Triplex with Vacant First-Floor
For Sale
$1,395,000
12 Smith Street, Portland, ME 04101
IS-FBC zoning permits residential, retail, office, and hospitality uses in this three-unit property.
Property Size2,861 SF
Price / SF$487.59
Days on Market202
Property Features for 12 Smith Street
General Information
Standard status
Active
Size
2,861 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Zoning
IS-FBC
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$10,130
Amenities
high tin ceilings
Jotul stoves
sun-filled side patio
Building Details
Building Size
2,861 SF
Year Built
1900
Buildings
1
Stories
3
Units
3
Construction
brick
Tenancy
Multi
Listing Agency:
Benchmark Real Estate
Listed By:
Thomas Landry
(207) 775-0248
Source:
Amerorealty
Added: Apr 14
Changed: Oct 31
Last Checked: Oct 31 at 2:21PM
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 Benchmark Real Estate
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Investment Insights
Based on property information with market context.
Built in 1900, this 2,861-square-foot brick triplex has one unit on each floor, with separate utilities. The first-floor unit is vacant. Interior details include high tin ceilings on the first level, Jotul stoves, and open exposure on both sides. A side patio provides outdoor space, while the exterior retains Italianate brackets, scrollwork, dentils, and corbelled brick lintels and sills.
The property is on Smith Street in Portland, Maine, next to a neighborhood playground and near Back Cove and the waterfront. Its India Street Form-Based Code designation, IS-FBC, allows residential, retail, office, and hospitality uses. Nearby destinations listed include the Portland Food Co-op, East Bayside, India Street, the Old Port, and downtown.
The property is on Smith Street in Portland, Maine, next to a neighborhood playground and near Back Cove and the waterfront. Its India Street Form-Based Code designation, IS-FBC, allows residential, retail, office, and hospitality uses. Nearby destinations listed include the Portland Food Co-op, East Bayside, India Street, the Old Port, and downtown.
Key Highlights
- Three units, arranged one per floor, with separate utilities
- First‑floor unit is vacant
- 2,861 square feet; built in 1900
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,558
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,011,160
$1.0M
Cap Rate 7%
$722,257
$722.3K
Cap Rate 9%
$561,756
$561.8K
Market Conditions
NOI Build-Up for 2,861 SF
Gross rent
$77.2K $27.00/SF
− Vacancy
−$5.0K −$1.76/SF
EGI
$72.2K $25.25/SF
− OpEx
−$21.7K −$7.57/SF
NOI
$50.6K $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%
$1,011,160
Cap Rate 7%
$722,257
Cap Rate 9%
$561,756
Alternative Uses
Best Use
Multifamily LT 5
$722.3K
$632.0K – $842.6K
NOI $50,558 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$672.0K
$588.0K – $784.0K
NOI $47,037 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$786.3K
$688.1K – $917.4K
NOI $55,044 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,433
Businesses Nearby
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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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - IS-FBC zoning permits residential, retail, office, and hospitality uses in this three-unit property.
Where is this triplex located?
The property is located at 12 Smith Street Portland, ME.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Three units, arranged one per floor, with separate utilities; First‑floor unit is vacant; 2,861 square feet; built in 1900
