Two-Unit Residential Income
For Sale
$719,000
240 Park Avenue, Portland, ME 04102
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$308.19
Days on Market96
Property Features for 240 Park Avenue
General Information
Standard status
Active
Size
2,333 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Amenities
porch
balcony
separately metered electric and gas
independent water heating
shared basement laundry
garage storage
Building Details
Year Built
1897
Stories
3
Listing Agency:
Maine Real Estate Co
Listed By:
Bailey Pate
(603) 433-3350
Source:
Greatislandrealty
Added: Jun 2
Changed: Sep 4
Last Checked: Sep 4 at 10:43AM
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
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
5.73%
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 5.73%
Second Best
Apartment 5plus
$547.9K
$479.5K – $639.3K
NOI $38,356 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$641.2K
$561.1K – $748.1K
NOI $44,886 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $719,000.
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
