Triplex with Private Outdoor
178 Congress Street, Portland, ME 04101
For Sale
$1,025,000
Pending
Three residences span the building, with the upper-floor home complemented by two renovated apartments below.
Property Size3,200 SF
Days on Market41
Property Features for 178 Congress Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
in-unit laundry
private deck
backyard
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Cottage & Co Real Estate
Listed By:
Laurel LaBauve
(207) 233-5573
Source:
Waypointbrokers
Added: Oct 1
Changed: Nov 10
Last Checked: Nov 9 at 7:44PM
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 Cottage & Co Real Estate
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Investment Insights
Based on property information with market context.
Built in 1875, this 3,200-square-foot triplex has three residences. The owner’s home occupies the third floor; the first- and second-floor apartments have renovated kitchens and bathrooms, plus in-unit laundry. Each residence has a private deck, and the property includes a backyard. Building systems include a high-efficiency gas boiler installed one year ago and a heat pump in the upper-floor residence. Three deeded off-street parking spaces are included.
The property is on Congress Street in Portland’s Munjoy Hill neighborhood. Restaurants, cafés, breweries, and shops along Washington Avenue and the Eastern Promenade are nearby. The owner-occupied unit is exempt from Portland’s rent control ordinance, as stated in the property information.
The property is on Congress Street in Portland’s Munjoy Hill neighborhood. Restaurants, cafés, breweries, and shops along Washington Avenue and the Eastern Promenade are nearby. The owner-occupied unit is exempt from Portland’s rent control ordinance, as stated in the property information.
Key Highlights
- Three‑unit triplex with 3,200 square feet
- Built in 1875
- Private outdoor deck for each residence, plus a backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,549
Cap Rate
5.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,130,980
$1.1M
Cap Rate 7%
$807,843
$807.8K
Cap Rate 9%
$628,322
$628.3K
Market Conditions
NOI Build-Up for 3,200 SF
Gross rent
$86.4K $27.00/SF
− Vacancy
−$5.6K −$1.76/SF
EGI
$80.8K $25.25/SF
− OpEx
−$24.2K −$7.57/SF
NOI
$56.5K $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%
$1,130,980
Cap Rate 7%
$807,843
Cap Rate 9%
$628,322
Alternative Uses
Best Use
Multifamily LT 5
$807.8K
$706.9K – $942.5K
NOI $56,549 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$751.6K
$657.6K – $876.8K
NOI $52,610 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$879.5K
$769.6K – $1.03M
NOI $61,567 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,076
Businesses Nearby
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Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 residences span the building, with the upper-floor home complemented by two renovated apartments below.
Where is this triplex located?
The property is located at 178 Congress Street Portland, ME.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Three‑unit triplex with 3,200 square feet; Built in 1875; Private outdoor deck for each residence, plus a backyard
