Three-Unit Apartment with Private
For Sale
$1,395,000
31 Bates St, Portland, ME 04103
Three distinct apartments include private outdoor space, shared coin-operated laundry, and parking for up to six vehicles.
Property Size2,393 SF
Price / SF$582.95
Days on Market9
Property Features for 31 Bates St
General Information
Standard status
Active
Size
2,393 SF
Total Parking Spaces
6
Property subtype
Multifamily
Amenities
private decks
coin-operated laundry
gas fireplace
granite countertops
original built-ins
Building Details
Year Built
1916
Stories
3
Tenancy
Multi
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 310-8592
Listed By:
Carol Kline
Source:
Klinerealtygroup
Added: Oct 29
Changed: Nov 6
Last Checked: Nov 6 at 8:14AM
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 2,393-square-foot triplex, built in 1916, contains three apartments. The third-floor unit has one bedroom, one bathroom, an open kitchen, dining, and living area, plus two decks. The full-floor second-level apartment offers two bedrooms, a separate dining room with original built-ins, a large kitchen, an updated bathroom, and a deck. The first-floor apartment also spans the building level and includes living and dining rooms, a gas fireplace, built-ins, an updated kitchen with granite countertops and new cabinetry, and a private deck. Basement storage is assigned to each unit, with coin-operated laundry shared in the building. A two-car garage and parking area provide space for up to six vehicles in total.
The property has seasonal views of Back Cove and the Portland skyline, and the Back Cove Trail is directly outside the property. Recent updates have been completed, though specific work is not detailed.
The property has seasonal views of Back Cove and the Portland skyline, and the Back Cove Trail is directly outside the property. Recent updates have been completed, though specific work is not detailed.
Key Highlights
- Three apartments in a 2,393‑square‑foot building constructed in 1916
- Third‑floor unit has 1 bedroom, 1 bathroom, an open living area, and two decks
- Second‑floor apartment includes 2 bedrooms, original dining‑room built‑ins, and a private deck
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.
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Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
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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
$421,800
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Portland, ME
Properties on Market for Triplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct apartments include private outdoor space, shared coin-operated laundry, and parking for up to six vehicles.
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 apartments in a 2,393‑square‑foot building constructed in 1916; Third‑floor unit has 1 bedroom, 1 bathroom, an open living area, and two decks; Second‑floor apartment includes 2 bedrooms, original dining‑room built‑ins, and a private deck
