10-Unit Historic Apartment
For Sale
$2,390,000
209211 209-211 State St, Portland, ME 04101
Two separately deeded buildings provide multifamily housing with off-street parking in Portland’s Congress Street corridor.
Property Size11,000 SF
Price / SF$217.27
Days on Market43
Property Features for 209211 209-211 State St
General Information
Standard status
Active
Size
11,000 SF
Additional Details
Multifamily Units
10
Building Details
Year Built
1855
Buildings
2
Construction
brick
Listing Agency:
EXP Realty
(207) 650-6749
Listed By:
Christopher St.Pierre
Source:
Scottandsunny
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 30 at 8:28PM
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
Investment Insights
Based on property information with market context.
This multifamily property contains 10 residential units across two separately deeded buildings at 209 and 211 State Street. The brick buildings were constructed in 1855 and form part of the John W. Munger Block, retaining architectural character associated with Portland’s historic built environment. Off-street parking is included.
The property sits along Portland’s Congress Street corridor near Longfellow Square. Restaurants, shops, medical facilities, transportation options, and waterfront attractions are within walking distance. The location also places the buildings near established residential and urban amenities in downtown Portland.
The property sits along Portland’s Congress Street corridor near Longfellow Square. Restaurants, shops, medical facilities, transportation options, and waterfront attractions are within walking distance. The location also places the buildings near established residential and urban amenities in downtown Portland.
Key Highlights
- 10‑unit multifamily property at 209‑211 State Street
- Two separately deeded buildings support flexible ownership and management
- Brick construction dating to 1855
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
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
5,153
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 buildings provide multifamily housing with off-street parking in Portland’s Congress Street corridor.
Where is this apartment building located?
The property is located at 209211 209-211 State St 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 at 209‑211 State Street; Two separately deeded buildings support flexible ownership and management; Brick construction dating to 1855
