Two-Unit Duplex with Off-Street
29 North Street, Portland, ME 04101
For Sale
$897,000
Two apartments offer a combined five bedrooms, heat pumps, and access to a private backyard.
Property Size2,208 SF
Price / SF$406.25
Days on Market132
Property Features for 29 North Street
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
shared laundry room
private backyard
heat pumps
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Elise Loschiavo
(207) 358-9881
Source:
Integrityhomesrealestategroup
Added: Jul 6
Changed: Nov 11
Last Checked: Nov 12 at 9:26PM
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 Vitalius Real Estate Group, LLC
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Investment Insights
Based on property information with market context.
This 2,208-square-foot duplex, built in 1850, spans three floors and contains two apartments. The first has two bedrooms, one bathroom, a bay window, and an eat-in kitchen. The second includes three bedrooms, one bathroom, an office, and storage; its third-floor bedroom is set apart from the main living area. Heat pumps serve both apartments, and a shared laundry room is on the first floor. Exterior updates include newer siding and a metal roof. Paved off-street parking accommodates two or more vehicles, and the property also has a private backyard.
The home is at 29 North Street in Portland, near the Eastern Promenade. The Old Port and waterfront are described as a short walk or bike ride away. The property is zoned R6.
The home is at 29 North Street in Portland, near the Eastern Promenade. The Old Port and waterfront are described as a short walk or bike ride away. The property is zoned R6.
Key Highlights
- Two apartments totaling 2,208 square feet
- Unit mix: 2 bedrooms and 1 bathroom; 3 bedrooms and 1 bathroom
- Built in 1850; three floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,019
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$780,380
$780.4K
Cap Rate 7%
$557,414
$557.4K
Cap Rate 9%
$433,544
$433.5K
Market Conditions
NOI Build-Up for 2,208 SF
Gross rent
$59.6K $27.00/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$55.7K $25.25/SF
− OpEx
−$16.7K −$7.57/SF
NOI
$39.0K $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 Rate 5%
$780,380
Cap Rate 7%
$557,414
Cap Rate 9%
$433,544
Alternative Uses
Best Use
Multifamily LT 5
$557.4K
$487.7K – $650.3K
NOI $39,019 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$518.6K
$453.8K – $605.0K
NOI $36,301 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$606.9K
$531.0K – $708.0K
NOI $42,481 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,127
Businesses Nearby
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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
$600,600
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Portland, ME
Properties on Market for Duplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer a combined five bedrooms, heat pumps, and access to a private backyard.
Where is this duplex located?
The property is located at 29 North Street Portland, ME.
What is the asking price?
The asking price for this property is $897,000.
What are key features of this property?
This property features: Two apartments totaling 2,208 square feet; Unit mix: 2 bedrooms and 1 bathroom; 3 bedrooms and 1 bathroom; Built in 1850; three floors
