Two-Unit Duplex with Fenced
For Sale
$645,000
1747 Forest Avenue, Portland, ME 04103
Portland, ME
Property Size1,840 SF
Price / SF$350.54
Days on Market78
Property Features for 1747 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bathrooms
2
Full bathrooms
2
Standard status
Active
Size
1,840 SF
Amenities
fenced-in back yard
Building Details
Year built
1920
Listing Agency:
South Portland, Maine · Better Homes and Gardens Real Estate
(207) 560-4683
Listed By:
Mark Moody
(207) 839-6930
Added: Jul 21
Changed: Sep 5
Last Checked: Oct 6 at 4:06PM
MLS# 1672736
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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.
Built in 1920, this 1,840-square-foot duplex contains two separate units, each arranged with two bedrooms and one bathroom. The property is positioned on a corner lot and includes a fenced backyard along with off-street parking.
The third-floor area may offer expansion potential subject to town approval. The existing two-unit configuration supports owner occupancy with rental use of the second unit or continued operation as a residential income property.
The third-floor area may offer expansion potential subject to town approval. The existing two-unit configuration supports owner occupancy with rental use of the second unit or continued operation as a residential income property.
Key Highlights
- Two‑unit duplex with 2, 2‑bedroom, 1‑bath units
- 1,840 square feet of building area
- Corner‑lot setting with fenced backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,516
Cap Rate
5.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$650,320
$650.3K
Cap Rate 7%
$464,514
$464.5K
Cap Rate 9%
$361,289
$361.3K
Market Conditions
NOI Build-Up for 1,840 SF
Gross rent
$49.7K $27.00/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$46.5K $25.25/SF
− OpEx
−$13.9K −$7.57/SF
NOI
$32.5K $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%
$650,320
Cap Rate 7%
$464,514
Cap Rate 9%
$361,289
Alternative Uses
Best Use
Multifamily LT 5
$464.5K
$406.5K – $541.9K
NOI $32,516 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$432.2K
$378.1K – $504.2K
NOI $30,251 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$505.7K
$442.5K – $590.0K
NOI $35,401 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained residential income property with two-bedroom units, off-street parking, and a corner-lot setting.
Where is this duplex located?
The property is located at 1747 Forest Avenue Portland, ME.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Two‑unit duplex with 2, 2‑bedroom, 1‑bath units; 1,840 square feet of building area; Corner‑lot setting with fenced backyard
