Four-Unit Quadplex with
For Sale
$985,000
224 Valley St, Portland, ME 04102
Four apartments offer a flexible unit mix, private outdoor areas, coin-operated laundry, and off-street parking.
Property Size2,911 SF
Price / SF$338.37
Days on Market43
Property Features for 224 Valley St
General Information
Standard status
Active
Size
2,911 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA, 2 x 3BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Amenities
coin-operated laundry
natural gas heat
large in-town lot with ample off-street parking
Building Details
Year Built
1900
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Nicholas Dambrie
Source:
Aroostookrealestate
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 30 at 8:52PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This four-unit quadplex at 224 Valley St in Portland includes two 1-bedroom, 1-bath apartments and two 3-bedroom, 1-bath apartments. Each unit has private deck or balcony access, while the property also provides coin-operated laundry, natural gas heat, and off-street parking. Built in 1900, the building has received significant recent system updates, including a new roof in 2025 and a new natural gas boiler in 2024.
The property is positioned near Portland’s Western Promenade, downtown, restaurants, parks, shopping, and public transportation. Its established rental history, varied apartment sizes, and in-town setting support both owner-occupancy and investment use. Owner-occupancy may provide a potential exemption from Portland rent control restrictions, subject to applicable requirements.
The property is positioned near Portland’s Western Promenade, downtown, restaurants, parks, shopping, and public transportation. Its established rental history, varied apartment sizes, and in-town setting support both owner-occupancy and investment use. Owner-occupancy may provide a potential exemption from Portland rent control restrictions, subject to applicable requirements.
Key Highlights
- Four‑unit property with two 1‑bedroom, 1‑bath and two 3‑bedroom, 1‑bath apartments
- New roof installed in 2025
- New natural gas boiler installed in 2024
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
$51,442
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
5.22%
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%
$1,028,840
$1.0M
Cap Rate 7%
$734,886
$734.9K
Cap Rate 9%
$571,578
$571.6K
Market Conditions
NOI Build-Up for 2,911 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
$78.6K $27.00/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$73.5K $25.25/SF
− OpEx
−$22.0K −$7.57/SF
NOI
$51.4K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,028,840
Cap Rate 7%
$734,886
Cap Rate 9%
$571,578
Alternative Uses
Best Use
Multifamily LT 5
$734.9K
$643.0K – $857.4K
NOI $51,442 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$683.7K
$598.2K – $797.7K
NOI $47,859 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$800.1K
$700.1K – $933.4K
NOI $56,006 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,265
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
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?
Quadplex - Four apartments offer a flexible unit mix, private outdoor areas, coin-operated laundry, and off-street parking.
Where is this quadplex located?
The property is located at 224 Valley St Portland, ME.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Four‑unit property with two 1‑bedroom, 1‑bath and two 3‑bedroom, 1‑bath apartments; New roof installed in 2025; New natural gas boiler installed in 2024
