Historic Seven-Unit Brick
272 State Street Portland, ME 04101
272 State Street, Portland, ME, 04101
$1,580,000
For Sale
$1,580,000
Well-maintained seven-unit brick building with updated bathrooms and kitchens plus keyless entry for efficient tenant access.
Property Size4,454 SF
Price / SF$354.74
Days on Market50
Property Features for 272 State Street
General Information
- Standard status
- Active
- Size
- 4,454 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1894
Listing Agency
RE/MAX Shoreline
Listed by
Erin Finley
(603) 433-3350
Source
Greatislandrealty
Added: May 29 Checked: Jul 15 at 5:55 pm
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
Originally constructed in 1894 and recognized as the John Howard Hill House, this well-maintained brick multifamily property offers seven apartments, including one efficiency unit. The building features keyless entry systems across units for added convenience and streamlined management. Recent improvements include two new toilets, four new bathroom vanities, a new sink, a new refrigerator, and a new stove, supporting day-to-day functionality while preserving the property’s historic character. Solid brick construction contributes to a low-maintenance ownership approach.
Located in Portland near Maine Medical Center, the University of Southern Maine, and downtown Portland, the property is positioned for tenants who value proximity to major employers and educational institutions. The surrounding area also offers nearby dining, shopping, and other amenities associated with the city core.
This seven-unit configuration can be an attractive fit for an owner looking to acquire a historic Portland income property with practical, unit-level updates already completed. In addition to the residential units, the property includes four off-street parking spaces, which the current ownership describes as generating additional annual income of $4,800.
Located in Portland near Maine Medical Center, the University of Southern Maine, and downtown Portland, the property is positioned for tenants who value proximity to major employers and educational institutions. The surrounding area also offers nearby dining, shopping, and other amenities associated with the city core.
This seven-unit configuration can be an attractive fit for an owner looking to acquire a historic Portland income property with practical, unit-level updates already completed. In addition to the residential units, the property includes four off-street parking spaces, which the current ownership describes as generating additional annual income of $4,800.
Key Highlights
- 1894‑built seven‑unit brick multifamily property recognized as the John Howard Hill House by Greater Portland Landmarks
- Includes seven apartments with one efficiency unit
- Recent updates include 2 new toilets, 4 new bathroom vanities, a new sink, a new refrigerator, and a new stove
Local Financial Insights For Apartment 5plus
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 | $141.6k | $31.80 |
| − Vacancy | −$8.5k | −$1.91 |
| EGI | $133.1k | $29.89 |
| − OpEx | −$59.9k | −$13.45 |
| NOI | $73.2k | $16.44 |
4,454 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$915.3K – $1.22M
NOI $73,226 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,693 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained seven-unit brick building with updated bathrooms and kitchens plus keyless entry for efficient tenant access.
Where is this apartment building located?
The property is located at 272 State Street Portland, ME.
What is the asking price?
The asking price for this property is $1,580,000.
What are key features of this property?
This property features: 1894‑built seven‑unit brick multifamily property recognized as the John Howard Hill House by Greater Portland Landmarks; Includes seven apartments with one efficiency unit; Recent updates include 2 new toilets, 4 new bathroom vanities, a new sink, a new refrigerator, and a new stove
