Redesigned Downtown Three-Unit
For Sale
$1,750,000
123 Cumberland Ave, Portland, ME 04101
Historic charm blends with contemporary design in this three-unit property.
Property Size3,667 SF
Price / SF$477.23
Days on Market154
Property Features for 123 Cumberland Ave
General Information
Standard status
Active
Size
3,667 SF
Property subtype
Multi-Family
Building Details
Year Built
1866
Listing Agency:
Portside Real Estate Group
Listed By:
Randy Ferrell
(207) 615-1513
Source:
603luxury
Added: May 15
Changed: Oct 5
Last Checked: Oct 7 at 3:16PM
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 / Yr
$64,801
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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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 charm blends with contemporary design in this three-unit property.
Where is this triplex located?
The property is located at 123 Cumberland Ave 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.
