Updated Two-Family
For Sale
$659,000
1538 Congress Street, Portland, ME 04102
Multi-Family, Portland, ME
Property Size2,680 SF
Lot Size0.11 Acres
Price / SF$245.90
Days on Market12
Property Features for 1538 Congress Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Patio and Porch features
Porch
Interior features
Attic, Shower, Storage
Basement
Full
Lot features
Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Public Transit, Near Railroad
Standard status
Active
Size
2,680 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9356
Utilities
Sewer type
Public Sewer
Heating system
Oil, Steam
Water source
Public
Building Details
Year built
1910
Number of units
2
Flooring type
Hardwood, Carpet, Tile
Building materials
Wood Frame, Wood Siding
Roof type
Composition, Shingle
Architectural style
Victorian
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Nicholas Dambrie
(207) 553-2400
Added: Aug 17
Changed: Aug 26
Last Checked: Aug 28 at 6:06PM
MLS# 1676556
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,680-square-foot Victorian duplex, built in 1910, contains two three-bedroom, one-bath units. Both residences have renovated kitchens and bathrooms, while original built-in dining room cabinetry, hardwood, tile, and carpet add variety to the interiors. The property also includes an attic, basement, storage, and porch areas. Recent improvements include a new boiler and oil tank, upgraded electrical service, and replacement windows on the second floor and attic.
One unit is occupied and has a private back porch. The vacant second-floor residence includes a sunroom. Public water and public sewer serve the property, which is located on Congress Street in Portland, near downtown, Portland International Jetport, shopping, dining, major commuter routes, and everyday amenities. RN-3 zoning applies to the 0.11-acre parcel.
One unit is occupied and has a private back porch. The vacant second-floor residence includes a sunroom. Public water and public sewer serve the property, which is located on Congress Street in Portland, near downtown, Portland International Jetport, shopping, dining, major commuter routes, and everyday amenities. RN-3 zoning applies to the 0.11-acre parcel.
Key Highlights
- 2,680‑square‑foot duplex on a 0.11‑acre parcel
- Two units, each with 3 bedrooms and 1 full bath
- 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 units include renovated kitchens and bathrooms, with one unit vacant and the other occupied.
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: 2,680‑square‑foot duplex on a 0.11‑acre parcel; Two units, each with 3 bedrooms and 1 full bath; Renovated kitchens and bathrooms in both units
