Building Details

Year Built 1855

Buildings 2

Construction brick

Listing Agency: EXP Realty

Listed By: Christopher St.Pierre Show Phone

Source: Scottandsunny

Added: Jul 20 Changed: Oct 16 Last Checked: Oct 7 at 3:40PM

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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.

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 / 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

Is this asking price fair?

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 (±1% cap)

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 (±1% cap)

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

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Auto Parts Store Pet Grooming Service Locksmith Pet Store Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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