Building Details

Year Built 1900

Listing Agency: Keller Williams Realty

Listed By: Nicholas Dambrie Show Phone

Source: Aroostookrealestate

Added: Jul 20 Changed: Oct 13 Last Checked: Oct 16 at 10:12AM

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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.

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 / Yr

$51,442

Cap Rate

5.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,028,840 $1.0M

Cap Rate 7%

$734,886 $734.9K

Cap Rate 9%

$571,578 $571.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,911 SF

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 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 (±1% cap)

NOI $51,442 @ 7.0% cap · market cap 5.22%

Second Best

Apartment 5plus

$683.7K

$598.2K – $797.7K (±1% cap)

NOI $47,859 @ 7.0% cap · market cap 4.86%

Theoretical Best

Office A

$800.1K

$700.1K – $933.4K (±1% cap)

NOI $56,006 @ 7.0% cap · market cap 5.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

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

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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