Two-Unit Residential Income
240 Park Avenue Portland, ME 04102
For Sale
$735,000
Two separately metered units with shared basement laundry and a garage, positioned across from Seadogs Stadium and Portland Expo Center.
Property Size2,333 SF
Price / SF$315.05
Days on Market44
Property Features for 240 Park Avenue
General Information
Standard status
Active
Size
2,333 SF
Property subtype
Multi-family
Building Details
Year Built
1897
Listing Agency:
Maine Real Estate Co
Listed By:
Bailey Pate
(603) 433-3350
Source:
Greatislandrealty
Added: Jun 16
Changed: Jul 27
Last Checked: Jul 28 at 10:31PM
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 Maine Real Estate Co
Investment Insights
Based on property information with market context.
This two-unit residence offers two separate living arrangements with light-filled interiors and practical layouts. Unit 1 includes two bedrooms and one bathroom with hardwood flooring, bright natural light, and a functional flow from living areas into a wood kitchen with ample cabinetry. Neutral interior tones and original trim details carry through the space, with a welcoming porch entrance. Unit 2 spans the second and third floors and features four bedrooms and two bathrooms, hardwood flooring, expansive living areas, and large windows. A balcony provides outdoor access, and the kitchen includes warm wood cabinetry and low-maintenance countertops.
The property at 240 Park Avenue in Portland, ME is positioned directly opposite the Portland Expo Center and across from Seadogs Stadium. Each unit has separately metered electric and gas systems, along with independent water heating systems. A shared basement laundry area includes a washer and dryer, and there is a garage for storage.
The property at 240 Park Avenue in Portland, ME is positioned directly opposite the Portland Expo Center and across from Seadogs Stadium. Each unit has separately metered electric and gas systems, along with independent water heating systems. A shared basement laundry area includes a washer and dryer, and there is a garage for storage.
Key Highlights
- Two‑unit residence built in 1897 with separate utilities for each unit
- Unit 1: 2 bedrooms, 1 bathroom; hardwood floors and bright interior living spaces
- Unit 2: 4 bedrooms, 2 bathrooms across the second and third floors; hardwood floors and large living room
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.0k | $27.00 |
| − Vacancy | −$4.1k | −$1.76 |
| EGI | $58.9k | $25.25 |
| − OpEx | −$17.7k | −$7.57 |
| NOI | $41.2k | $17.67 |
2,333 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$589.0K
$515.4K – $687.1K
NOI $41,228 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$547.9K
$479.5K – $639.3K
NOI $38,356 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$641.2K
$561.1K – $748.1K
NOI $44,886 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered units with shared basement laundry and a garage, positioned across from Seadogs Stadium and Portland Expo Center.
Where is this duplex located?
The property is located at 240 Park Avenue Portland, ME.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Two‑unit residence built in 1897 with separate utilities for each unit; Unit 1: 2 bedrooms, 1 bathroom; hardwood floors and bright interior living spaces; Unit 2: 4 bedrooms, 2 bathrooms across the second and third floors; hardwood floors and large living room
