44-Unit Apartment
For Sale
$9,999,500
1390 Forest Avenue, Portland, ME 04103
Commercial Sale, Portland, ME
Property Size39,592 SF
Lot Size3.80 Acres
Price / SF$252.56
Days on Market162
Property Features for 1390 Forest Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
54
Rooms
Basement
Lot features
Near Shopping
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
Baseboard, Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1985
Flooring type
Laminate, Carpet, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Maine Realty 2000
(207) 893-2000
Listed By:
Bruce Ludka
(207) 776-1007
Added: May 11
Changed: Oct 19
Last Checked: Oct 19 at 3:06PM
MLS# 1660908
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.
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Investment Insights
Based on property information with market context.
This 44-unit multifamily property comprises five separate buildings on 3.8 acres, with 39,592 square feet of improvements. The configuration includes three three-story buildings containing 12 units each and two two-story buildings with four units each. Every apartment has two bedrooms, with three layout styles represented. Select units include laundry, while heat and hot water are provided through natural-gas systems. The property also includes shop, storage, and office areas with a half bath, a large shed, guest parking, and lawn space.
Built in 1985, the buildings feature wood-frame construction, vinyl siding, shingle roofs, and a combination of vinyl, carpet, and laminate flooring. Public water and public sewer serve the property. The complex is located at 1390 Forest Avenue in Portland, with public transportation described as convenient. The apartments are fully occupied, with mostly long-term tenancy and updates that include windows.
Built in 1985, the buildings feature wood-frame construction, vinyl siding, shingle roofs, and a combination of vinyl, carpet, and laminate flooring. Public water and public sewer serve the property. The complex is located at 1390 Forest Avenue in Portland, with public transportation described as convenient. The apartments are fully occupied, with mostly long-term tenancy and updates that include windows.
Key Highlights
- 44 units across 5 separate buildings
- 39,592 square feet on 3.8 acres
- Three 12‑unit, three‑story buildings plus two four‑unit, two‑story buildings
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
Lease Details
44
Residential units
100%
Occupancy
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 - Five-building multifamily property with public utilities, on-site parking, updated windows, and a mix of apartment layouts.
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 units across 5 separate buildings; 39,592 square feet on 3.8 acres; Three 12‑unit, three‑story buildings plus two four‑unit, two‑story buildings
