Side-by-Side Duplex with Bonus
For Sale
$649,900
232 Pine Street, South Portland, ME 04106
Two residential units offer separate living areas, hardwood flooring, and additional third-floor space beyond the stated building size.
Property Size2,240 SF
Price / SF$290.13
Days on Market212
Property Features for 232 Pine Street
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Multi-Family
Zoning
Residential G
Taxes and HOA fees
Annual Taxes
$8,534
Amenities
Steam, Radiator
3
Interior, Bulkhead, Full, Sump Pump, Unfinished
Wood, Vinyl, Tile, Carpet
4
No
Yes
Washer Hookup
Bathtub, Shower
Stone, Slab, Brick/Mortar
2.00
2
Pitched, Shingle
Shed(s)
Vinyl Siding, Wood Frame
Building Details
Year Built
1925
Units
2
Listing Agency:
Better Homes & Gardens Real Estate/The Masiello Group
(207) 721-1000
Listed By:
Gary Lord
(207) 721-1000
Source:
Compass
Added: Jan 31
Changed: Aug 30
Last Checked: Aug 31 at 12:09AM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This side-by-side duplex contains 2,240 square feet, with each unit measuring 1,120 square feet and offering two bedrooms and one full bathroom. Hardwood flooring runs through much of both units, while mostly finished third-floor areas provide additional space outside the advertised square footage. The property was built in 1925 and includes a shared driveway with off-street parking for one vehicle per unit.
The owner’s unit is vacant, and the second unit is expected to become vacant soon. Located at 232 Pine Street in South Portland’s Broadway Park neighborhood, the property is near parks, shopping, dining, and major routes. Residential G zoning supports its current duplex configuration.
The owner’s unit is vacant, and the second unit is expected to become vacant soon. Located at 232 Pine Street in South Portland’s Broadway Park neighborhood, the property is near parks, shopping, dining, and major routes. Residential G zoning supports its current duplex configuration.
Key Highlights
- Side‑by‑side duplex totaling 2,240 square feet
- Each unit includes 1,120 square feet, 2 bedrooms, and 1 full bath
- Mostly finished third‑floor space is excluded from the advertised square footage
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
$39,584
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
6.09%
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%
$791,680
$791.7K
Cap Rate 7%
$565,486
$565.5K
Cap Rate 9%
$439,822
$439.8K
Market Conditions
NOI Build-Up for 2,240 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
$60.5K $27.00/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$56.5K $25.25/SF
− OpEx
−$17.0K −$7.57/SF
NOI
$39.6K $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%
$791,680
Cap Rate 7%
$565,486
Cap Rate 9%
$439,822
Alternative Uses
Best Use
Multifamily LT 5
$565.5K
$494.8K – $659.7K
NOI $39,584 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$526.1K
$460.3K – $613.8K
NOI $36,827 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$615.7K
$538.7K – $718.3K
NOI $43,097 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Explore this area
Business Placement
Demographics for 04106, ME
26,641
Population
12,849
Households
2.1
Avg Household Size
41
Median Age
49%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
2,184
Density / Sq Mi
$83,744
Median Household Income
$47,818
Median Earnings
$1,642
Median Rent
$403,500
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?
Duplex - Two residential units offer separate living areas, hardwood flooring, and additional third-floor space beyond the stated building size.
Where is this duplex located?
The property is located at 232 Pine Street South Portland, ME.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Side‑by‑side duplex totaling 2,240 square feet; Each unit includes 1,120 square feet, 2 bedrooms, and 1 full bath; Mostly finished third‑floor space is excluded from the advertised square footage
