Updated Two-Unit
For Sale
$950,000
155 Hartley St, Portland, ME 04103
Owner-occupied property near neighborhood shops, schools, fresh produce, and locally sourced food.
Property Size2,080 SF
Price / SF$456.73
Days on Market38
Property Features for 155 Hartley St
General Information
Standard status
Active
Size
2,080 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Shoreline
(207) 838-1651
Listed By:
Thomas Ranello · License #BR109201
Source:
Aroostookrealestate
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 31 at 6:38PM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
Built in 1900, this two-unit duplex contains 2,080 square feet and is currently owner occupied. Each unit can accommodate up to three bedrooms, while updated systems support the property’s residential configuration. The interiors are described as bright and sunny, with a layout suited to two separate households.
The property is located at 155 Hartley St in Portland’s Deering Center. Boutique shops, fresh-produce vendors, and locally sourced food are nearby, with schools serving kindergarten through 12th grade within walking distance. Baxter Woods, Evergreen Cemetery, and city athletic fields are also within a short walk.
The property is located at 155 Hartley St in Portland’s Deering Center. Boutique shops, fresh-produce vendors, and locally sourced food are nearby, with schools serving kindergarten through 12th grade within walking distance. Baxter Woods, Evergreen Cemetery, and city athletic fields are also within a short walk.
Key Highlights
- Two‑unit duplex with up to 3 bedrooms in each unit
- 2,080 square feet of property size
- Owner‑occupied residential income property
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
$36,757
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
3.87%
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%
$735,140
$735.1K
Cap Rate 7%
$525,100
$525.1K
Cap Rate 9%
$408,411
$408.4K
Market Conditions
NOI Build-Up for 2,080 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
$56.2K $27.00/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$52.5K $25.25/SF
− OpEx
−$15.8K −$7.57/SF
NOI
$36.8K $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%
$735,140
Cap Rate 7%
$525,100
Cap Rate 9%
$408,411
Alternative Uses
Best Use
Multifamily LT 5
$525.1K
$459.5K – $612.6K
NOI $36,757 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$488.5K
$427.5K – $569.9K
NOI $34,196 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$571.7K
$500.2K – $667.0K
NOI $40,018 @ 7.0% cap · market cap 4.21%
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
918
Businesses Nearby
Explore this area
Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
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 - Owner-occupied property near neighborhood shops, schools, fresh produce, and locally sourced food.
Where is this duplex located?
The property is located at 155 Hartley St Portland, ME.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two‑unit duplex with up to 3 bedrooms in each unit; 2,080 square feet of property size; Owner‑occupied residential income property
