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 Market38
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
(207) 632-9523
Listed By:
Mushreq Alsamraee
Source:
Scottandsunny
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 30 at 7:02PM
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
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 = 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
$37,534
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
5.69%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
