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    1390 Forest Avenue Portland, ME 04103

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    For Sale
    $9,999,500

    MULTI_FAMILY - Colonial - Portland, ME

    Property size:
    38,592 SF
    Lot size:
    3.80 Acres
    Price / SF:
    $259/SF
    Added:
    May 6, 2026
    Days on Market:
    2
    Last Refresh:
    May 7 at 1:06 pm

    Property Features for 1390 Forest Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    54
    Bathrooms
    30
    Rooms
    Bathroom 25, Bathroom 9, Bathroom 2, Bathroom 11, Bathroom 27, Bathroom 7, Bathroom 5, Bathroom 26, Bathroom 13, Bathroom 4, Bathroom 1, Bathroom 18, Bathroom 17, Bathroom 22, Bathroom 3, Bathroom 10, Bathroom 24, Bathroom 16, Bathroom 19, Bathroom 30, Bathroom 15, Bathroom 29, Bathroom 21, Bathroom 23, Bathroom 8, Bathroom 6, Bathroom 12, Bathroom 14, Bathroom 20, Basement, Bathroom 28
    Standard status
    Active
    Size
    38,592 SF
    Lot size
    3.80 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating), Baseboard
    Water source
    Public

    Building Details

    Year built
    1985
    Number of units
    44
    Flooring type
    Laminate, Carpet
    Building materials
    Vinyl Siding, Wood Frame
    Roof type
    Shingle
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Bruce Ludka

    Listing agent Bruce Ludka

    Listing office Maine Realty 2000 472 Roosevelt Trail, Windham, ME

    Listing date May 6, 2026

    MLS# 1660904 Listing URL

    Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Well‑maintained 44‑unit apartment complex on 3.8 acres
    • Currently fully occupied with mostly long‑term tenants and great payment history
    • Excellent rental history with low turnover and rare vacancies
    • Potential for increased rents and higher financial yields when affordable housing use/tax exemption is discontinued
    • Includes shop area/storage/office spaces, large shed, and ample parking
    • Convenient location with access to public transportation

    Overview

    44-Unit Apartment Complex on 3.8 Acres

    This well-maintained 44-unit apartment complex presents a significant investment opportunity. The property features five separate buildings situated on a 3.8-acre lot. The location offers convenient access to amenities and public transportation. The buildings include three three-story buildings with 12 units each, and two two-story buildings with four units each. All units feature two-bedroom layouts with three different styles, some including laundry facilities. Heat and hot water are included and supplied by natural gas. An extensive shop area, storage space, and office spaces with a half bath are located below unit #5. Additional features include a large shed, ample parking with guest spaces, and a lawn area. Updates and improvements have been made, including windows. The property has an excellent rental history and is currently fully occupied with mostly long-term tenants and a strong payment history. The property offers potential for increased rents and higher financial yields in the future when the current affordable housing use, with 100% property tax exemption, may be discontinued, allowing for multiple other options.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Meadowbrook Apartments Apartment Building Excel Cleaning Hardware & Home Improvement

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.301048
    Latitude
    43.691845

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 44-unit apartment complex on 3.8 acres.
    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: Well‑maintained 44‑unit apartment complex on 3.8 acres; Currently fully occupied with mostly long‑term tenants and great payment history; Excellent rental history with low turnover and rare vacancies
    (207) 776-1007
    We can help!
    Listing Contact
    Bruce Ludka
    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.

    More about this property
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