5-Unit Multifamily
160 Washington Avenue Portland, ME 04101
For Sale
$1,495,000
Well-maintained five-unit property with all units configured as two-bedroom residences and off-street parking.
Property Size4,732 SF
Price / SF$315.93
Days on Market612
Property Features for 160 Washington Avenue
General Information
- Standard status
- Active
- Size
- 4,732 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1985
Listing Agency:
Spectrum Real Estate
(207) 233-6699
Listed By:
Fred Andrews
(207) 233-6699
Source:
Compass
Added: Nov 19, 2024
Changed: Jul 22
Last Checked: Jul 22 at 6:33PM
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 Spectrum Real Estate
Investment Insights
Based on property information with market context.
Turnkey five-unit multifamily building featuring all five units as two-bedroom layouts. The property is described as well-maintained with efficient interior design, including functional kitchens and natural light throughout.
Located at 160 Washington Avenue in Portland, ME, the building sits at the base of Munjoy Hill. The offering highlights proximity to local dining, coffee shops, artisan retail, and the Eastern Promenade, with access to public transportation and closeness to downtown.
Off-street parking is included, supporting day-to-day tenant convenience in an urban setting. This income-producing property is presented as a low-maintenance, plug-and-play investment for buyers seeking a dependable residential income asset.
Located at 160 Washington Avenue in Portland, ME, the building sits at the base of Munjoy Hill. The offering highlights proximity to local dining, coffee shops, artisan retail, and the Eastern Promenade, with access to public transportation and closeness to downtown.
Off-street parking is included, supporting day-to-day tenant convenience in an urban setting. This income-producing property is presented as a low-maintenance, plug-and-play investment for buyers seeking a dependable residential income asset.
Key Highlights
- Five‑unit multifamily building with all units configured as 2‑bedroom residences
- Off‑street parking provided for tenants
- Year built 1985; exterior includes vinyl siding and wood frame construction
Financial Insights For Apartment 5plus
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 | $150.5k | $31.80 |
| − Vacancy | −$9.0k | −$1.91 |
| EGI | $141.4k | $29.89 |
| − OpEx | −$63.7k | −$13.45 |
| NOI | $77.8k | $16.44 |
4,732 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$972.5K – $1.30M
NOI $77,797 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,042 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Well-maintained five-unit property with all units configured as two-bedroom residences and off-street parking.
Where is this apartment building located?
The property is located at 160 Washington Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Five‑unit multifamily building with all units configured as 2‑bedroom residences; Off‑street parking provided for tenants; Year built 1985; exterior includes vinyl siding and wood frame construction
