Versatile Multi-Unit Property in
1344 Washington Avenue Portland, ME 04103
1344 Washington Avenue, Portland, ME, 04103
$660,000
For Sale
$660,000
Multi-unit property with rental and expansion potential in Portland.
Property Size2,124 SF
Price / SF$310.73
Days on Market64
Property Features for 1344 Washington Avenue
General Information
- Standard status
- Active
- Size
- 2,124 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1895
Listing Agency
American Real Estate
(207) 632-9523
Listed by
Mushreq Alsamraee
(207) 632-9523
Source
Compass
Added: May 16 Checked: Jul 17 at 5:36 am
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 multi-unit property in Portland presents an investment or owner-occupied opportunity. It is located in a mixed-use zoned area near shopping centers, restaurants, businesses, and major commuter routes. The first-floor unit includes 3 bedrooms. The second and third floors comprise Unit 2, which features 4 bedrooms and 1.5 baths, including a newly added half bath on the third floor. Recent updates include fresh paint, refinished hardwood floors, new flooring on the third floor, updated light fixtures, a basement waterproofing system, and new hybrid water heaters for each unit. Additional improvements include a newer roof and updated siding on the garage. A coin-operated washer and dryer are located in the basement. The property is situated on a corner lot with dedicated access to the garage. The garage offers potential for an office, storage space, workshop, small business setup, or other uses, subject to local approvals. The property size is 2124 square feet.
Key Highlights
- Strong rental income potential in a mixed‑use zone, close to amenities and commuter routes.
- Two units: a 3‑bedroom unit and a 4‑bedroom unit with 1.5 baths.
- Recent updates include fresh paint, refinished hardwood floors, new flooring, updated light fixtures, and new hybrid water heaters.
Local 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 | $67.5k | $31.80 |
| − Vacancy | −$4.1k | −$1.91 |
| EGI | $63.5k | $29.89 |
| − OpEx | −$28.6k | −$13.45 |
| NOI | $34.9k | $16.44 |
2,124 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$498.9K
$436.5K – $582.0K
NOI $34,920 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Multifamily properties
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - Multi-unit property with rental and expansion potential in Portland.
Where is this multifamily property located?
The property is located at 1344 Washington Avenue 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: Strong rental income potential in a mixed‑use zone, close to amenities and commuter routes.; Two units: a 3‑bedroom unit and a 4‑bedroom unit with 1.5 baths.; Recent updates include fresh paint, refinished hardwood floors, new flooring, updated light fixtures, and new hybrid water heaters.
