Updated Three-Unit
For Sale
$1,172,000
12 North Street, Portland, ME 04101
Historic multifamily property with renovated interiors, shared outdoor space, and access to neighborhood amenities.
Property Size2,557 SF
Price / SF$458.35
Days on Market16
Property Features for 12 North Street
General Information
Standard status
Active
Size
2,557 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
3
Amenities
patio
natural landscaping
raised garden beds
Building Details
Year Built
1867
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Jessica Wallimann
(603) 866-2942
Source:
Profoundrealestate
Added: Sep 7
Changed: Sep 21
Last Checked: Sep 21 at 6:56AM
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
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 = 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
$45,186
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
3.86%
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%
$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
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
$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 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%
$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 3.86%
Second Best
Apartment 5plus
$600.6K
$525.5K – $700.7K
NOI $42,039 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$702.8K
$615.0K – $819.9K
NOI $49,196 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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?
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 $1,172,000.
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
