Redesigned Downtown Three-Unit
For Sale
$1,750,000
Pending
123 Cumberland Avenue, Portland, ME 04101
Historic charm blends with contemporary design in this three-unit property.
Property Size3,667 SF
Days on Market106
Property Features for 123 Cumberland Avenue
General Information
Standard status
Pending
Size
3,667 SF
Property subtype
Multi-Family
Zoning
RN-4
Taxes and HOA fees
Annual Taxes
$15,469
Amenities
Heat Pump
Yes
Electric, Gas Natural, Heat Pump, Hot Water, Radiant
Exterior Entry, Walk-Out Access, Finished, Full
Tile, Wood
1st Floor Bedroom, Fenced, Hot Tub, Main Level, Upper Level, Washer Hookup, Other Amenities, Walk-in Closets, Primary Bedroom w/Bath
4
2
Main Level, Upper Level, Washer Hookup
1st Floor Bedroom, Other, Walk-In Closet(s), Primary Bedroom w/Bath
4.0
5
Deck, Patio, Porch
Membrane, Shingle
Fenced
Building Details
Year Built
1866
Listing Agency:
Portside Real Estate Group
(207) 615-1513
Listed By:
Randy Ferrell
(207) 615-1513
Source:
Compass
Added: May 15
Changed: Aug 7
Last Checked: Jul 30 at 5:42PM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
This redesigned downtown three-unit property combines historic charm with contemporary design. The property features a foyer with a modern twist and a curved staircase leading to a 3-bedroom, 2.5-bath owner's penthouse with unobstructed views of Back Cove. The penthouse includes waterfall countertops on the island, Wolf appliances, expansive windows, intricate tile work, and an open-plan kitchen living floor. The primary en-suite features built-in storage, a walk-in closet, a floor-to-ceiling tiled bath, and a private deck with a hot tub. The first-floor flat offers curved front windows, a restored marble fireplace, high ceilings, and a modern kitchen. The garden-level unit is a cozy retreat with radiant heat and exposed brick and stonework. Amenities include heat pumps for efficient comfort, in-unit laundry, and private entrances. The property also features two driveways and a park-like, enclosed landscape. The property size is 3667 square feet.
Key Highlights
- Rare three‑unit property in downtown location blending historic charm with contemporary design.
- Owner's penthouse features 3 bedrooms, 2.5 baths, unobstructed Back Cove views, and luxury finishes (Wolf appliances, waterfall countertops).
- Primary en‑suite includes built‑in storage, walk‑in closet, floor‑to‑ceiling tiled bath, private deck, and hot 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
$64,801
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
3.70%
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%
$1,296,020
$1.3M
Cap Rate 7%
$925,729
$925.7K
Cap Rate 9%
$720,011
$720.0K
Market Conditions
NOI Build-Up for 3,667 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
$99.0K $27.00/SF
− Vacancy
−$6.4K −$1.76/SF
EGI
$92.6K $25.25/SF
− OpEx
−$27.8K −$7.57/SF
NOI
$64.8K $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%
$1,296,020
Cap Rate 7%
$925,729
Cap Rate 9%
$720,011
Alternative Uses
Best Use
Multifamily LT 5
$925.7K
$810.0K – $1.08M
NOI $64,801 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$861.3K
$753.6K – $1.00M
NOI $60,288 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$1.01M
$881.9K – $1.18M
NOI $70,551 @ 7.0% cap · market cap 4.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,493
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
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 - Historic charm blends with contemporary design in this three-unit property.
Where is this triplex located?
The property is located at 123 Cumberland Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Rare three‑unit property in downtown location blending historic charm with contemporary design.; Owner's penthouse features **3 bedrooms, 2.5 baths, unobstructed Back Cove views, and luxury finishes** (Wolf appliances, waterfall countertops).; Primary en‑suite includes built‑in storage, walk‑in closet, floor‑to‑ceiling tiled bath, private deck, and hot tub.
