Three-Unit Multifamily
For Sale
Contact for pricing
311 Main St, Westbrook, ME 04092
Corner-lot income property with on-site parking and a detached garage.
Property Size2,652 SF
Price / SF$235.67
Days on Market161
Property Features for 311 Main St
General Information
Standard status
Active
Size
2,652 SF
Property subtype
Multifamily
Zoning
RGA
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1928
Year Renovated
2009
Buildings
1
Stories
3
Units
3
Listing Agency:
Colliers - Portland, Maine
Listed By:
Mike Cobb · License #ME DB916555
Source:
Crexi
Added: Mar 24
Changed: Aug 29
Last Checked: Aug 29 at 10:29PM
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 Colliers - Portland, Maine
Investment Insights
Based on property information with market context.
Built in 1928, this 2,652± SF triplex contains three residential units and is situated on a corner lot at Main and Tolman Streets. The property includes on-site parking and a detached garage, providing practical support for a multifamily configuration. One unit can accommodate an owner occupant while the two remaining units provide rental space.
The property is located in Westbrook, approximately 1 mile from I-95 and minutes from Portland. Its RGA zoning and three-unit layout define the existing residential income profile, while the combination of parking, garage space, and corner-lot positioning adds useful physical characteristics for ownership and operation.
The property is located in Westbrook, approximately 1 mile from I-95 and minutes from Portland. Its RGA zoning and three-unit layout define the existing residential income profile, while the combination of parking, garage space, and corner-lot positioning adds useful physical characteristics for ownership and operation.
Key Highlights
- 2,652± SF triplex with three residential units
- Corner‑lot position at Main and Tolman Streets
- Approximately 1 mile from I‑95
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
$46,865
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
7.50%
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%
$937,300
$937.3K
Cap Rate 7%
$669,500
$669.5K
Cap Rate 9%
$520,722
$520.7K
Market Conditions
NOI Build-Up for 2,652 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
$71.6K $27.00/SF
− Vacancy
−$4.7K −$1.76/SF
EGI
$66.9K $25.25/SF
− OpEx
−$20.1K −$7.57/SF
NOI
$46.9K $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%
$937,300
Cap Rate 7%
$669,500
Cap Rate 9%
$520,722
Alternative Uses
Best Use
Multifamily LT 5
$669.5K
$585.8K – $781.1K
NOI $46,865 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$622.9K
$545.0K – $726.7K
NOI $43,600 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$728.9K
$637.8K – $850.4K
NOI $51,023 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
Explore this area
Business Placement
Demographics for 04092, ME
20,400
Population
9,404
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
96%
High-School Grad
17.2 sq mi
ZIP Area
1,186
Density / Sq Mi
$85,868
Median Household Income
$49,922
Median Earnings
$1,373
Median Rent
$341,800
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 - Corner-lot income property with on-site parking and a detached garage.
Where is this triplex located?
The property is located at 311 Main St Westbrook, ME.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,652± SF triplex with three residential units; Corner‑lot position at Main and Tolman Streets; Approximately 1 mile from I‑95
