Renovated Multifamily Property With
New
For Sale
$1,675,000
26-30 Turner Street, Portland, ME 04101
MULTI_FAMILY - Portland, ME
Property Size3,315 SF
Price / SF$505.28
Days on Market4
Property Features for 26-30 Turner Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Standard status
Active
Size
3,315 SF
Amenities
courtyard
gas range
steam shower
heat pumps
on-demand hot water
Building Details
Year built
1884
Listing Agency:
Engel & Volkers Portsmouth · Engel & Völkers
(603) 610-8292
Added: Aug 11
Changed: Aug 13
Last Checked: Aug 14 at 3:06PM
MLS# 1669165
Copyright © 2026 Engel & Völkers. 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 3,315-square-foot multifamily property combines a renovated Victorian residence with a separate rear building. The primary home includes three bedrooms, updated bathrooms, a kitchen with a gas range, and a primary suite with a steam shower. Built in 1884, the street-facing residence also has seasonal Casco Bay views and natural gas on-demand heating and hot water.
The two-story rear structure contains two apartments and a dedicated office or studio. It is equipped with natural gas baseboard heat, energy-efficient heat pumps for heating and cooling, and on-demand hot water. Two deeded off-street parking spaces and a landscaped private courtyard serve the property.
Located at 26-30 Turner Street in Portland’s East End, the property is steps from the Eastern Promenade, East End Beach, dining, and waterfront destinations. Gross annual income exceeds $122,000, with additional income potential associated with the office or studio.
The two-story rear structure contains two apartments and a dedicated office or studio. It is equipped with natural gas baseboard heat, energy-efficient heat pumps for heating and cooling, and on-demand hot water. Two deeded off-street parking spaces and a landscaped private courtyard serve the property.
Located at 26-30 Turner Street in Portland’s East End, the property is steps from the Eastern Promenade, East End Beach, dining, and waterfront destinations. Gross annual income exceeds $122,000, with additional income potential associated with the office or studio.
Key Highlights
- 3,315‑square‑foot multifamily property built in 1884
- Three‑bedroom renovated Victorian residence with seasonal Casco Bay views
- Separate two‑story building with two apartments and an office or studio
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
$54,501
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
3.25%
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%
$1,090,020
$1.1M
Cap Rate 7%
$778,586
$778.6K
Cap Rate 9%
$605,567
$605.6K
Market Conditions
NOI Build-Up for 3,315 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
$105.4K $31.80/SF
− Vacancy
−$6.3K −$1.91/SF
EGI
$99.1K $29.89/SF
− OpEx
−$44.6K −$13.45/SF
NOI
$54.5K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,090,020
Cap Rate 7%
$778,586
Cap Rate 9%
$605,567
Alternative Uses
Best Use
Apartment 5plus
$778.6K
$681.3K – $908.4K
NOI $54,501 @ 7.0% cap · market cap 3.25%
Second Best
Office B
$678.0K
$593.2K – $791.0K
NOI $47,458 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$911.1K
$797.2K – $1.06M
NOI $63,779 @ 7.0% cap · market cap 3.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,084
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Renovated Victorian residence paired with two apartments, a separate office or studio, private courtyard, and deeded off-street parking.
Where is this multifamily property located?
The property is located at 26-30 Turner Street Portland, ME.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 3,315‑square‑foot multifamily property built in 1884; Three‑bedroom renovated Victorian residence with seasonal Casco Bay views; Separate two‑story building with two apartments and an office or studio
