Duplex with
For Sale
$660,000
1344 Washington Ave, Portland, ME 04103
Mixed-use zoning and updated interiors support flexible residential income use.
Property Size2,124 SF
Price / SF$310.73
Days on Market85
Property Features for 1344 Washington Ave
General Information
Standard status
Active
Size
2,124 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 4BR/1.5BA
Multifamily Units
2
Amenities
coin-op laundry
Building Details
Year Built
1895
Listing Agency:
American Real Estate
Listed By:
Mushreq Alsamraee
(207) 632-9523
Source:
Aroostookrealestate
Added: Jul 25
Changed: Oct 9
Last Checked: Oct 16 at 10:28AM
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 American Real Estate
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Investment Insights
Based on property information with market context.
This 2,124-square-foot duplex, built in 1895, includes two distinct residential units. The first-floor residence has three bedrooms, while the upper residence occupies the second and third floors and provides four bedrooms and 1.5 baths, including a recently added half-bath area on the third floor. Interior improvements include fresh paint, refinished hardwood flooring, new third-floor flooring, and updated light fixtures.
The property also includes basement laundry with coin-operated equipment, separate hybrid water heaters, a waterproofing system, a newer roof, and a garage with updated siding. Positioned on a corner lot, the garage has dedicated access and may accommodate office, storage, workshop, or small-business functions subject to local approvals. Mixed-use zoning and proximity to shopping centers, restaurants, businesses, and major commuter routes add context for the property’s existing residential configuration.
The property also includes basement laundry with coin-operated equipment, separate hybrid water heaters, a waterproofing system, a newer roof, and a garage with updated siding. Positioned on a corner lot, the garage has dedicated access and may accommodate office, storage, workshop, or small-business functions subject to local approvals. Mixed-use zoning and proximity to shopping centers, restaurants, businesses, and major commuter routes add context for the property’s existing residential configuration.
Key Highlights
- 2,124‑square‑foot duplex with two residential units
- First‑floor unit offers 3 bedrooms; upper unit has 4 bedrooms and 1.5 baths
- Upper residence spans the second and third floors with a newly added half‑bath area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,534
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$750,680
$750.7K
Cap Rate 7%
$536,200
$536.2K
Cap Rate 9%
$417,044
$417.0K
Market Conditions
NOI Build-Up for 2,124 SF
Gross rent
$57.3K $27.00/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$53.6K $25.25/SF
− OpEx
−$16.1K −$7.57/SF
NOI
$37.5K $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%
$750,680
Cap Rate 7%
$536,200
Cap Rate 9%
$417,044
Alternative Uses
Best Use
Multifamily LT 5
$536.2K
$469.2K – $625.6K
NOI $37,534 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$498.9K
$436.5K – $582.0K
NOI $34,920 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$583.8K
$510.8K – $681.1K
NOI $40,865 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Explore this area
Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
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?
Duplex - Mixed-use zoning and updated interiors support flexible residential income use.
Where is this duplex located?
The property is located at 1344 Washington Ave Portland, ME.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: 2,124‑square‑foot duplex with two residential units; First‑floor unit offers 3 bedrooms; upper unit has 4 bedrooms and 1.5 baths; Upper residence spans the second and third floors with a newly added half‑bath area
