Three-Unit Multifamily
New
For Sale
$789,000
124 Sherman Street, Portland, ME 04101
Multifamily property with separate electric service, a sprinkler system, and a vacant upper-level unit.
Property Size3,030 SF
Price / SF$260.40
Days on Market5
Property Features for 124 Sherman Street
General Information
Standard status
Active
Size
3,030 SF
Property subtype
Multi-family
Building Details
Year Built
1896
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(207) 541-3755
Source:
Greatislandrealty
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 12 at 10:55AM
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 Vitalius Real Estate Group,LLC
Investment Insights
Based on property information with market context.
This 3,030-square-foot triplex contains two three-bedroom residences and a two-bedroom unit on the third floor. The two three-bedroom units are currently occupied, while the upper-level two-bedroom residence is vacant and available for a new occupant or additional rental use. The building includes a sprinkler system, separate electric service, and one gas meter serving the property. Built in 1896, the asset is located at 124 Sherman Street in downtown Portland, Maine. Its three-unit configuration offers a combination of existing occupancy and an unoccupied residence within a single multifamily property.
Key Highlights
- 3,030 SF triplex with three residential units
- Two 3‑bedroom units are currently occupied
- Vacant third‑floor 2‑bedroom unit
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
$53,545
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
6.79%
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%
$1,070,900
$1.1M
Cap Rate 7%
$764,929
$764.9K
Cap Rate 9%
$594,944
$594.9K
Market Conditions
NOI Build-Up for 3,030 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
$81.8K $27.00/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$76.5K $25.25/SF
− OpEx
−$22.9K −$7.57/SF
NOI
$53.5K $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%
$1,070,900
Cap Rate 7%
$764,929
Cap Rate 9%
$594,944
Alternative Uses
Best Use
Multifamily LT 5
$764.9K
$669.3K – $892.4K
NOI $53,545 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$711.6K
$622.7K – $830.3K
NOI $49,815 @ 7.0% cap · market cap 6.31%
Theoretical Best
Office A
$832.8K
$728.7K – $971.6K
NOI $58,296 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,904
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
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Frequently Asked Questions
What type of property is this?
Triplex - Multifamily property with separate electric service, a sprinkler system, and a vacant upper-level unit.
Where is this triplex located?
The property is located at 124 Sherman Street Portland, ME.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: 3,030 SF triplex with three residential units; Two 3‑bedroom units are currently occupied; Vacant third‑floor 2‑bedroom unit
