Turnkey Three-Unit Apartment
For Sale
$849,900
17 Boynton Street, Portland, ME 04102
Three fully updated 2-bedroom apartments with off-street parking at the rear and recently updated mechanical systems.
Property Size4,311 SF
Price / SF$197.15
Days on Market30
Property Features for 17 Boynton Street
General Information
Standard status
Active
Size
4,311 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1889
Listing Agency:
Keller Williams Realty
Listed By:
Christopher Lavoie
(603) 433-3350
Source:
Greatislandrealty
Added: Jul 8
Changed: Jul 26
Last Checked: Aug 6 at 4:57AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This turnkey three-unit apartment building features three bright, spacious, fully updated 2-bedroom apartments. The property is described as well maintained, with updated mechanical systems intended to support low-maintenance ownership.
The building includes rare premium off-street parking located at the rear. It is situated in Portland, Maine, with access to public transportation and is positioned within minutes of downtown Portland’s dining and waterfront.
As a three-unit residential income property, it offers a straightforward multi-family setup with each apartment configured as a 2-bedroom unit.
The building includes rare premium off-street parking located at the rear. It is situated in Portland, Maine, with access to public transportation and is positioned within minutes of downtown Portland’s dining and waterfront.
As a three-unit residential income property, it offers a straightforward multi-family setup with each apartment configured as a 2-bedroom unit.
Key Highlights
- Year built 1889 3‑unit multi‑family with three 2‑bedroom apartments
- All units are fully updated, with bright, spacious layouts
- Recently updated mechanical systems for added peace of mind
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
$76,182
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
8.96%
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%
$1,523,640
$1.5M
Cap Rate 7%
$1,088,314
$1.1M
Cap Rate 9%
$846,467
$846.5K
Market Conditions
NOI Build-Up for 4,311 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
$116.4K $27.00/SF
− Vacancy
−$7.6K −$1.76/SF
EGI
$108.8K $25.25/SF
− OpEx
−$32.6K −$7.57/SF
NOI
$76.2K $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%
$1,523,640
Cap Rate 7%
$1,088,314
Cap Rate 9%
$846,467
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$952.3K – $1.27M
NOI $76,182 @ 7.0% cap · market cap 8.96%
Second Best
Apartment 5plus
$1.01M
$885.9K – $1.18M
NOI $70,875 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,942 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,355
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?
Triplex - Three fully updated 2-bedroom apartments with off-street parking at the rear and recently updated mechanical systems.
Where is this triplex located?
The property is located at 17 Boynton Street Portland, ME.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Year built 1889 3‑unit multi‑family with three 2‑bedroom apartments; All units are fully updated, with bright, spacious layouts; Recently updated mechanical systems for added peace of mind
