Updated Three-Unit Victorian
For Sale
$849,900
17 Boynton Street, Portland, ME 04102
Multi-Family, Portland, ME
Property Size4,311 SF
Lot Size0.09 Acres
Price / SF$197.15
Days on Market46
Property Features for 17 Boynton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Parking features
Off Street
Interior features
1st Floor Bedroom
Basement
Walk-Out Access, Full
Lot features
Well Landscaped, Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood, Near Railroad
Standard status
Active
Size
4,311 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8263
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1889
Floors in Building
3
Number of units
3
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Tar/Gravel
Architectural style
Victorian
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Christopher Lavoie
(207) 553-2604
Added: Jul 17
Changed: Aug 26
Last Checked: Aug 31 at 4:06AM
MLS# 1672224
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Victorian triplex contains three updated two-bedroom apartments within a 4,311-square-foot wood-frame building constructed in 1889. The property includes wood and vinyl flooring, hot-water heating powered by natural gas, a first-floor bedroom, basement space, and off-street parking. Public water and public sewer serve the property, which occupies 0.09 acres and has a tar-and-gravel roof with vinyl siding.
Located at 17 Boynton Street in Portland, the property provides access to public transportation and is minutes from downtown Portland, its dining and waterfront areas, and the local economy. The three-unit configuration offers a defined residential layout, while updated mechanical systems support ongoing property operations.
Located at 17 Boynton Street in Portland, the property provides access to public transportation and is minutes from downtown Portland, its dining and waterfront areas, and the local economy. The three-unit configuration offers a defined residential layout, while updated mechanical systems support ongoing property operations.
Key Highlights
- Three 2‑bedroom apartments in a single triplex
- 4,311 square feet on a 0.09‑acre lot
- Victorian architecture with wood‑frame construction and vinyl siding
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
Property Profile
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 updated two-bedroom apartments with off-street parking and public utilities.
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: Three 2‑bedroom apartments in a single triplex; 4,311 square feet on a 0.09‑acre lot; Victorian architecture with wood‑frame construction and vinyl siding
