Renovated 4-Unit Multifamily
For Sale
$1,195,000
238 Preble Street, South Portland, ME 04106
Three residences have updated kitchens, bathrooms, flooring, and finishes; all four units contain two bedrooms and one bathroom.
Property Size3,812 SF
Price / SF$313.48
Days on Market169
Property Features for 238 Preble Street
General Information
Standard status
Active
Size
3,812 SF
Property subtype
Multi Family Home
Zoning
G
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$11,720
Building Details
Building Size
3,812 SF
Year Built
1970
Stories
2
Units
4
Listed By:
Dan Amero
(207) 762-8053
Source:
Amerorealty
Added: May 8
Changed: Oct 22
Last Checked: Oct 22 at 2:13PM
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 Dan Amero
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Investment Insights
Based on property information with market context.
This 3,812-square-foot multifamily property at 238 Preble Street contains four units, each with two bedrooms and one bathroom. Built in 1970, the building has seen renovations in three units, including work to kitchens, bathrooms, flooring, and interior finishes. The property is zoned G.
The building is in South Portland’s Willard Beach neighborhood, near Willard Beach and Willard Square. Local restaurants, coffee shops, and markets are also nearby, with downtown Portland a short drive away.
The building is in South Portland’s Willard Beach neighborhood, near Willard Beach and Willard Square. Local restaurants, coffee shops, and markets are also nearby, with downtown Portland a short drive away.
Key Highlights
- Four units, each with 2 bedrooms and 1 bathroom
- 3,812 square feet; built in 1970
- Three units renovated with kitchen, bath, flooring, and finish updates
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,364
Cap Rate
5.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,347,280
$1.3M
Cap Rate 7%
$962,343
$962.3K
Cap Rate 9%
$748,489
$748.5K
Market Conditions
NOI Build-Up for 3,812 SF
Gross rent
$102.9K $27.00/SF
− Vacancy
−$6.7K −$1.76/SF
EGI
$96.2K $25.25/SF
− OpEx
−$28.9K −$7.57/SF
NOI
$67.4K $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%
$1,347,280
Cap Rate 7%
$962,343
Cap Rate 9%
$748,489
Alternative Uses
Best Use
Multifamily LT 5
$962.3K
$842.1K – $1.12M
NOI $67,364 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$895.3K
$783.4K – $1.04M
NOI $62,672 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$1.05M
$916.8K – $1.22M
NOI $73,341 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Three residences have updated kitchens, bathrooms, flooring, and finishes; all four units contain two bedrooms and one bathroom.
Where is this quadplex located?
The property is located at 238 Preble Street South Portland, ME.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 bathroom; 3,812 square feet; built in 1970; Three units renovated with kitchen, bath, flooring, and finish updates
