3-Unit Victorian Apartment
New
For Sale
$800,000
117 Allen Avenue, Portland, ME 04103
Three occupied apartments have separate utilities, and each includes its own laundry set.
Property Size3,438 SF
Lot Size0.29 Acres
Price / SF$232.69
Days on Market5
Property Features for 117 Allen Avenue
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
Taxes and HOA fees
Annual Taxes
$9,235
Amenities
fireplaces
large front porch
built-in cabinetry
original molding
detached 2-car garage
storage shed
off-street parking
on-site laundry
Building Details
Building Size
3,438 SF
Year Built
1912
Buildings
1
Construction
Victorian
Tenancy
Multi
Listing Agency:
Keller Williams Realty
Listed By:
Ann Cianchette · License #BR915526
(207) 318-5318
Source:
Heathershieldsmaine
Added: Oct 2
Changed: Oct 6
Last Checked: Oct 5 at 10:42PM
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.
Built in 1912, this three-apartment Victorian contains two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. The 3,438-square-foot building retains fireplaces, built-in cabinetry, original molding and a broad front porch. Kitchens and other interior elements have received updates, and each apartment has a landlord-owned washer and dryer. A 2022 sewer-line replacement and sprinkler-system electrical work completed in 2025 are among the property improvements. The third-floor apartment is subject to City of Portland income controls; the owner pays water and sewer for all three units and utilities for that apartment.
The property occupies a level 0.29-acre parcel near Yale Street in Portland. A detached two-car garage, storage shed and off-street parking are on site. Nearby destinations include UNE's Dental School, retail, restaurants and public transit, with access to I-95, I-295 and the airport.
The property occupies a level 0.29-acre parcel near Yale Street in Portland. A detached two-car garage, storage shed and off-street parking are on site. Nearby destinations include UNE's Dental School, retail, restaurants and public transit, with access to I-95, I-295 and the airport.
Key Highlights
- Three apartments: two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- 3,438‑square‑foot Victorian building constructed in 1912
- Level 0.29‑acre lot with detached 2‑car garage, storage shed and off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,523
Cap Rate
7.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,130,460
$1.1M
Cap Rate 7%
$807,471
$807.5K
Cap Rate 9%
$628,033
$628.0K
Market Conditions
NOI Build-Up for 3,438 SF
Gross rent
$109.3K $31.80/SF
− Vacancy
−$6.6K −$1.91/SF
EGI
$102.8K $29.89/SF
− OpEx
−$46.2K −$13.45/SF
NOI
$56.5K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,130,460
Cap Rate 7%
$807,471
Cap Rate 9%
$628,033
Alternative Uses
Best Use
Apartment 5plus
$807.5K
$706.5K – $942.1K
NOI $56,523 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
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
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
34
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three occupied apartments have separate utilities, and each includes its own laundry set.
Where is this multifamily property located?
The property is located at 117 Allen Avenue 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: Three apartments: two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; 3,438‑square‑foot Victorian building constructed in 1912; Level 0.29‑acre lot with detached 2‑car garage, storage shed and off‑street parking
