7-Unit Apartment Building with Deeded
For Sale
$1,550,000
55 Sherman Street, Portland, ME 04101
Seven apartments feature updated interiors, building systems, and shared outdoor space in a walkable Portland setting.
Property Size6,104 SF
Price / SF$253.93
Days on Market895
Property Features for 55 Sherman Street
General Information
Standard status
Active
Size
6,104 SF
Total Parking Spaces
7
Property subtype
Commercial
Zoning
R6
Occupancy
100%
Additional Details
Multifamily Units
7
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$10,093
Amenities
coin-op laundry
fenced backyard
canopy
fire pit
grill
sitting swing
Building Details
Building Size
6,104 SF
Year Built
1910
Buildings
1
Listing Agency:
Coldwell Banker Realty
(207) 773-1990
Listed By:
Katherine Murray
(207) 776-5252
Source:
Amerorealty
Added: May 21, 2024
Changed: Oct 31
Last Checked: Oct 31 at 2:34PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
Built in 1910, this R6-zoned apartment property contains 7 units across 6,104 square feet. The first-floor residence has 2 bedrooms and 2 full baths, along with bay windows, a formal dining room, pantry, and high ceilings. All apartments have updated flooring, appliances, windows, and lighting. Building improvements include a 2022 roof with a 50-year twice-transferable warranty, an updated natural gas boiler, PVC replacement of the line to the street main, and plumbing work in the basement and stacks through the third floor. Insulation upgrades and a radon mitigation system are also in place.
Residents have access to a fenced backyard with a canopy, fire pit, grill, and swing. The property includes 7 deeded parking spaces and coin-operated laundry. Located at 55 Sherman Street in Portland, the building has a stated walkability score of 92, with restaurants, shops, bars, and services nearby. It is fully occupied and has an established rental history. Approved and recorded banked rents associated with completed renovations are available to the next owner.
Residents have access to a fenced backyard with a canopy, fire pit, grill, and swing. The property includes 7 deeded parking spaces and coin-operated laundry. Located at 55 Sherman Street in Portland, the building has a stated walkability score of 92, with restaurants, shops, bars, and services nearby. It is fully occupied and has an established rental history. Approved and recorded banked rents associated with completed renovations are available to the next owner.
Key Highlights
- 7 apartments in 6,104 square feet; built in 1910 and zoned R6
- First‑floor unit offers 2 bedrooms, 2 full baths, bay windows, and formal dining room
- All apartments have updated flooring, appliances, windows, and lighting
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$100,353
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,007,060
$2.0M
Cap Rate 7%
$1,433,614
$1.4M
Cap Rate 9%
$1,115,033
$1.1M
Market Conditions
NOI Build-Up for 6,104 SF
Gross rent
$194.1K $31.80/SF
− Vacancy
−$11.6K −$1.91/SF
EGI
$182.5K $29.89/SF
− OpEx
−$82.1K −$13.45/SF
NOI
$100.4K $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%
$2,007,060
Cap Rate 7%
$1,433,614
Cap Rate 9%
$1,115,033
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,353 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,438 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,906
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Seven apartments feature updated interiors, building systems, and shared outdoor space in a walkable Portland setting.
Where is this apartment building located?
The property is located at 55 Sherman Street Portland, ME.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 7 apartments in 6,104 square feet; built in 1910 and zoned R6; First‑floor unit offers 2 bedrooms, 2 full baths, bay windows, and formal dining room; All apartments have updated flooring, appliances, windows, and lighting
