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    Versatile Multi-Unit Property in Portland Title is generated by Realmo AI

    1344 Washington Avenue, Portland, ME 04103

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    Claim this Listing
    For Sale
    $677,000

    Multi-unit property with rental and expansion potential in Portland.

    Type:Multi-Family
    Property size:
    2,124 SF
    Price / SF:
    $318/SF
    Added:
    May 18, 2026
    Days on Market:
    17
    Last Refresh:
    May 18 at 8:31 pm

    Property Features for 1344 Washington Avenue

    General Information

    Standard status
    Active
    Size
    2,124 SF
    Property subtype
    Multi-Family

    Building Details

    Year Built
    1895

    We can help!

    Listing Contact
    Mushreq Alsamraee

    Listing agent Mushreq Alsamraee

    Listing office American Real Estate

    Listing date May 18, 2026

    Source Compass

    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

    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.
    • Basement waterproofing system installed.
    • Detached garage with potential for office, storage, workshop, or small business use.
    • Coin‑operated washer and dryer in basement for additional income.

    Overview

    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.

    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 (±1% cap)
    NOI $34,920 @ 7.0% cap · market cap 5.16%
    Second Best
    Office B
    $434.4K
    $380.1K – $506.8K (±1% cap)
    NOI $30,407 @ 7.0% cap · market cap 4.49%
    Theoretical Best
    Office A
    $583.8K
    $510.8K – $681.1K (±1% cap)
    NOI $40,865 @ 7.0% cap · market cap 6.04%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Dental Office Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.252053
    Latitude
    43.665062

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    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 $677,000.
    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.
    (207) 632-9523
    We can help!
    Listing Contact
    Mushreq Alsamraee
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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