Three-Unit Residential Income
31 Bates Street Portland, ME 04103
For Sale
$1,395,000
Three full residential units with dedicated basement storage and coin-operated laundry, plus parking for up to six vehicles.
Property Size2,393 SF
Price / SF$582.95
Days on Market61
Property Features for 31 Bates Street
General Information
Standard status
Active
Size
2,393 SF
Property subtype
Multi-Family
Building Details
Year Built
1916
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 318-1102
Listed By:
Rachel Davey
(207) 318-1102
Source:
Compass
Added: May 30
Changed: Jul 22
Last Checked: Jul 28 at 2:37PM
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
Investment Insights
Based on property information with market context.
This rare three-unit property offers three separate full-level residences. The owner-occupant third-floor unit features an open kitchen, dining, and living area with one bedroom and one bathroom, along with two private decks. The second-floor unit spans the entire level with a spacious living room, separate dining room with original built-ins, a large kitchen, two bedrooms, an updated bathroom, and a private deck. The first-floor unit includes a sun-filled living room with a gas fireplace, a dining room with built-ins, an updated kitchen with granite countertops and new cabinetry, and its own private deck.
A basement provides dedicated storage for each unit along with coin-operated laundry. Parking is available for up to six vehicles between a parking lot and a rare two-car garage. Seasonal views of Back Cove and the Portland skyline are described from the property.
Recent years have included numerous updates, and the overall setup is designed to support both owner-occupancy and income use.
A basement provides dedicated storage for each unit along with coin-operated laundry. Parking is available for up to six vehicles between a parking lot and a rare two-car garage. Seasonal views of Back Cove and the Portland skyline are described from the property.
Recent years have included numerous updates, and the overall setup is designed to support both owner-occupancy and income use.
Key Highlights
- Three‑unit residential property (3 full bathrooms total) built in 1916
- Coin‑operated laundry in the basement, with dedicated storage for each unit
- Two‑car garage plus parking for up to six vehicles between the parking lot and garage
Financial Insights For Multifamily LT 5
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 | $64.6k | $27.00 |
| − Vacancy | −$4.2k | −$1.76 |
| EGI | $60.4k | $25.25 |
| − OpEx | −$18.1k | −$7.57 |
| NOI | $42.3k | $17.67 |
2,393 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$604.1K
$528.6K – $704.8K
NOI $42,288 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$562.0K
$491.8K – $655.7K
NOI $39,342 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$657.7K
$575.5K – $767.3K
NOI $46,040 @ 7.0% cap · market cap 3.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Three full residential units with dedicated basement storage and coin-operated laundry, plus parking for up to six vehicles.
Where is this triplex located?
The property is located at 31 Bates Street Portland, ME.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Three‑unit residential property (3 full bathrooms total) built in 1916; Coin‑operated laundry in the basement, with dedicated storage for each unit; Two‑car garage plus parking for up to six vehicles between the parking lot and garage
