Three-Unit Multifamily
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 Market34
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 7
Changed: Oct 7
Last Checked: Oct 10 at 1:36AM
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 / 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.
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
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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
