Two-Unit Duplex with
33 Prospect Street, Portland, ME 04103
For Sale
$399,000
A substantial renovation project with RN-3 zoning and access to shopping, major roads, and downtown Portland.
Property Size1,681 SF
Price / SF$237.36
Days on Market198
Property Features for 33 Prospect Street
General Information
Standard status
Size
Property subtype
Zoning
Property Condition
Severity
Evidence
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Coldwell Banker Realty
(207) 773-1990
Listed By:
Dana Earls
(207) 671-8326
Source:
Amerorealty
Added: Apr 28
Changed: Nov 7
Last Checked: Nov 10 at 2:13PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This 1,681-square-foot duplex dates to 1883 and contains two units. The front unit includes a fireplace. The property requires significant renovation and is being sold as-is, subject to short sale approval; no seller funds are available for repairs or buyer closing costs or other concessions.
Shopping, major roadways, and downtown Portland are accessible from the property. It is adjacent to railroad tracks, with UNE on Stevens Avenue and USM on Forest Avenue also noted nearby. The site is zoned RN-3.
Shopping, major roadways, and downtown Portland are accessible from the property. It is adjacent to railroad tracks, with UNE on Stevens Avenue and USM on Forest Avenue also noted nearby. The site is zoned RN-3.
Key Highlights
- Two‑unit duplex with 1,681 square feet
- Built in 1883; significant renovation required
- Fireplace in the front unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,706
Cap Rate
7.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$594,120
$594.1K
Cap Rate 7%
$424,371
$424.4K
Cap Rate 9%
$330,067
$330.1K
Market Conditions
NOI Build-Up for 1,681 SF
Gross rent
$45.4K $27.00/SF
− Vacancy
−$3.0K −$1.76/SF
EGI
$42.4K $25.25/SF
− OpEx
−$12.7K −$7.57/SF
NOI
$29.7K $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%
$594,120
Cap Rate 7%
$424,371
Cap Rate 9%
$330,067
Alternative Uses
Best Use
Multifamily LT 5
$424.4K
$371.3K – $495.1K
NOI $29,706 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$394.8K
$345.5K – $460.6K
NOI $27,637 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$462.0K
$404.3K – $539.0K
NOI $32,342 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
999
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 Duplexes in Portland, ME
Properties on Market for Duplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - A substantial renovation project with RN-3 zoning and access to shopping, major roads, and downtown Portland.
Where is this duplex located?
The property is located at 33 Prospect Street Portland, ME.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,681 square feet; Built in 1883; significant renovation required; Fireplace in the front unit
