Updated Two-Unit
For Sale
$659,000
1538 Congress Street, Portland, ME 04102
Two three-bedroom residences combine renovated interiors with distinct outdoor and flex-space features.
Property Size2,680 SF
Price / SF$245.90
Days on Market12
Property Features for 1538 Congress Street
General Information
Standard status
Active
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
(207) 553-2400
Listed By:
Nicholas Dambrie
(207) 553-2400
Source:
Heathershieldsmaine
Added: Aug 17
Changed: Aug 23
Last Checked: Aug 26 at 2:13PM
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 = 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
$47,360
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
7.19%
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%
$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
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
$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 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%
$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 7.19%
Second Best
Apartment 5plus
$629.4K
$550.8K – $734.4K
NOI $44,061 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$736.6K
$644.5K – $859.4K
NOI $51,562 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 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 $659,000.
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
