Redesigned Downtown Three-Unit
123 Cumberland Avenue Portland, ME 04101
123 Cumberland Avenue, Portland, ME, 04101
$1,800,000
For Sale
$1,800,000
Historic charm blends with contemporary design in this three-unit property.
Property Size3,667 SF
Price / SF$490.86
Days on Market90
Property Features for 123 Cumberland Avenue
General Information
- Standard status
- Active
- Size
- 3,667 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1866
Listing Agency
Portside Real Estate Group
(207) 615-1513
Listed by
Randy Ferrell
(207) 615-1513
Source
Compass
Added: Apr 21 Checked: Jul 19 at 5:38 am
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.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $99.0k | $27.00 |
| − Vacancy | −$6.4k | −$1.76 |
| EGI | $92.6k | $25.25 |
| − OpEx | −$27.8k | −$7.57 |
| NOI | $64.8k | $17.67 |
3,667 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$925.7K
$810.0K – $1.08M
NOI $64,801 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$861.3K
$753.6K – $1.00M
NOI $60,288 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$1.01M
$881.9K – $1.18M
NOI $70,551 @ 7.0% cap · market cap 3.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
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 $1,800,000.
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.
