Owner-Occupant Duplex with
For Sale
$624,999
24 Rowe Avenue, Portland, ME 04102
Multi-Family, Portland, ME
Property Size1,749 SF
Lot Size0.13 Acres
Price / SF$357.35
Days on Market54
Property Features for 24 Rowe Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement
Parking features
Off Street
Patio and Porch features
Deck, Porch
Pets allowed
No
Interior features
1st Floor Bedroom, Shower, Storage
Basement
Full, Unfinished
Lot features
Well Landscaped, Open, Corner Lot, Level, Wooded, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood, Suburban, Near Public Transit, Near Railroad
Standard status
Active
Size
1,749 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6348
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Oil
Water source
Public
Building Details
Year built
1903
Floors in Building
3
Number of units
2
Flooring type
Laminate, Wood
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
RE/MAX Shoreline · RE/MAX International
(207) 553-7500
Listed By:
Harper Collins
(207) 653-7224
Added: Jul 30
Changed: Sep 14
Last Checked: Sep 21 at 11:06AM
MLS# 1674191
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1903, this 1,749-square-foot Colonial duplex sits on a 0.13-acre lot and includes two distinct living units. The first-floor apartment offers 1 bedroom, 1 bathroom, an updated kitchen and bath, hardwood flooring, in-unit laundry, a private entrance, and access to a dry unfinished basement. The larger owner’s residence includes two bedrooms, a living room, dining room, remodeled bathroom, updated kitchen, hardwood floors, and a deck. Additional features include wood-frame construction, wood siding, public water and sewer, oil-fired hot-water heat, and off-street parking.
The property is located on Rowe Avenue in Portland’s 04102 ZIP Code, near the Fore River Sanctuary trail system and Jewell Falls. The source information also notes proximity to Sinful Kitchen, Rock Row, schools, I-95, downtown Portland, Westbrook, the airport, hospitals, and shopping. Fiber internet is available.
The property is located on Rowe Avenue in Portland’s 04102 ZIP Code, near the Fore River Sanctuary trail system and Jewell Falls. The source information also notes proximity to Sinful Kitchen, Rock Row, schools, I-95, downtown Portland, Westbrook, the airport, hospitals, and shopping. Fiber internet is available.
Key Highlights
- Two‑unit duplex with 1,749 square feet on a 0.13‑acre lot
- First‑floor 1BR/1BA unit with in‑unit washer/dryer and private entrance
- Owner’s unit includes 2 bedrooms, a dining room, remodeled bath, and deck
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
$30,907
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
4.95%
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%
$618,140
$618.1K
Cap Rate 7%
$441,529
$441.5K
Cap Rate 9%
$343,411
$343.4K
Market Conditions
NOI Build-Up for 1,749 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
$47.2K $27.00/SF
− Vacancy
−$3.1K −$1.76/SF
EGI
$44.2K $25.25/SF
− OpEx
−$13.2K −$7.57/SF
NOI
$30.9K $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%
$618,140
Cap Rate 7%
$441,529
Cap Rate 9%
$343,411
Alternative Uses
Best Use
Multifamily LT 5
$441.5K
$386.3K – $515.1K
NOI $30,907 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$410.8K
$359.4K – $479.3K
NOI $28,755 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$480.7K
$420.6K – $560.8K
NOI $33,650 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
324
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Colonial two-unit home with private entry, off-street parking, updated interiors, and basement storage.
Where is this duplex located?
The property is located at 24 Rowe Avenue Portland, ME.
What is the asking price?
The asking price for this property is $624,999.
What are key features of this property?
This property features: Two‑unit duplex with 1,749 square feet on a 0.13‑acre lot; First‑floor 1BR/1BA unit with in‑unit washer/dryer and private entrance; Owner’s unit includes 2 bedrooms, a dining room, remodeled bath, and deck
