Three-Unit Triplex with Private
31 Bates Street, Portland, ME 04103
For Sale
New
$1,295,000
Multi-Family, Portland, ME
Property Size2,393 SF
Lot Size0.16 Acres
Price / SF$541.16
Days on Market3
Property Features for 31 Bates Street
General Information
Property type
Property subtype
Zoning
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Basement
Lot features
Standard status
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Water source
Amenities
private decks
coin-operated laundry
gas fireplace
built-ins
basement storage
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Rachel Davey
(207) 318-1102
Added: Nov 11
Last Checked: Nov 13 at 11:06PM
MLS# 1687468
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.
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Investment Insights
Based on property information with market context.
Built in 1916, this three-unit property contains 2,393 square feet on a 0.16-acre lot. The third-floor residence has one bedroom, one bathroom, an open kitchen, dining and living area, and two decks. The second-floor unit includes two bedrooms, a separate dining room with built-ins, and a deck. On the first floor, the living room has a gas fireplace; the dining room also has built-ins, and the kitchen has granite countertops and new cabinetry. Basement storage is assigned to each unit, and coin-operated laundry is on site. Parking accommodates up to six vehicles, including space in a two-car garage.
The property is at the Back Cove Trail, with seasonal views of Back Cove and the Portland skyline. It has B-2b zoning, public water and public sewer.
The property is at the Back Cove Trail, with seasonal views of Back Cove and the Portland skyline. It has B-2b zoning, public water and public sewer.
Key Highlights
- Three units across 2,393 square feet on a 0.16‑acre lot
- Parking for up to six vehicles, including a two‑car garage
- Third‑floor unit has one bedroom, one bathroom and two decks
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,288
Cap Rate
3.27%
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 3.27%
Second Best
Apartment 5plus
$562.0K
$491.8K – $655.7K
NOI $39,342 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$657.7K
$575.5K – $767.3K
NOI $46,040 @ 7.0% cap · market cap 3.56%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
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 - The residences include basement storage, coin-operated laundry and a mix of one- and two-bedroom layouts.
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 $1,295,000.
What are key features of this property?
This property features: Three units across 2,393 square feet on a 0.16‑acre lot; Parking for up to six vehicles, including a two‑car garage; Third‑floor unit has one bedroom, one bathroom and two decks
