Three-Unit Triplex with
For Sale
$1,000,000
1530 Congress Street, Portland, ME 04102
Three-unit residential income property with three-car garage on a triple lot; tenants require 48 hours’ notice.
Property Size3,995 SF
Price / SF$250.31
Days on Market159
Property Features for 1530 Congress Street
General Information
Standard status
Active
Size
3,995 SF
Total Parking Spaces
3
Property subtype
Multi-family
Additional Details
Multifamily Units
4
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Malone Commercial Brokers,Inc.
Listed By:
Peter Harrington · License #BA900499
(207) 772-2422
Source:
Greatislandrealty
Added: Apr 7
Changed: Sep 11
Last Checked: Sep 12 at 10:35AM
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 Malone Commercial Brokers,Inc.
Investment Insights
Based on property information with market context.
This three-unit multi-family property offers a strong rental history and includes a value-add opportunity with a vacant, non-conforming fourth unit. The layout is set up around a three-car garage, and the property sits on a triple lot.
Located at 1530 Congress Street in Portland, the offering is described as having an excellent location with limited river views.
For showings, tenants require 48 hours’ notice, so advance scheduling will be necessary for any in-person viewing.
Located at 1530 Congress Street in Portland, the offering is described as having an excellent location with limited river views.
For showings, tenants require 48 hours’ notice, so advance scheduling will be necessary for any in-person viewing.
Key Highlights
- Three‑unit residential income property built in 1920
- Triple lot with a three‑car garage
- Includes a vacant non‑conforming fourth unit
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
$70,598
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
7.06%
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%
$1,411,960
$1.4M
Cap Rate 7%
$1,008,543
$1.0M
Cap Rate 9%
$784,422
$784.4K
Market Conditions
NOI Build-Up for 3,995 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
$107.9K $27.00/SF
− Vacancy
−$7.0K −$1.76/SF
EGI
$100.9K $25.25/SF
− OpEx
−$30.3K −$7.57/SF
NOI
$70.6K $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%
$1,411,960
Cap Rate 7%
$1,008,543
Cap Rate 9%
$784,422
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$882.5K – $1.18M
NOI $70,598 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$938.3K
$821.0K – $1.09M
NOI $65,680 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$1.10M
$960.8K – $1.28M
NOI $76,862 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
390
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?
Triplex - Three-unit residential income property with three-car garage on a triple lot; tenants require 48 hours’ notice.
Where is this triplex located?
The property is located at 1530 Congress Street Portland, ME.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Three‑unit residential income property built in 1920; Triple lot with a three‑car garage; Includes a vacant non‑conforming fourth unit
