Three-Unit Multifamily
For Sale
$789,000
124 Sherman Street, Portland, ME 04101
Multi-Family, Portland, ME
Property Size3,030 SF
Lot Size0.06 Acres
Price / SF$260.40
Days on Market50
Property Features for 124 Sherman Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 2
Parking features
Off Street, On Street
Patio and Porch features
Porch
Pets allowed
No
Basement
Full, Unfinished
Lot features
Level, Sidewalks, Intown
Standard status
Active
Size
3,030 SF
Lot size
0.06 Acres
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
electricity
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7791
Utilities
Sewer type
Public Sewer
Heating system
Space Heater, Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1896
Floors in Building
3
Number of units
3
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Asbestos, Other Exterior
Roof type
Shingle
Listing Agency:
Vitalius Real Estate Group, LLC
Listed By:
Briton Vitalius
(207) 541-3755
Added: Sep 9
Changed: Oct 27
Last Checked: Oct 28 at 4:06AM
MLS# 1679888
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 3,030-square-foot triplex was built in 1896 and contains two 3-bedroom apartments plus a vacant 2-bedroom third-floor unit. The property includes wood-frame construction, wood and vinyl flooring, a porch, basement space, forced-air and space-heater systems, and natural-gas service. A sprinkler system, separate electric service, and one gas meter support the building’s current configuration.
Located at 124 Sherman Street in Portland, the property sits on a 0.06-acre lot with public water and public sewer. Parking includes both on-street and off-street spaces. The vacant unit provides flexibility for an owner occupant, future rental use, or additional improvements, subject to applicable requirements. RN-4 zoning applies.
Located at 124 Sherman Street in Portland, the property sits on a 0.06-acre lot with public water and public sewer. Parking includes both on-street and off-street spaces. The vacant unit provides flexibility for an owner occupant, future rental use, or additional improvements, subject to applicable requirements. RN-4 zoning applies.
Key Highlights
- Three‑unit property with two 3‑bedroom units and one vacant 2‑bedroom unit
- 3,030 square feet on a 0.06‑acre lot
- RN‑4 zoning in Portland, ME
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,545
Cap Rate
6.79%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Yes
Sprinkler system
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Portland multifamily property with flexible occupancy options and a mix of rental and owner-use potential.
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: Three‑unit property with two 3‑bedroom units and one vacant 2‑bedroom unit; 3,030 square feet on a 0.06‑acre lot; RN‑4 zoning in Portland, ME
