Triplex with Two-Car
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 Market126
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
Basement, Bathroom 1, Bathroom 2, Bathroom 3
Patio and Porch features
Deck
Interior features
One-Floor Living
Basement
Full, Unfinished
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
Electric (Heating), Baseboard, Natural Gas
Water source
Public
Amenities
coin-operated laundry
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: Oct 27
Last Checked: Oct 28 at 1:06AM
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.
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Investment Insights
Based on property information with market context.
Built in 1916, this 2,393-square-foot triplex contains three residences, each with a private deck. The third-floor unit has one bedroom, one bathroom, and an open kitchen, dining, and living area. The second-floor residence spans the full level, with two bedrooms, a separate dining room, built-ins, and an updated bathroom. On the first floor, a living room with a gas fireplace, dining room with built-ins, and updated kitchen with granite countertops and new cabinetry complete the layout. Basement storage is assigned to each unit, with coin-operated laundry shared in the building.
The 0.16-acre property is on Back Cove, with the Back Cove Trail accessible from the property. It offers parking for up to five vehicles and a two-car garage. Zoning is B-2b.
The 0.16-acre property is on Back Cove, with the Back Cove Trail accessible from the property. It offers parking for up to five vehicles and a two-car garage. Zoning is B-2b.
Key Highlights
- Three residences in 2,393 square feet; built in 1916
- Third‑floor unit has 1 bedroom, 1 bathroom, and an open kitchen, dining, and living area
- Full‑floor second- and first‑floor residences; both have private decks
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
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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences include private decks, unit-specific basement storage, and coin-operated laundry.
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 residences in 2,393 square feet; built in 1916; Third‑floor unit has 1 bedroom, 1 bathroom, and an open kitchen, dining, and living area; Full‑floor second- and first‑floor residences; both have private decks
