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Well-Maintained 44-Unit Apartment Complex

1390 Forest Avenue, Portland, ME 04103

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For Sale

$9,999,500

COMMERCIAL - Portland, ME

Property size:

39,592 SF

Lot size:

3.80 Acres

Price / SF:

$252/SF

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; some units include laundry
Heating and hot water included with natural gas; public water and public sewer
Year built 1985; wood frame construction with vinyl siding and shingle roof
Currently fully occupied with mostly long‑term tenants; includes 100% property tax exemption

We can help!

Listing Contact

Bruce Ludka

For Sale

$9,999,500

COMMERCIAL - Portland, ME

Property size:

39,592 SF

Lot size:

3.80 Acres

Price / SF:

$252/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: Commercial Sale
Property subtype: Other
Zoning: 54
Rooms: Basement
Standard status: Active
Size: 39,592 SF
Lot size: 3.80 Acres

Taxes and HOA fees

Tax Year: 2025

Utilities

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

Building Details

Year built: 1985
Flooring type: Vinyl, Carpet, Laminate
Building materials: Wood Frame, Vinyl Siding
Roof type: Shingle

We can help!

Listing Contact

Bruce Ludka

Listing agent Bruce Ludka

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

Listing date May 11, 2026

MLS# 1660908

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; some units include laundry
Heating and hot water included with natural gas; public water and public sewer
Year built 1985; wood frame construction with vinyl siding and shingle roof
Currently fully occupied with mostly long‑term tenants; includes 100% property tax exemption

Overview

This well-maintained 44-unit apartment complex presents a major investment opportunity. The property features 5 separate buildings situated on a 3.8-acre lot. The location offers convenient access to amenities and public transportation. The buildings include 3 three-story buildings with 12 units each, and 2 two-story buildings with 4 units each. All units are 2-bedroom apartments, featuring 3 different styles, with some including laundry facilities. Heat and hot water are included and supplied by natural gas. The property includes an extensive shop area, storage, and office spaces with a half bath below unit #5, along with a large shed. Ample parking is available, including guest spaces, and there is a nice lawn area. The property has undergone numerous updates and improvements, including windows. It has an excellent rental history and is currently fully occupied with mostly long-term tenants and a great payment history. The property offers the potential for increased rents and significantly higher financial yields in the future when the current affordable housing use, with 100% property tax exemption, may be discontinued and allow for multiple other options.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$1.26M	$31.80
− Vacancy	−$75.5k	−$1.91
EGI	$1.18M	$29.89
− OpEx	−$532.6k	−$13.45
NOI	$650.9k	$16.44

39,592 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$9.30M

$8.14M – $10.85M (±1% cap)

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 (±1% cap)

NOI $761,732 @ 7.0% cap · market cap 7.62%

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

Suggested Use

Location Insight

Map
Local Demand

City: Portland
County: Cumberland
State: Maine
Longitude: -70.3003758
Latitude: 43.6921131

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For sale
Apartment buildings
ME
Portland
04103
1390 Forest Avenue

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; some units include laundry

1390 Forest Avenue, Portland, ME 04103

COMMERCIAL - Portland, ME

Property Features for 1390 Forest Avenue

General Information

Taxes and HOA fees

Utilities

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Renovated Commercial Building in Portland

Brick Retail Building with Seafood Use

West End Bed & Breakfast

Freestanding Divisible Office Building

Turnkey 10-Unit Multifamily

Portland Mixed-Use Investment Opportunity

Renovated Two-Unit Duplex

Eastern Promenade Colonial Revival Multifamily

Quadplex Condo Conversion Opportunity

Fully Leased Munjoy Hill Investment

Seven-Unit Brick Multifamily Building

West End Triplex Opportunity

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