16-Room Multifamily
For Sale
$1,150,000
243 & 245 High Street, Portland, ME 04101
RN-4-zoned lodging property includes two kitchens, five bathrooms, and long-term tenants.
Property Size5,843 SF
Price / SF$196.82
Days on Market574
Property Features for 243 & 245 High Street
General Information
Standard status
Active
Size
5,843 SF
Property subtype
Commercial
Zoning
RN-4
Additional Details
Tenant in Place
Yes
Amenities
rear decks
Building Details
Building Size
5,843 SF
Year Built
1900
Listing Agency:
Integrity Homes Real Estate Group, PC
Listed By:
Buffy Dumont
(207) 576-9755
Source:
Integrityhomesrealestategroup
Added: Apr 7, 2025
Changed: Oct 30
Last Checked: Oct 30 at 2:40PM
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 Integrity Homes Real Estate Group, PC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 5,843-square-foot multifamily property was built in 1900 and is configured as a 16-room lodging house. The building includes two kitchens and five bathrooms, along with rear decks and an updated electrical panel. Long-term tenants are in place.
Located in downtown Portland, the property has driveways on both sides of the building and is zoned RN-4.
Located in downtown Portland, the property has driveways on both sides of the building and is zoned RN-4.
Key Highlights
- 16‑room lodging house
- 5,843 square feet; built in 1900
- Two kitchens and five bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$96,062
Cap Rate
8.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,921,240
$1.9M
Cap Rate 7%
$1,372,314
$1.4M
Cap Rate 9%
$1,067,356
$1.1M
Market Conditions
NOI Build-Up for 5,843 SF
Gross rent
$185.8K $31.80/SF
− Vacancy
−$11.1K −$1.91/SF
EGI
$174.7K $29.89/SF
− OpEx
−$78.6K −$13.45/SF
NOI
$96.1K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,921,240
Cap Rate 7%
$1,372,314
Cap Rate 9%
$1,067,356
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $96,062 @ 7.0% cap · market cap 8.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.87M
NOI $112,417 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
5,563
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - RN-4-zoned lodging property includes two kitchens, five bathrooms, and long-term tenants.
Where is this multifamily property located?
The property is located at 243 & 245 High Street Portland, ME.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 16‑room lodging house; 5,843 square feet; built in 1900; Two kitchens and five bathrooms
