Renovated Triplex with
New
For Sale
$1,172,000
12 North Street, Portland, ME 04101
Multi-Family, Portland, ME
Property Size2,557 SF
Lot Size0.08 Acres
Price / SF$458.35
Days on Market2
Property Features for 12 North Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2, Basement
Parking features
Off Street
Patio and Porch features
Patio
Basement
Full
Lot features
Level, Intown
Standard status
Active
Size
2,557 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
12211
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas
Water source
Public
Amenities
patio
raised cedar garden beds
Building Details
Year built
1867
Number of units
3
Flooring type
Vinyl, Wood
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Jessica Wallimann
(207) 939-6832
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 9:06PM
MLS# 1680091
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.
Located at 12 North Street in Portland, this 3-unit triplex contains 2,557 square feet on a 0.08-acre lot. Built in 1867, the wood-frame property has wood siding, shingle roofing, public water and public sewer, natural gas steam heat, wood and vinyl flooring, and off-street parking. Zoning is RN-4.
The third-floor apartment has been fully renovated with upgraded finishes, exposed wood beams, a tile shower, and a soaking tub. Improvements to the second-floor unit include kitchen work, new bathroom flooring, and replacement light fixtures. Residents share an outdoor area with a patio, landscaped planting areas, and raised cedar garden beds. The property is within a mile of the Old Port and I-295, with restaurants, coffee shops, and neighborhood markets nearby.
The third-floor apartment has been fully renovated with upgraded finishes, exposed wood beams, a tile shower, and a soaking tub. Improvements to the second-floor unit include kitchen work, new bathroom flooring, and replacement light fixtures. Residents share an outdoor area with a patio, landscaped planting areas, and raised cedar garden beds. The property is within a mile of the Old Port and I-295, with restaurants, coffee shops, and neighborhood markets nearby.
Key Highlights
- 3‑unit triplex at 12 North Street in Portland, ME
- 2,557 square feet on a 0.08‑acre lot
- Fully renovated third‑floor unit with 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with updated interiors, shared outdoor space, and off-street parking.
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: 3‑unit triplex at 12 North Street in Portland, ME; 2,557 square feet on a 0.08‑acre lot; Fully renovated third‑floor unit with tile shower and soaking tub
