Updated Three-Unit
12 North Street, Portland, ME 04101
For Sale
$1,122,000
Historic multifamily property with renovated interiors, shared outdoor space, and access to neighborhood amenities.
Property Size2,557 SF
Price / SF$438.80
Days on Market65
Property Features for 12 North Street
General Information
Standard status
Size
Property subtype
Additional Details
Highway Access
Multifamily Units
Amenities
patio
natural landscaping
raised garden beds
Building Details
Year Built
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Jessica Wallimann
(207) 939-6832
Source:
Profoundrealestate
Added: Sep 6
Changed: Nov 8
Last Checked: Nov 8 at 6:25AM
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 Vitalius Real Estate Group,LLC
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Investment Insights
Based on property information with market context.
Built in 1867, this 2,557-square-foot triplex contains three residential units. The top-floor apartment has been fully renovated with upgraded finishes, exposed wood beams, a tiled shower, and a soaking tub. The second-floor residence also includes recent improvements, including kitchen work, new bathroom flooring, and updated light fixtures.
Shared exterior space adds a patio, landscaped areas, and raised cedar garden beds suitable for outdoor dining or gardening. The property is located near restaurants, coffee shops, and neighborhood markets, with the Old Port and I-295 within one mile. Its three-unit configuration supports both portfolio ownership and owner-occupancy with rental income from the additional units.
Shared exterior space adds a patio, landscaped areas, and raised cedar garden beds suitable for outdoor dining or gardening. The property is located near restaurants, coffee shops, and neighborhood markets, with the Old Port and I-295 within one mile. Its three-unit configuration supports both portfolio ownership and owner-occupancy with rental income from the additional units.
Key Highlights
- Three‑unit multifamily property with 2,557 square feet
- Built in 1867
- Fully renovated third‑floor unit with exposed wood beams, tile shower, and soaking tub
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,186
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$903,720
$903.7K
Cap Rate 7%
$645,514
$645.5K
Cap Rate 9%
$502,067
$502.1K
Market Conditions
NOI Build-Up for 2,557 SF
Gross rent
$69.0K $27.00/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$64.6K $25.25/SF
− OpEx
−$19.4K −$7.57/SF
NOI
$45.2K $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%
$903,720
Cap Rate 7%
$645,514
Cap Rate 9%
$502,067
Alternative Uses
Best Use
Multifamily LT 5
$645.5K
$564.8K – $753.1K
NOI $45,186 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$600.6K
$525.5K – $700.7K
NOI $42,039 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$702.8K
$615.0K – $819.9K
NOI $49,196 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Portland, ME
Properties on Market for Triplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Historic multifamily property with renovated interiors, shared outdoor space, and access to neighborhood amenities.
Where is this triplex located?
The property is located at 12 North Street Portland, ME.
What is the asking price?
The asking price for this property is $1,122,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,557 square feet; Built in 1867; Fully renovated third‑floor unit with exposed wood beams, tile shower, and soaking tub
