Historic Brick Multifamily with
209-211 State Street Portland, ME 04101
209-211 State Street, Portland, ME, 04101
$2,390,000
For Sale
$2,390,000
COMMERCIAL - Portland, ME
Property Size11,000 SF
Lot Size0.18 Acres
Price / SF$217.27
Days on Market15
Property Features for 209-211 State Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- RN-4
- Rooms
- Basement
- Parking features
- Off Street, Leased, Tandem
- Basement
- Full
- 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
- 1900
- Flooring type
- Tile, Vinyl, Wood
- Building materials
- Masonry, Wood Frame, Brick
- Roof type
- Slate, Membrane, Shingle
Listing Agency
EXP Realty
(888) 439-8743
41 Hutchins Drive Building 3, Rangeley, ME
Listed by
Christopher St.Pierre
(207) 650-6749
Added: Jul 3 Checked: Jul 17 at 4:06 am
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 offering features a 10-unit multifamily property comprised of two separately deeded buildings: 209 and 211 State Street. The buildings are part of the historic John W. Munger Block, a brick structure constructed in 1855, offering period architecture and established character. The property also includes off-street parking, supporting everyday tenant needs.
The complex is located along Portland’s Congress Street corridor, steps from Longfellow Square. It is described as within walking distance of restaurants, shops, medical facilities, transportation options, and waterfront attractions, placing day-to-day amenities close to where residents live.
For buyers or operators seeking a residential income property with administrative flexibility, the separately deeded structure can support future disposition, financing, or portfolio management decisions. With a zoning designation of RN-4, this asset is positioned for use as a multi-unit residential investment within Portland. Group showings are scheduled for Tuesday, June 30th from 10:00–11:00am and Thursday, July 2nd from 12:00–1:00pm; appointments are available only after the group showings.
The complex is located along Portland’s Congress Street corridor, steps from Longfellow Square. It is described as within walking distance of restaurants, shops, medical facilities, transportation options, and waterfront attractions, placing day-to-day amenities close to where residents live.
For buyers or operators seeking a residential income property with administrative flexibility, the separately deeded structure can support future disposition, financing, or portfolio management decisions. With a zoning designation of RN-4, this asset is positioned for use as a multi-unit residential investment within Portland. Group showings are scheduled for Tuesday, June 30th from 10:00–11:00am and Thursday, July 2nd from 12:00–1:00pm; appointments are available only after the group showings.
Key Highlights
- 10‑unit multi‑family property with two separately deeded buildings: 209 and 211 State Street
- Part of the historic John W. Munger Block, an architecturally significant brick property constructed in 1855
- Utilities include public water and public sewer
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $349.8k | $31.80 |
| − Vacancy | −$21.0k | −$1.91 |
| EGI | $328.8k | $29.89 |
| − OpEx | −$148.0k | −$13.45 |
| NOI | $180.8k | $16.44 |
11,000 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Two separately deeded buildings totaling 10 residential units in a historic brick complex with off-street parking.
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 multi‑family property with two separately deeded buildings: 209 and 211 State Street; Part of the historic John W. Munger Block, an architecturally significant brick property constructed in 1855; Utilities include public water and public sewer
