Apartment
For Sale
$1,319,000
146 Sherman St, Portland, ME 04101
Multifamily property near Downtown Portland with access to medical, retail, dining, and public transportation.
Property Size5,650 SF
Price / SF$233.45
Days on Market137
Property Features for 146 Sherman St
General Information
Standard status
Active
Size
5,650 SF
Property subtype
Residential Income
Additional Details
Public Transit
Yes
Unit Mix
4 x 2BR, 2 x 1BR
Taxes and HOA fees
Annual Taxes
$12,664
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Christopher St.Pierre
(207) 650-6749
Source:
Exprealty
Added: Jun 19
Changed: Nov 1
Last Checked: Nov 1 at 8:30AM
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 EXP Realty
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Investment Insights
Based on property information with market context.
This apartment building at 146 Sherman Street contains 5,650 square feet and was constructed in 1910. The property has undergone a city safety inspection. The owner previously pursued approval for an additional unit that would have required a fire escape, but that process was not completed with the city.
The building is located in Portland’s West End, minutes from Downtown Portland, Maine Medical Center, restaurants, shops, and public transportation. Current rental arrangements include units offered to the owner’s employees at discounted rates. Tenant notification and advance scheduling are required for showings.
The building is located in Portland’s West End, minutes from Downtown Portland, Maine Medical Center, restaurants, shops, and public transportation. Current rental arrangements include units offered to the owner’s employees at discounted rates. Tenant notification and advance scheduling are required for showings.
Key Highlights
- 5,650‑square‑foot apartment building at 146 Sherman Street
- Built in 1910
- City safety inspection completed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,889
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,857,780
$1.9M
Cap Rate 7%
$1,326,986
$1.3M
Cap Rate 9%
$1,032,100
$1.0M
Market Conditions
NOI Build-Up for 5,650 SF
Gross rent
$179.7K $31.80/SF
− Vacancy
−$10.8K −$1.91/SF
EGI
$168.9K $29.89/SF
− OpEx
−$76.0K −$13.45/SF
NOI
$92.9K $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%
$1,857,780
Cap Rate 7%
$1,326,986
Cap Rate 9%
$1,032,100
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,889 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,703 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
3,904
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property near Downtown Portland with access to medical, retail, dining, and public transportation.
Where is this apartment building located?
The property is located at 146 Sherman St Portland, ME.
What is the asking price?
The asking price for this property is $1,319,000.
What are key features of this property?
This property features: 5,650‑square‑foot apartment building at 146 Sherman Street; Built in 1910; City safety inspection completed
