44-Unit Apartment Complex with Multiple
For Sale
$9,999,500
1390 Forest Avenue, 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 Market118
Property Features for 1390 Forest Avenue
General Information
Standard status
Active
Size
39,592 SF
Lot size
3.80 Acres
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
44
Building Details
Building Size
39,592 SF
Year Built
1985
Tenancy
Multi
Listing Agency:
Maine Realty 2000
(207) 776-1007
Listed By:
Bruce Ludka
(207) 776-1007
Source:
Heathershieldsmaine
Added: May 6
Changed: Aug 24
Last Checked: Aug 30 at 11:54PM
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
Investment Insights
Based on property information with market context.
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 = 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
$650,916
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
6.51%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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 Avenue 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
