44-Unit Apartment Complex with Multiple
For Sale
$9,999,500
1390 Forest Ave, Portland, ME 04103
Forty-four two-bedroom apartments across five buildings, with heat and hot water included and on-site storage and parking.
Property Size39,592 SF
Lot Size3.80 Acres
Price / SF$252.56
Days on Market109
Property Features for 1390 Forest Ave
General Information
Standard status
Active
Size
39,592 SF
Lot size
3.80 Acres
Occupancy
100%
Additional Details
Multifamily Units
44
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
Maine Realty 2000
Listed By:
Bruce Ludka, Vanessa Ludka
(207) 893-2000
Source:
Soldbymichaelthomas
Added: Jul 1
Changed: Oct 15
Last Checked: Oct 7 at 3:06PM
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 Maine Realty 2000
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Investment Insights
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This well-maintained apartment complex includes 44 units in five separate buildings on a 3.8-acre lot. The configuration is comprised of three three-story buildings with 12 units each and two two-story buildings with four units each. All units are two-bedroom. Building features include natural gas heat and hot water, and some units include a laundry component. In addition to the residential buildings, the property offers an extensive shop area/storage/office spaces with a half bath below unit #5, along with a large shed. The grounds include a nice lawn area and ample parking with guest spaces. Updates mentioned include new windows.
The property is located at 1390 Forest Avenue in Portland, ME, and is described as convenient to public transportation.
For tenants and operators seeking a sizable multi-building rental property, the mix of three-story and two-story structures provides flexibility in how units are managed and serviced. The complex is currently fully occupied, with mostly long-term tenants, and the remarks note low turnover and rare vacancies. The property is also described as having an affordable housing use with a 100% property tax exemption that may be discontinued, which could affect future operating cost planning. For more details on the current tenancy and property components, contact the listing broker.
The property is located at 1390 Forest Avenue in Portland, ME, and is described as convenient to public transportation.
For tenants and operators seeking a sizable multi-building rental property, the mix of three-story and two-story structures provides flexibility in how units are managed and serviced. The complex is currently fully occupied, with mostly long-term tenants, and the remarks note low turnover and rare vacancies. The property is also described as having an affordable housing use with a 100% property tax exemption that may be discontinued, which could affect future operating cost planning. For more details on the current tenancy and property components, contact the listing broker.
Key Highlights
- 44‑unit apartment complex on 3.8‑acre lot with 5 buildings
- Unit mix: 3 three‑story 12‑unit buildings and 2 two‑story 4‑unit buildings
- All units are 2‑bedroom with gas natural heat plus hot water
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$650,916
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,018,320
$13.0M
Cap Rate 7%
$9,298,800
$9.3M
Cap Rate 9%
$7,232,400
$7.2M
Market Conditions
NOI Build-Up for 39,592 SF
Gross rent
$1.26M $31.80/SF
− Vacancy
−$75.5K −$1.91/SF
EGI
$1.18M $29.89/SF
− OpEx
−$532.6K −$13.45/SF
NOI
$650.9K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,018,320
Cap Rate 7%
$9,298,800
Cap Rate 9%
$7,232,400
Alternative Uses
Best Use
Apartment 5plus
$9.30M
$8.14M – $10.85M
NOI $650,916 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.88M
$9.52M – $12.70M
NOI $761,732 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
44
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
470
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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Forty-four two-bedroom apartments across five buildings, with heat and hot water included and on-site storage and parking.
Where is this apartment building located?
The property is located at 1390 Forest Ave Portland, ME.
What is the asking price?
The asking price for this property is $9,999,500.
What are key features of this property?
This property features: 44‑unit apartment complex on 3.8‑acre lot with 5 buildings; Unit mix: 3 three‑story 12‑unit buildings and 2 two‑story 4‑unit buildings; All units are 2‑bedroom with gas natural heat plus hot water
