Triplex with Updated Downstairs
16 Hartley Street, Portland, ME 04103
For Sale
$935,000
Three apartments include a refreshed lower-level residence and a split-level upper apartment.
Property Size4,053 SF
Price / SF$230.69
Days on Market111
Property Features for 16 Hartley Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Hearth & Key Realty
(207) 241-2327
Listed By:
Daniel Meuse
(207) 450-9643
Source:
Integrityhomesrealestategroup
Added: Jul 22
Changed: Nov 7
Last Checked: Nov 8 at 2:43PM
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 Hearth & Key Realty
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Investment Insights
Based on property information with market context.
This 4,053-square-foot triplex in Portland contains three apartments with a 4-bedroom, 3-bedroom, and 1-bedroom mix. The downstairs unit has updated cabinets, granite countertops, and a new range; an upstairs apartment is arranged over split levels. Built in 1900, the property occupies a double city lot and is zoned R-5.
The Hartley Street address is within walking distance of Deering Oaks Park, Back Bay trails, the University of Southern Maine, and local dining. The property is offered for sale.
The Hartley Street address is within walking distance of Deering Oaks Park, Back Bay trails, the University of Southern Maine, and local dining. The property is offered for sale.
Key Highlights
- Three apartments with a 4‑bedroom, 3‑bedroom, and 1‑bedroom mix
- 4,053 square feet in a building constructed in 1900
- Double city lot; R‑5 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,623
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,432,460
$1.4M
Cap Rate 7%
$1,023,186
$1.0M
Cap Rate 9%
$795,811
$795.8K
Market Conditions
NOI Build-Up for 4,053 SF
Gross rent
$109.4K $27.00/SF
− Vacancy
−$7.1K −$1.76/SF
EGI
$102.3K $25.25/SF
− OpEx
−$30.7K −$7.57/SF
NOI
$71.6K $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 Rate 5%
$1,432,460
Cap Rate 7%
$1,023,186
Cap Rate 9%
$795,811
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$895.3K – $1.19M
NOI $71,623 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$951.9K
$832.9K – $1.11M
NOI $66,634 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.11M
$974.7K – $1.30M
NOI $77,978 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,017
Businesses Nearby
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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
$421,800
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Portland, ME
Properties on Market for Triplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments include a refreshed lower-level residence and a split-level upper apartment.
Where is this triplex located?
The property is located at 16 Hartley Street Portland, ME.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: Three apartments with a 4‑bedroom, 3‑bedroom, and 1‑bedroom mix; 4,053 square feet in a building constructed in 1900; Double city lot; R‑5 zoning
