Triplex with Water
For Sale
$1,395,000
31 Bates St, Portland, ME 04103
1916-built triplex with private decks, garage parking, and dedicated storage for each residence.
Property Size2,393 SF
Price / SF$582.95
Days on Market51
Property Features for 31 Bates St
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
Listed By:
Rachel Davey
(207) 318-1102
Source:
603luxury
Added: Aug 26
Changed: Oct 8
Last Checked: Oct 7 at 1:29PM
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 three-unit residential property includes a one-bedroom, one-bathroom third-floor residence with an open kitchen, dining, and living area, plus two private decks. The full-floor second unit offers a living room, separate dining room with original built-ins, kitchen, two bedrooms, an updated bathroom, and a private deck. On the first floor, a living room with gas fireplace, dining room with built-ins, updated kitchen, and private deck provide a distinct layout. Seasonal views extend toward Back Cove and the Portland skyline.
The basement contains dedicated storage for each unit and coin-operated laundry. Parking accommodates up to six vehicles across the lot and a two-car garage. The property is located at 31 Bates St in Portland, with access to the Back Cove Trail. Built in 1916, the building has received numerous updates in recent years.
The basement contains dedicated storage for each unit and coin-operated laundry. Parking accommodates up to six vehicles across the lot and a two-car garage. The property is located at 31 Bates St in Portland, with access to the Back Cove Trail. Built in 1916, the building has received numerous updates in recent years.
Key Highlights
- Three‑unit property at 31 Bates St, Portland, ME 04103
- Third‑floor unit includes 1 bedroom and 1 bathroom
- Private decks serve all three residences, including one with Back Cove views
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,288
Cap Rate
3.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$845,760
$845.8K
Cap Rate 7%
$604,114
$604.1K
Cap Rate 9%
$469,867
$469.9K
Market Conditions
NOI Build-Up for 2,393 SF
Gross rent
$64.6K $27.00/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$60.4K $25.25/SF
− OpEx
−$18.1K −$7.57/SF
NOI
$42.3K $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%
$845,760
Cap Rate 7%
$604,114
Cap Rate 9%
$469,867
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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
305
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - 1916-built triplex with private decks, garage parking, and dedicated storage for each residence.
Where is this triplex located?
The property is located at 31 Bates St 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 property at 31 Bates St, Portland, ME 04103; Third‑floor unit includes 1 bedroom and 1 bathroom; Private decks serve all three residences, including one with Back Cove views
