Duplex with Two-Car
For Sale
$725,000
14 Devon Street, Portland, ME 04102
Two-unit New Englander duplex on a large lot with off-street parking and a two-car garage, built in 1900.
Property Size2,487 SF
Lot Size0.28 Acres
Price / SF$291.52
Days on Market19
Property Features for 14 Devon Street
General Information
Standard status
Active
Size
2,487 SF
Lot size
0.28 Acres
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$9,480
Building Details
Building Size
2,487 SF
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
HarborCity Realty
(207) 776-1816
Listed By:
Jean Russo
(207) 776-1816
Source:
Heathershieldsmaine
Added: Jul 25
Changed: Aug 11
Last Checked: Aug 11 at 12:28PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HarborCity Realty
Investment Insights
Based on property information with market context.
This circa 1900 New Englander duplex offers a two-unit setup with classic charm and basement access for both apartments. The first-floor unit has its own entrance and includes two bedrooms, an eat-in kitchen, a living room, and a full bath, plus basement access. It is heated by oil, with the tenant responsible for oil and electricity. The second-floor apartment includes the third floor and offers two or three bedrooms, a living room, dining room, and a kitchen, along with basement access. This unit is heated by a propane monitor, with the tenant paying for propane and electricity.
The property sits on a generous 12,000+- sq ft lot in Portland’s Nason’s Corner neighborhood. The home is offered as-is, with seller concessions, and includes ample off-street parking and a two-car garage.
The first-floor unit was once used as a third unit, and with City approval it may be able to be used again as an ADU, or as an in-law or guest suite. With City permission, the addition could also support an in-home occupation such as a hair salon or office. Portland rent control does not apply if the property is purchased by an owner-occupant.
The property sits on a generous 12,000+- sq ft lot in Portland’s Nason’s Corner neighborhood. The home is offered as-is, with seller concessions, and includes ample off-street parking and a two-car garage.
The first-floor unit was once used as a third unit, and with City approval it may be able to be used again as an ADU, or as an in-law or guest suite. With City permission, the addition could also support an in-home occupation such as a hair salon or office. Portland rent control does not apply if the property is purchased by an owner-occupant.
Key Highlights
- Circa 1900 duplex on a 12,000+- sq ft lot
- First‑floor unit has its own entrance and basement access, heated by oil
- Second‑floor apartment includes third floor and has basement access, heated by propane monitor
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
6.06%
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 6.06%
Second Best
Apartment 5plus
$584.1K
$511.1K – $681.5K
NOI $40,888 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$683.6K
$598.1K – $797.5K
NOI $47,849 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit New Englander duplex on a large lot with off-street parking and a two-car garage, built in 1900.
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 $725,000.
What are key features of this property?
This property features: Circa 1900 duplex on a 12,000+- sq ft lot; First‑floor unit has its own entrance and basement access, heated by oil; Second‑floor apartment includes third floor and has basement access, heated by propane monitor
