Triplex with Garage and
For Sale
$917,500
268 Concord Street W, Portland, ME 04103
Well-maintained triplex with off-street parking, a garage, and spacious backyard, plus finished space that may support a fourth unit.
Property Size3,688 SF
Price / SF$248.78
Days on Market69
Property Features for 268 Concord Street W
General Information
Standard status
Active
Size
3,688 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1879
Listing Agency:
Greater Portland Realty
Listed By:
Anthony Galli
(603) 866-2942
Source:
Profoundrealestate
Added: Jun 22
Changed: Aug 28
Last Checked: Aug 26 at 9:42AM
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 Greater Portland Realty
Investment Insights
Based on property information with market context.
This well-maintained multi-family property includes three established units and additional fully finished space that may be used to create a fourth unit (buyer to verify approvals and permitted use with the City). The owner has occupied the property since 2007, and the units are currently exempt from the City of Portland’s rent increase limits for 3–4 unit buildings.
The property is described as being ideally situated within walking distance to the University of New England (UNE), the University of Southern Maine (USM), Rosemont Market, neighborhood shops, restaurants, and everyday amenities. Outdoor access is also highlighted with easy access to Evergreen Woods and an approximately four-mile network of scenic walking and hiking trails.
Additional on-site features include off-street parking, a garage, and a spacious backyard, offering practical convenience and outdoor space for residents.
The property is described as being ideally situated within walking distance to the University of New England (UNE), the University of Southern Maine (USM), Rosemont Market, neighborhood shops, restaurants, and everyday amenities. Outdoor access is also highlighted with easy access to Evergreen Woods and an approximately four-mile network of scenic walking and hiking trails.
Additional on-site features include off-street parking, a garage, and a spacious backyard, offering practical convenience and outdoor space for residents.
Key Highlights
- Built in 1879, well‑maintained multi‑family property with three established units
- Fully finished space may support a fourth unit (buyer to verify approvals and permitted use with the City of Portland)
- Off‑street parking plus a garage
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
$65,172
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
7.10%
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%
$1,303,440
$1.3M
Cap Rate 7%
$931,029
$931.0K
Cap Rate 9%
$724,133
$724.1K
Market Conditions
NOI Build-Up for 3,688 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
$99.6K $27.00/SF
− Vacancy
−$6.5K −$1.76/SF
EGI
$93.1K $25.25/SF
− OpEx
−$27.9K −$7.57/SF
NOI
$65.2K $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%
$1,303,440
Cap Rate 7%
$931,029
Cap Rate 9%
$724,133
Alternative Uses
Best Use
Multifamily LT 5
$931.0K
$814.7K – $1.09M
NOI $65,172 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$866.2K
$757.9K – $1.01M
NOI $60,633 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$1.01M
$886.9K – $1.18M
NOI $70,955 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Explore this area
Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
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?
Triplex - Well-maintained triplex with off-street parking, a garage, and spacious backyard, plus finished space that may support a fourth unit.
Where is this triplex located?
The property is located at 268 Concord Street W Portland, ME.
What is the asking price?
The asking price for this property is $917,500.
What are key features of this property?
This property features: Built in 1879, well‑maintained multi‑family property with three established units; Fully finished space may support a fourth unit (buyer to verify approvals and permitted use with the City of Portland); Off‑street parking plus a garage
