Four-Unit Apartment
315 Brackett Street Portland, ME 04102
For Sale
$824,900
Four-unit building with a vacant first-floor unit, providing flexibility for owner occupancy or immediate rental.
Property Size2,360 SF
Price / SF$349.53
Days on Market88
Property Features for 315 Brackett Street
General Information
- Standard status
- Active
- Size
- 2,360 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1874
Listing Agency:
Benchmark Real Estate
(207) 252-5940
Listed By:
Troy Wilkins
(207) 252-5940
Source:
Benchmarkmaine
Added: Apr 29
Changed: Jul 10
Last Checked: Jun 5 at 2:10AM
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 Benchmark Real Estate
Investment Insights
Based on property information with market context.
This four-unit apartment building offers a practical mix of current income potential and owner-occupancy flexibility, with the first-floor unit currently vacant. The property is described as well maintained and includes updated exterior paint. In addition, the building has an extra-large basement that provides ample storage space, along with some off-street parking.
Located in Portland’s West End, the building is noted to be just steps from Maine Medical Center and within walking distance of local shops, restaurants, coffee houses, the Western Promenade, and downtown Portland. The area is also described as near attractions, including venues for the Portland Sea Dogs and Portland Hearts of Pine games.
For owner-occupants or investors, the vacant first-floor unit may support a straightforward live-in-and-rent approach, while the remaining units provide continued operating presence within a small multi-family format. With off-street parking and substantial basement storage already in place, the property can fit tenants seeking day-to-day convenience and practical space. Updated exterior finishes and a well-kept overall condition can also support smoother day-to-day management.
Located in Portland’s West End, the building is noted to be just steps from Maine Medical Center and within walking distance of local shops, restaurants, coffee houses, the Western Promenade, and downtown Portland. The area is also described as near attractions, including venues for the Portland Sea Dogs and Portland Hearts of Pine games.
For owner-occupants or investors, the vacant first-floor unit may support a straightforward live-in-and-rent approach, while the remaining units provide continued operating presence within a small multi-family format. With off-street parking and substantial basement storage already in place, the property can fit tenants seeking day-to-day convenience and practical space. Updated exterior finishes and a well-kept overall condition can also support smoother day-to-day management.
Key Highlights
- 4‑unit apartment building built in 1874 in Portland’s West End
- Vacant first‑floor unit for owner occupancy or immediate rental
- Updated exterior paint and some off‑street parking
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.7k | $27.00 |
| − Vacancy | −$4.1k | −$1.76 |
| EGI | $59.6k | $25.25 |
| − OpEx | −$17.9k | −$7.57 |
| NOI | $41.7k | $17.67 |
2,360 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$595.8K
$521.3K – $695.1K
NOI $41,705 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$554.3K
$485.0K – $646.7K
NOI $38,800 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$648.6K
$567.6K – $756.8K
NOI $45,405 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Four-unit building with a vacant first-floor unit, providing flexibility for owner occupancy or immediate rental.
Where is this quadplex located?
The property is located at 315 Brackett Street Portland, ME.
What is the asking price?
The asking price for this property is $824,900.
What are key features of this property?
This property features: 4‑unit apartment building built in 1874 in Portland’s West End; Vacant first‑floor unit for owner occupancy or immediate rental; Updated exterior paint and some off‑street parking
