Victorian Duplex with Off-Street
For Sale
$735,000
240 Park Avenue, Portland, ME 04102
MULTI_FAMILY - Victorian - Portland, ME
Property Size2,333 SF
Lot Size0.08 Acres
Price / SF$315.05
Days on Market24
Property Features for 240 Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, 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
Level, Sidewalks, Intown, Near Shopping, Near Public Transit
Standard status
Active
Size
2,333 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7582
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
porch
balcony
shared basement laundry
Building Details
Year built
1897
Floors in Building
2
Number of units
2
Flooring type
Tile, Wood
Building materials
Wood Frame, Shingle Siding
Roof type
Shingle
Architectural style
Victorian
Additional Structures
Outbuilding, Storage
Listing Agency:
Maine Real Estate Co
(207) 292-1030
Listed By:
Bailey Pate · License #DB927429
(207) 229-5449
Added: Jul 14
Changed: Aug 4
Last Checked: Aug 6 at 11:06AM
MLS# 1667394
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 Victorian duplex at 240 Park Avenue offers two distinct residential units with separate metering. Unit 1 includes two bedrooms and one bathroom, hardwood flooring, and bright natural light, with spacious everyday living areas flowing to a wood kitchen with ample cabinetry. The unit also features original trim details and a porch entrance. Unit 2 spans the second and third floors and includes four bedrooms and two bathrooms, with hardwood flooring throughout expansive living areas, a large living room with big windows, and balcony access. A wood kitchen with warm cabinetry and neutral finishes supports the everyday layout.
The property includes separately metered electric and gas systems for each unit, independent water heating systems, and shared basement laundry with a washer and dryer. Additional features include a shared basement, off-street parking, and a garage for storage. Constructed in 1897 with wood frame and shingle siding, the home has shingle roofing, wood and tile flooring, and natural gas steam/hot water heating. Public water and public sewer are provided.
The location places the property directly across from Seadogs Stadium and opposite the Portland Expo Center, with convenient access to Portland destinations and everyday amenities.
The property includes separately metered electric and gas systems for each unit, independent water heating systems, and shared basement laundry with a washer and dryer. Additional features include a shared basement, off-street parking, and a garage for storage. Constructed in 1897 with wood frame and shingle siding, the home has shingle roofing, wood and tile flooring, and natural gas steam/hot water heating. Public water and public sewer are provided.
The location places the property directly across from Seadogs Stadium and opposite the Portland Expo Center, with convenient access to Portland destinations and everyday amenities.
Key Highlights
- Two‑unit Victorian duplex with Unit 1 (two beds, one bath) and Unit 2 (four beds, two baths)
- Separately metered electric and gas systems for each unit, plus independent water heating
- Shared basement laundry with washer and dryer
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
$41,228
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
5.61%
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%
$824,560
$824.6K
Cap Rate 7%
$588,971
$589.0K
Cap Rate 9%
$458,089
$458.1K
Market Conditions
NOI Build-Up for 2,333 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
$63.0K $27.00/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$58.9K $25.25/SF
− OpEx
−$17.7K −$7.57/SF
NOI
$41.2K $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%
$824,560
Cap Rate 7%
$588,971
Cap Rate 9%
$458,089
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,355
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 - R6 zoned duplex with porch and deck, separately metered electric and gas, and off-street parking.
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 Victorian duplex with Unit 1 (two beds, one bath) and Unit 2 (four beds, two baths); Separately metered electric and gas systems for each unit, plus independent water heating; Shared basement laundry with washer and dryer
