32 Clemons Street South Portland, ME 04106
Five-unit multifamily property with three one-bedroom units, one studio, and a spacious two-bedroom owner unit.
- Added:
- May 25, 2026
- Days on Market:
- 48
- Last Refresh:
- Jul 10 at 2:12 am
Property Features for 32 Clemons Street
General Information
- Standard status
- Active
- Size
- 3,990 SF
- Lot size
- 0.60 Acres
- Property subtype
- Multi-family
Building Details
- Year Built
- 1930
Listing office Benchmark Real Estate
Listing date May 25, 2026
Source Greatislandrealty
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All listing content including descriptions, pricing, images are the copyrighted material of Benchmark Real Estate
Investment Insights
Based on property information with market context.
The property has been meticulously maintained with extensive capital improvements, including roofing, a rebuilt front fire escape and deck system, electrical upgrades, exterior improvements, and a brick patio. The efficient natural gas heating system provides heat and hot water through an efficient natural gas boiler, while tenants pay their own electricity. Outdoor amenities include a circular driveway, mature gardens, green space, and a detached one-car garage.
Set on approximately 0.60 acres, the property produces approximately $88,000 in net operating income, as presented, with a 6.4% cap rate, with rents currently below market.
Key Highlights
- Five‑unit multifamily built in 1930 on ~0.60 acres
- Unit mix: three 1‑bedroom units, one studio unit, and a spacious 2‑bedroom owner unit
- ~$88,000 net operating income and a 6.4% cap rate (per listing)
Local Financial Insights For Apartment 5plus
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 | $126.9k | $31.80 |
| − Vacancy | −$7.6k | −$1.91 |
| EGI | $119.3k | $29.89 |
| − OpEx | −$53.7k | −$13.45 |
| NOI | $65.6k | $16.44 |
