10-Unit Apartment
For Sale
$2,390,000
209-211 State Street, Portland, ME 04101
Two separately deeded brick buildings offer a multi-building residential configuration in Portland.
Property Size11,000 SF
Price / SF$217.27
Days on Market125
Property Features for 209-211 State Street
General Information
Standard status
Active
Size
11,000 SF
Property subtype
Commercial
Zoning
RN-4
Additional Details
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$30,763
Amenities
off-street parking
Building Details
Building Size
11,000 SF
Year Built
1855
Buildings
2
Stories
3
Construction
brick
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Christopher St.Pierre
(207) 650-6749
Source:
Hayesrealestate
Added: Jun 26
Changed: Oct 27
Last Checked: Oct 27 at 3:48AM
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 EXP Realty
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Investment Insights
Based on property information with market context.
At 209-211 State Street, this 10-unit apartment property consists of two separately deeded brick buildings within the historic John W. Munger Block. Constructed in 1855, the buildings are zoned RN-4 and include off-street parking.
The property is in Portland’s Congress Street corridor, within walking distance of restaurants, shops, medical facilities, transportation options, and waterfront attractions. Longfellow Square is also nearby.
The property is in Portland’s Congress Street corridor, within walking distance of restaurants, shops, medical facilities, transportation options, and waterfront attractions. Longfellow Square is also nearby.
Key Highlights
- 10 apartment units across two separately deeded buildings
- Brick construction dating to 1855
- Off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$180,847
Cap Rate
7.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,616,940
$3.6M
Cap Rate 7%
$2,583,529
$2.6M
Cap Rate 9%
$2,009,411
$2.0M
Market Conditions
NOI Build-Up for 11,000 SF
Gross rent
$349.8K $31.80/SF
− Vacancy
−$21.0K −$1.91/SF
EGI
$328.8K $29.89/SF
− OpEx
−$148.0K −$13.45/SF
NOI
$180.8K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,616,940
Cap Rate 7%
$2,583,529
Cap Rate 9%
$2,009,411
Alternative Uses
Best Use
Apartment 5plus
$2.58M
$2.26M – $3.01M
NOI $180,847 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.02M
$2.65M – $3.53M
NOI $211,635 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
4,906
Businesses Nearby
Explore this area
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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two separately deeded brick buildings offer a multi-building residential configuration in Portland.
Where is this apartment building located?
The property is located at 209-211 State Street Portland, ME.
What is the asking price?
The asking price for this property is $2,390,000.
What are key features of this property?
This property features: 10 apartment units across two separately deeded buildings; Brick construction dating to 1855; Off‑street parking
