Victorian Bed &
For Sale
$1,195,000
273 State Street, Portland, ME 04101
A separate first-floor apartment offers two bedrooms, two bathrooms, and a full kitchen alongside the guest accommodations.
Property Size5,472 SF
Price / SF$218.38
Days on Market8
Property Features for 273 State Street
General Information
Standard status
Active
Size
5,472 SF
Property subtype
Commercial
Lease Term
[]
Amenities
shared kitchenette
private reading nook
private backyard
Building Details
Year Built
1894
Year Renovated
2019
Buildings
1
Stories
3
Construction
Victorian
Listing Agency:
Portside Real Estate Group
Listed By:
Sarah Delisle
(207) 523-9183
Source:
Portsiderealestategroup
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 2:18PM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1894 and renovated in 2019, this 5,472-square-foot Victorian property operates as an inn. Four guest suites occupy the second and third floors, with private bathrooms; guests also have access to a shared kitchenette and a second-floor reading nook. A first-floor apartment includes two bedrooms, two bathrooms, a full kitchen, formal dining and living rooms, and 10-foot ceilings. Period details and built-ins remain part of the residence.
The property includes a private backyard and on-site parking. Museums, restaurants, shops, and attractions in the West End and downtown Portland are within walking distance.
The property includes a private backyard and on-site parking. Museums, restaurants, shops, and attractions in the West End and downtown Portland are within walking distance.
Key Highlights
- Four guest suites span the second and third floors
- First‑floor apartment has two bedrooms, two bathrooms, and a full kitchen
- 5,472‑square‑foot Victorian property built in 1894 and renovated in 2019
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
$67,962
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
5.69%
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%
$1,359,240
$1.4M
Cap Rate 7%
$970,886
$970.9K
Cap Rate 9%
$755,133
$755.1K
Market Conditions
NOI Build-Up for 5,472 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
$118.2K $21.60/SF
− Vacancy
−$9.5K −$1.73/SF
EGI
$108.7K $19.87/SF
− OpEx
−$40.8K −$7.45/SF
NOI
$68.0K $12.42/SF
Area
Cumberland County, ME
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,359,240
Cap Rate 7%
$970,886
Cap Rate 9%
$755,133
Alternative Uses
Best Use
Mixed Use
$970.9K
$849.5K – $1.13M
NOI $67,962 @ 7.0% cap · market cap 5.69%
Second Best
Hotel Hospitality
$568.1K
$497.1K – $662.8K
NOI $39,768 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$1.50M
$1.32M – $1.75M
NOI $105,279 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,153
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- West End Inn — 146 Pine St, Portland, ME 04102
- Gary's House — 97 State St, Portland, ME 04101
- The Skolfield Inn — 132 Chadwick St, Portland, ME 04102
- Morrill Mansion — 249 Vaughan St, Portland, ME 04102
- The Brackett — 264 Brackett St, Portland, ME 04102
Frequently Asked Questions
What type of property is this?
Bed & breakfast - A separate first-floor apartment offers two bedrooms, two bathrooms, and a full kitchen alongside the guest accommodations.
Where is this bed & breakfast located?
The property is located at 273 State Street Portland, ME.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Four guest suites span the second and third floors; First‑floor apartment has two bedrooms, two bathrooms, and a full kitchen; 5,472‑square‑foot Victorian property built in 1894 and renovated in 2019
