Colonial Duplex with
For Sale
$650,000
24 Rowe Avenue, Portland, ME 04102
MULTI_FAMILY - Colonial - Portland, ME
Property Size1,749 SF
Lot Size0.13 Acres
Price / SF$371.64
Days on Market14
Property Features for 24 Rowe Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN1
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
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
Oil, Hot Water(Heating)
Water source
Public
Amenities
in-unit washer/dryer
hardwood floors
updated kitchen
updated bath
private entrance
basement
fiber internet
deck
newly insulated attic
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: Aug 9
Last Checked: Aug 12 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.
This 1,749-square-foot Colonial duplex, built in 1903, includes two residential units with separate entrances. The first-floor 1BR/1BA unit features hardwood flooring, an updated kitchen and bath, in-unit washer/dryer, and access to a dry, unfinished basement for storage. The larger owner’s unit offers two bedrooms, a generous living room, dining area, remodeled bath, hardwood floors, a kitchen, and a private deck. Wood-frame construction, wood siding, shingle roofing, public water, public sewer, oil-fired hot-water heat, and RN1 zoning are documented. Off-street parking includes a two-car driveway, supplemented by street parking.
The property is located on Rowe Avenue in Portland, near the Fore River Sanctuary trail system and Jewell Falls. The surrounding area provides access to hiking and mountain biking trails, with nearby schools, Rock Row shopping center, and Sinful Kitchen. I-95 access supports travel to downtown Portland, Westbrook, the airport, hospitals, and shopping destinations.
The property is located on Rowe Avenue in Portland, near the Fore River Sanctuary trail system and Jewell Falls. The surrounding area provides access to hiking and mountain biking trails, with nearby schools, Rock Row shopping center, and Sinful Kitchen. I-95 access supports travel to downtown Portland, Westbrook, the airport, hospitals, and shopping destinations.
Key Highlights
- Two‑unit Colonial property with separate entrances and 1,749 square feet
- First‑floor 1BR/1BA unit with in‑unit washer/dryer and updated kitchen and bath
- Owner’s unit includes 2 bedrooms, dining room, remodeled bath, and private 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
4.75%
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 4.75%
Second Best
Apartment 5plus
$410.8K
$359.4K – $479.3K
NOI $28,755 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$480.7K
$420.6K – $560.8K
NOI $33,650 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
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
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-unit property with updated kitchen, remodeled bath, private entrance, deck, and off-street parking.
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 $650,000.
What are key features of this property?
This property features: Two‑unit Colonial property with separate entrances and 1,749 square feet; First‑floor 1BR/1BA unit with in‑unit washer/dryer and updated kitchen and bath; Owner’s unit includes 2 bedrooms, dining room, remodeled bath, and private deck
