3-Unit Apartment
For Sale
$1,300,000
115 Congress Street, Portland, ME 04101
Three-family property with heat pump systems and wood-frame construction in a B-1 zoning district.
Property Size2,490 SF
Price / SF$522.09
Days on Market648
Property Features for 115 Congress Street
General Information
Standard status
Active
Size
2,490 SF
Property subtype
Multi-Family
Zoning
B-1
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,927
Amenities
Heat Pump
None, Not Applicable
No
Yes
3.00
3
Shingle
Vinyl Siding, Wood Frame
Building Details
Year Built
1870
Buildings
1
Units
3
Listing Agency:
Porta & Company
(207) 756-4563
Listed By:
Vincent Ciampi
(207) 756-4563
Source:
Compass
Added: Nov 22, 2024
Changed: Aug 29
Last Checked: Aug 29 at 4:30PM
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 Porta & Company
Investment Insights
Based on property information with market context.
This three-family apartment building contains 2,490 square feet and was constructed in 1870. The property has wood-frame construction with shingle and vinyl siding, along with heat pump systems.
Located at 115 Congress Street in Portland, the building sits on Donatelli Square. B-1 zoning applies to the property.
Located at 115 Congress Street in Portland, the building sits on Donatelli Square. B-1 zoning applies to the property.
Key Highlights
- Three‑family apartment building with 2,490 SF
- Built in 1870
- B‑1 zoning
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
$44,002
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
3.38%
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%
$880,040
$880.0K
Cap Rate 7%
$628,600
$628.6K
Cap Rate 9%
$488,911
$488.9K
Market Conditions
NOI Build-Up for 2,490 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
$67.2K $27.00/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$62.9K $25.25/SF
− OpEx
−$18.9K −$7.57/SF
NOI
$44.0K $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%
$880,040
Cap Rate 7%
$628,600
Cap Rate 9%
$488,911
Alternative Uses
Best Use
Multifamily LT 5
$628.6K
$550.0K – $733.4K
NOI $44,002 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$584.8K
$511.7K – $682.3K
NOI $40,937 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$684.4K
$598.8K – $798.4K
NOI $47,906 @ 7.0% cap · market cap 3.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,127
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-family property with heat pump systems and wood-frame construction in a B-1 zoning district.
Where is this triplex located?
The property is located at 115 Congress Street Portland, ME.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Three‑family apartment building with 2,490 SF; Built in 1870; B‑1 zoning
