Victorian Apartment
For Sale
$2,390,000
209-211 State Street, Portland, ME 04101
Multi-Family, Portland, ME
Property Size11,000 SF
Lot Size0.18 Acres
Price / SF$217.27
Days on Market113
Property Features for 209-211 State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-4
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 9, Bathroom 6, Bathroom 10, Bathroom 11, Bathroom 1, Basement, Bathroom 2, Bathroom 5, Bathroom 4, Bathroom 3, Bathroom 8, Bathroom 7
Parking features
Leased, Tandem, Off Street
Basement
Full
Lot features
Sidewalks, Historic District, Intown, 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, Hot Water(Heating), Zoned
Water source
Public
Building Details
Year built
1855
Number of units
10
Flooring type
Tile, Wood, Vinyl
Building materials
Masonry, Wood Frame, Brick
Roof type
Slate, Shingle, Membrane
Architectural style
Victorian
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Christopher St.Pierre
(207) 650-6749
Added: Jul 13
Changed: Oct 27
Last Checked: Nov 2 at 9:06AM
MLS# 1669159
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.
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Investment Insights
Based on property information with market context.
Built in 1855, this Victorian apartment property at 209-211 State Street encompasses 11,000 square feet on a 0.18-acre parcel. Construction incorporates masonry, wood frame, and brick, with tile, wood, and vinyl flooring throughout the building. Roof materials include shingle, membrane, and slate components.
The property is served by public water and public sewer. Heating is provided by natural-gas, zoned hot-water baseboard systems. Parking features include off-street, leased, and tandem arrangements. The property is located in Portland, Maine, and carries RN-4 zoning.
The property is served by public water and public sewer. Heating is provided by natural-gas, zoned hot-water baseboard systems. Parking features include off-street, leased, and tandem arrangements. The property is located in Portland, Maine, and carries RN-4 zoning.
Key Highlights
- 11,000‑square‑foot apartment property on a 0.18‑acre parcel
- Victorian architectural style with 1855 construction date
- Masonry, wood‑frame, and brick construction
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.
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Location Intelligence
Trade Area within ½ mile
4,906
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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Historic apartment property with masonry and wood-frame construction, public utilities, and RN-4 zoning.
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: 11,000‑square‑foot apartment property on a 0.18‑acre parcel; Victorian architectural style with 1855 construction date; Masonry, wood‑frame, and brick construction
