Duplex With In-Law
For Sale
$699,000
14 Devon Street, Portland, ME 04102
Multi-Family, Portland, ME
Property Size2,487 SF
Lot Size0.27 Acres
Price / SF$281.06
Days on Market50
Property Features for 14 Devon Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement
Patio and Porch features
Porch
Pets allowed
No
Interior features
In-Law Apartment, 1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Bathtub, Pantry, Shower, Storage
Basement
Unfinished, Full
Lot features
Level, Near Golf Course, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood, Near Public Transit
Standard status
Active
Size
2,487 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9480
Utilities
Sewer type
Public Sewer
Heating system
Oil, Natural Gas, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Fiberglass
Architectural style
Other
Additional Structures
Storage
Listing Agency:
HarborCity Realty
(207) 775-1991
Listed By:
Jean Russo
(207) 776-1816
Added: Jul 25
Changed: Sep 11
Last Checked: Sep 12 at 6:06PM
MLS# 1661185
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.
Investment Insights
Based on property information with market context.
This 2,487-square-foot duplex, built in 1900, includes two distinct residential apartments and an additional first-floor space with its own entrance. The lower unit has two bedrooms, an eat-in kitchen, living room, full bathroom, and basement access. The upper residence extends across the second and third floors and includes two or three bedrooms, a living room, dining room, kitchen, and basement access.
The property occupies a 0.27-acre lot and includes a two-car garage, porch, wood-frame construction, vinyl siding, wood and vinyl flooring, public water, and public sewer. A former third-unit area on the first floor includes two bedrooms and a full bathroom; any renewed use as an ADU or other in-law, guest, or home-occupation space requires City approval. The property is located in Portland’s Nason’s Corner neighborhood near schools, Portland Trails, retail, restaurants, parks, and other neighborhood amenities.
The property occupies a 0.27-acre lot and includes a two-car garage, porch, wood-frame construction, vinyl siding, wood and vinyl flooring, public water, and public sewer. A former third-unit area on the first floor includes two bedrooms and a full bathroom; any renewed use as an ADU or other in-law, guest, or home-occupation space requires City approval. The property is located in Portland’s Nason’s Corner neighborhood near schools, Portland Trails, retail, restaurants, parks, and other neighborhood amenities.
Key Highlights
- 2,487‑square‑foot duplex on a 0.27‑acre lot
- Lower apartment includes 2 bedrooms, eat‑in kitchen, living room, full bath, and basement access
- Upper residence spans the second and third floors with 2 or 3 bedrooms
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
$43,949
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
6.29%
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%
$878,980
$879.0K
Cap Rate 7%
$627,843
$627.8K
Cap Rate 9%
$488,322
$488.3K
Market Conditions
NOI Build-Up for 2,487 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
$67.1K $27.00/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$62.8K $25.25/SF
− OpEx
−$18.8K −$7.57/SF
NOI
$43.9K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$878,980
Cap Rate 7%
$627,843
Cap Rate 9%
$488,322
Alternative Uses
Best Use
Multifamily LT 5
$627.8K
$549.4K – $732.5K
NOI $43,949 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$584.1K
$511.1K – $681.5K
NOI $40,888 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$683.6K
$598.1K – $797.5K
NOI $47,849 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate living areas offer flexible occupancy, with an additional first-floor suite and private entrance.
Where is this duplex located?
The property is located at 14 Devon Street Portland, ME.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2,487‑square‑foot duplex on a 0.27‑acre lot; Lower apartment includes 2 bedrooms, eat‑in kitchen, living room, full bath, and basement access; Upper residence spans the second and third floors with 2 or 3 bedrooms
