10-Unit Historic Apartment
For Sale
$2,390,000
209-211 State Street, Portland, ME 04101
COMMERCIAL - Portland, ME
Property Size11,000 SF
Lot Size0.18 Acres
Price / SF$217.27
Days on Market31
Property Features for 209-211 State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RN-4
Rooms
Basement
Parking features
Tandem, Leased, Off Street
Basement
Full
Lot features
Historic District, Near Shopping
Standard status
Active
Size
11,000 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
30763
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Zoned, Hot Water(Heating)
Water source
Public
Building Details
Year built
1855
Flooring type
Wood, Vinyl, Tile
Building materials
Masonry, Wood Frame, Brick
Roof type
Shingle, Membrane, Slate
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Christopher St.Pierre
(207) 650-6749
Added: Jul 13
Changed: Aug 6
Last Checked: Aug 12 at 8:06AM
MLS# 1669170
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 10-unit multifamily property comprises two separately deeded buildings within the John W. Munger Block. Constructed in 1855, the 11,000-square-foot property features masonry, brick, and wood-frame construction, with wood, vinyl, and tile flooring. Heating includes zoned natural-gas hot-water and baseboard systems. The property also includes a basement, public water, public sewer, and tandem off-street parking.
Located at 209-211 State Street in Portland, the property sits along the Congress Street corridor near Longfellow Square. Restaurants, shops, medical facilities, transportation options, and waterfront attractions are described as within walking distance. The 0.18-acre site is zoned RN-4 and includes shingle, membrane, and slate roofing across the buildings.
Located at 209-211 State Street in Portland, the property sits along the Congress Street corridor near Longfellow Square. Restaurants, shops, medical facilities, transportation options, and waterfront attractions are described as within walking distance. The 0.18-acre site is zoned RN-4 and includes shingle, membrane, and slate roofing across the buildings.
Key Highlights
- 10‑unit multifamily property across two separately deeded buildings
- 11,000 square feet on a 0.18‑acre site
- Constructed in 1855 as part of the John W. Munger Block
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
$180,847
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
7.57%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
4,494
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two separately deeded masonry buildings include off-street parking and established residential character.
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‑unit multifamily property across two separately deeded buildings; 11,000 square feet on a 0.18‑acre site; Constructed in 1855 as part of the John W. Munger Block
