Duplex with Bonus-Level Living
New
For Sale
$749,000
35 Clinton Street, Portland, ME 04103
Two-family property with porches, a masonry garage, and additional finished space beneath a vaulted third-floor ceiling.
Property Size3,210 SF
Price / SF$233.33
Days on Market6
Property Features for 35 Clinton Street
General Information
Standard status
Active
Size
3,210 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Amenities
front and back porches
large usable basement with walk-out access
garage
Building Details
Year Built
1910
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(603) 433-3350
Source:
Greatislandrealty
Added: Sep 17
Changed: Sep 21
Last Checked: Sep 21 at 7:16AM
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 Vitalius Real Estate Group,LLC
Investment Insights
Based on property information with market context.
This 1910 duplex offers 3,210 square feet across two residential units, with generously sized bedrooms, updated kitchens and baths, and both front and rear porches serving each unit. A masonry garage and a substantial basement with walk-out access add practical storage and utility space.
The third floor expands the property’s layout with a vaulted bonus room, two additional bedrooms, and a half bath. The property is located near Baxter Woods, Deering Center, Woodfords Corner, the Back Cove Trail, and Downtown Portland, placing neighborhood amenities, recreation, and the city center within the surrounding area.
The third floor expands the property’s layout with a vaulted bonus room, two additional bedrooms, and a half bath. The property is located near Baxter Woods, Deering Center, Woodfords Corner, the Back Cove Trail, and Downtown Portland, placing neighborhood amenities, recreation, and the city center within the surrounding area.
Key Highlights
- 3,210‑square‑foot duplex built in 1910
- Front and rear porches for both units
- Third floor includes a vaulted bonus room, 2 bedrooms, and a half bath
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
$56,726
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
7.57%
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%
$1,134,520
$1.1M
Cap Rate 7%
$810,371
$810.4K
Cap Rate 9%
$630,289
$630.3K
Market Conditions
NOI Build-Up for 3,210 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
$86.7K $27.00/SF
− Vacancy
−$5.6K −$1.76/SF
EGI
$81.0K $25.25/SF
− OpEx
−$24.3K −$7.57/SF
NOI
$56.7K $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 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%
$1,134,520
Cap Rate 7%
$810,371
Cap Rate 9%
$630,289
Alternative Uses
Best Use
Multifamily LT 5
$810.4K
$709.1K – $945.4K
NOI $56,726 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$753.9K
$659.7K – $879.6K
NOI $52,774 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$882.3K
$772.0K – $1.03M
NOI $61,759 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,017
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with porches, a masonry garage, and additional finished space beneath a vaulted third-floor ceiling.
Where is this duplex located?
The property is located at 35 Clinton Street Portland, ME.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 3,210‑square‑foot duplex built in 1910; Front and rear porches for both units; Third floor includes a vaulted bonus room, 2 bedrooms, and a half bath
