Updated Two-Unit
For Sale
$650,000
Pending
1538 Congress Street, Portland, ME 04102
Two three-bedroom residences combine renovated interiors with distinct outdoor and flex-space features.
Property Size2,680 SF
Days on Market60
Property Features for 1538 Congress Street
General Information
Standard status
Pending
Size
2,680 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,356
Building Details
Building Size
2,680 SF
Year Built
1910
Listing Agency:
Keller Williams Realty
Listed By:
Nicholas Dambrie
(207) 553-2400
Source:
Heathershieldsmaine
Added: Aug 17
Changed: Oct 10
Last Checked: Oct 15 at 5:23AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 1910 duplex contains two residential units, each with three bedrooms and one full bathroom. Both kitchens and bathrooms have been renovated, while original dining-room built-ins preserve period character. Additional property improvements include a new boiler and oil tank, upgraded electrical service, and replacement windows on the second floor and in the attic.
The first-floor residence is occupied and includes a private back porch. The vacant upper-level unit offers a sunroom and provides an owner-occupancy configuration with rental income from the other residence. The property is located on Congress Street in Portland, near downtown, Portland International Jetport, shopping, dining, commuter routes, and everyday amenities.
The first-floor residence is occupied and includes a private back porch. The vacant upper-level unit offers a sunroom and provides an owner-occupancy configuration with rental income from the other residence. The property is located on Congress Street in Portland, near downtown, Portland International Jetport, shopping, dining, commuter routes, and everyday amenities.
Key Highlights
- Two‑unit duplex at 1538 Congress Street in Portland, ME
- Each residence includes 3 bedrooms and 1 full bathroom
- Renovated kitchens and bathrooms in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,360
Cap Rate
7.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$947,200
$947.2K
Cap Rate 7%
$676,571
$676.6K
Cap Rate 9%
$526,222
$526.2K
Market Conditions
NOI Build-Up for 2,680 SF
Gross rent
$72.4K $27.00/SF
− Vacancy
−$4.7K −$1.76/SF
EGI
$67.7K $25.25/SF
− OpEx
−$20.3K −$7.57/SF
NOI
$47.4K $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 Rate 5%
$947,200
Cap Rate 7%
$676,571
Cap Rate 9%
$526,222
Alternative Uses
Best Use
Multifamily LT 5
$676.6K
$592.0K – $789.3K
NOI $47,360 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$629.4K
$550.8K – $734.4K
NOI $44,061 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$736.6K
$644.5K – $859.4K
NOI $51,562 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
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
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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 three-bedroom residences combine renovated interiors with distinct outdoor and flex-space features.
Where is this duplex located?
The property is located at 1538 Congress Street Portland, ME.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit duplex at 1538 Congress Street in Portland, ME; Each residence includes 3 bedrooms and 1 full bathroom; Renovated kitchens and bathrooms in both units
