Well-Maintained 44-Unit Apartment
1390 Forest Avenue, Portland, ME 04103
MULTI_FAMILY - Colonial - Portland, ME
Property size:
38,592 SFLot size:
3.80 AcresPrice / SF:
$259/SF- Added:
- May 11, 2026
- Days on Market:
- 34
- Last Refresh:
- Jun 13 at 10:06 pm
Property Features for 1390 Forest Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- 54
- Bathrooms
- 30
- Rooms
- Bathroom 20, Bathroom 19, Bathroom 8, Bathroom 15, Bathroom 12, Bathroom 27, Bathroom 22, Bathroom 7, Bathroom 6, Bathroom 24, Basement, Bathroom 5, Bathroom 30, Bathroom 4, Bathroom 28, Bathroom 26, Bathroom 17, Bathroom 23, Bathroom 1, Bathroom 10, Bathroom 25, Bathroom 21, Bathroom 2, Bathroom 18, Bathroom 16, Bathroom 13, Bathroom 3, Bathroom 29, Bathroom 14, Bathroom 11, Bathroom 9
- 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
- Baseboard, Natural Gas, Hot Water(Heating)
- Water source
- Public
Building Details
- Year built
- 1985
- Number of units
- 44
- Flooring type
- Vinyl, Laminate, Carpet
- Building materials
- Wood Frame, Vinyl Siding
- Roof type
- Shingle
- Architectural style
- Colonial
Listing agent Bruce Ludka (207) 776-1007
Listing office Maine Realty 2000 472 Roosevelt Trail, Windham, ME (207) 893-2000
Listing date May 11, 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
- 44‑unit apartment complex on a 3.8‑acre lot with 5 separate buildings
- Building mix: three 3‑story 12‑unit buildings and two 2‑story 4‑unit buildings
- All units are 2‑bedroom apartments
- Currently fully occupied, with mostly long‑term tenants and an established payment history
- Built in 1985 with wood frame construction, vinyl siding, and shingle roofing
- Utilities include public water and public sewer; heating is natural gas with hot water/baseboard
Overview
This well-maintained 44-unit apartment complex presents a significant investment opportunity. Situated on a 3.8-acre lot, the property comprises five buildings: three three-story buildings with 12 units each, and two two-story buildings with four units each. All units feature two-bedroom layouts in three different styles, with some including laundry facilities. Heat and hot water are included and supplied by natural gas. An extensive shop area, storage space, and office space with a half bath are located below unit #5. Additional features include a large shed, ample parking with guest spaces, and a lawn area. The property has undergone numerous updates and improvements, including windows. With an excellent rental history, the complex is currently fully occupied, primarily by long-term tenants with a strong payment record. 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. The property is conveniently located with access to public transportation.
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 | $1.23M | $31.80 |
| − Vacancy | −$73.6k | −$1.91 |
| EGI | $1.15M | $29.89 |
| − OpEx | −$519.1k | −$13.45 |
| NOI | $634.5k | $16.44 |
38,592 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$9.06M
$7.93M – $10.57M
NOI $634,476 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.61M
$9.28M – $12.37M
NOI $742,493 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Meadowbrook Apartments
Apartment Building
Excel Cleaning
Hardware & Home Improvement
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Cumberland
- State
- Maine
- Longitude
- -70.301048
- Latitude
- 43.691845
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 44-unit apartment complex on 3.8 acres in Portland, Maine.
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 a 3.8‑acre lot with 5 separate buildings; Building mix: three 3‑story 12‑unit buildings and two 2‑story 4‑unit buildings; All units are 2‑bedroom apartments
