Victorian Triplex with Off-Street
For Sale
$849,900
17 Boynton Street, Portland, ME 04102
MULTI_FAMILY - Victorian - Portland, ME
Property Size4,311 SF
Lot Size0.09 Acres
Price / SF$197.15
Days on Market21
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 3, Bathroom 1, Bathroom 2, Basement
Parking features
Off Street
Interior features
1st Floor Bedroom
Basement
Full, Walk-Out Access
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
Vinyl, Wood
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 1
Last Checked: Aug 6 at 3:06PM
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 at 17 Boynton Street offers three bright, spacious, fully updated two-bedroom apartments. The property is described as turnkey, with updated mechanical systems and low-maintenance longevity. Interior features include a 1st floor bedroom, and the home has a basement. Construction materials include wood frame with vinyl siding, with vinyl and wood flooring throughout. Heating is provided via natural gas hot water.
The building includes off-street parking in the back and sits on a 0.09-acre lot. Water service is public and sewer service is public sewer. The roof is described as tar/gravel, and the property was built in 1889. The location provides seamless access to public transportation, with downtown Portland dining and the waterfront reachable within minutes.
Zoning is R6, supporting multi-family use. This property is positioned for owners seeking a straightforward, manageable entry point to multi-family ownership in Portland.
The building includes off-street parking in the back and sits on a 0.09-acre lot. Water service is public and sewer service is public sewer. The roof is described as tar/gravel, and the property was built in 1889. The location provides seamless access to public transportation, with downtown Portland dining and the waterfront reachable within minutes.
Zoning is R6, supporting multi-family use. This property is positioned for owners seeking a straightforward, manageable entry point to multi-family ownership in Portland.
Key Highlights
- Three fully updated two‑bedroom apartment units
- R6 zoned triplex on a 0.09‑acre lot
- Off‑street parking in the back
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
Multi-tenant
Tenancy
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 - R6 zoned Victorian triplex with three two-bedroom units, off-street parking, and natural gas hot-water heat.
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 fully updated two‑bedroom apartment units; R6 zoned triplex on a 0.09‑acre lot; Off‑street parking in the back
