based on property information with market context.
Built in 1912, this Victorian property contains three leased apartments: two units with 2 bedrooms and 1 bathroom each, plus a third-floor unit with 1 bedroom and 1 bathroom. Period details include two fireplaces, original molding, built-in cabinetry and a large front porch. Each apartment has its own washer and dryer. Improvements include a replacement sewer line, updated kitchens and refreshed interiors; the exterior was painted in 2026. The third-floor apartment is subject to City of Portland income controls.
The property occupies a level 0.29-acre lot near Yale Street in Portland’s North Deering neighborhood. A detached 2-car garage, storage shed and off-street parking are included. The location is close to UNE’s Dental School, shopping, public transit and restaurants, with access to I-95, I-295 and the airport.
All three apartments are leased. Unit 2 has a lease through the end of 2026, while units 1 and 3 have leases through 10/1/2027. The landlord pays water and sewer for all apartments and currently pays utilities for the income-controlled third-floor unit.
The property occupies a level 0.29-acre lot near Yale Street in Portland’s North Deering neighborhood. A detached 2-car garage, storage shed and off-street parking are included. The location is close to UNE’s Dental School, shopping, public transit and restaurants, with access to I-95, I-295 and the airport.
All three apartments are leased. Unit 2 has a lease through the end of 2026, while units 1 and 3 have leases through 10/1/2027. The landlord pays water and sewer for all apartments and currently pays utilities for the income-controlled third-floor unit.
Key Highlights
- 1912 Victorian with three leased apartments: two 2BR/1BA units and one 1BR/1BA unit
- Level 0.29‑acre lot with detached 2‑car garage, storage shed and off‑street parking
- Each apartment has its own washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,755
Cap Rate
7.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,215,100
$1.2M
Cap Rate 7%
$867,929
$867.9K
Cap Rate 9%
$675,056
$675.1K
Market Conditions
NOI Build-Up for 3,438 SF
Gross rent
$92.8K $27.00/SF
− Vacancy
−$6.0K −$1.76/SF
EGI
$86.8K $25.25/SF
− OpEx
−$26.0K −$7.57/SF
NOI
$60.8K $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%
$1,215,100
Cap Rate 7%
$867,929
Cap Rate 9%
$675,056
Alternative Uses
Best Use
Multifamily LT 5
$867.9K
$759.4K – $1.01M
NOI $60,755 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$807.5K
$706.5K – $942.1K
NOI $56,523 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$944.9K
$826.8K – $1.10M
NOI $66,146 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Sprinkler system
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
580
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied apartments feature individual laundry sets and a mix of two- and one-bedroom layouts.
Where is this triplex located?
The property is located at 117 Allen Ave Portland, ME.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 1912 Victorian with three leased apartments: two 2BR/1BA units and one 1BR/1BA unit; Level 0.29‑acre lot with detached 2‑car garage, storage shed and off‑street parking; Each apartment has its own washer and dryer
