Three-Unit Multifamily Property with
For Sale
$1,395,000
31 Bates Street, Portland, ME 04103
MULTI_FAMILY - Portland, ME
Property Size2,393 SF
Lot Size0.16 Acres
Price / SF$582.95
Days on Market49
Property Features for 31 Bates Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-2b
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 2
Patio and Porch features
Deck
Interior features
One-Floor Living
Basement
Unfinished, Full
Lot features
Well Landscaped, Sidewalks, Near Turnpike/ Interstate, Near Town, Neighborhood
Standard status
Active
Size
2,393 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8792
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1916
Floors in Building
3
Number of units
3
Flooring type
Carpet, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Rachel Davey
(207) 318-1102
Added: Jun 25
Changed: Aug 2
Last Checked: Aug 12 at 12:06PM
MLS# 1668759
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 31 Bates Street in Portland, Maine, this three-unit wood-frame multifamily property sits on a 0.16-acre lot and was built in 1916. The layout features one-floor living and includes multiple private decks, with the third-floor unit offering deck space that extends the living outdoors. Heating is provided via natural gas baseboard and electric heating, and the home connects to public water and public sewer. Flooring includes carpet and wood, and the roof is shingled.
Residents also benefit from a basement with dedicated storage for each unit and coin-operated laundry. The property is constructed with wood frame and vinyl siding.
On-site parking is available for up to five vehicles, along with a rare two-car garage. The B-2b zoning supports the property’s residential income use.
Residents also benefit from a basement with dedicated storage for each unit and coin-operated laundry. The property is constructed with wood frame and vinyl siding.
On-site parking is available for up to five vehicles, along with a rare two-car garage. The B-2b zoning supports the property’s residential income use.
Key Highlights
- 0.16‑acre lot at 31 Bates Street in Portland, ME
- Zoned B‑2b
- Built in 1916; wood frame construction with vinyl siding
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
$42,288
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
3.03%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
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 - Three-unit wood-frame property on a 0.16-acre lot, built in 1916, zoned B-2b and served by public utilities.
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: 0.16‑acre lot at 31 Bates Street in Portland, ME; Zoned B‑2b; Built in 1916; wood frame construction with vinyl siding
