Duplex With Bonus
New
For Sale
$749,000
35 Clinton Street, Portland, ME 04103
Multi-Family, Portland, ME
Property Size3,210 SF
Lot Size0.12 Acres
Price / SF$233.33
Days on Market5
Property Features for 35 Clinton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Patio and Porch features
Deck
Basement
Full, Walk-Out Access, Unfinished
Lot features
Well Landscaped, Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Town
Standard status
Active
Size
3,210 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
8762
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
front porch
back porch
basement
garage
Building Details
Year built
1910
Number of units
2
Flooring type
Carpet, Wood, Tile
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 318-2555
Added: Sep 17
Changed: Sep 20
Last Checked: Sep 21 at 10:06AM
MLS# 1681033
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1910, this 3,210-square-foot duplex combines wood-frame construction with vinyl siding and includes two residential units. Each unit has its own front and rear porch, while the property also offers an updated kitchen and updated bathrooms. A vaulted third-floor bonus room adds flexibility, along with two additional bedrooms and a half bath. The walk-out basement provides substantial lower-level space, and the masonry garage contributes useful on-site storage or parking capacity.
The property occupies 0.12 acres at 35 Clinton Street in Portland’s Deering Center area. Baxter Woods, Deering Center, Woodfords Corner, Back Cove Trail, and Downtown Portland are identified in the surrounding context. Public water and public sewer serve the property, which is zoned RN-3. Natural gas heat, wood and tile flooring, carpeting, and a shingle roof complete the primary property details.
The property occupies 0.12 acres at 35 Clinton Street in Portland’s Deering Center area. Baxter Woods, Deering Center, Woodfords Corner, Back Cove Trail, and Downtown Portland are identified in the surrounding context. Public water and public sewer serve the property, which is zoned RN-3. Natural gas heat, wood and tile flooring, carpeting, and a shingle roof complete the primary property details.
Key Highlights
- 3,210‑square‑foot duplex on a 0.12‑acre lot
- Two units, each with front and rear porches
- Third floor includes a vaulted bonus room, two 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
Explore this area
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 detached garage, walk-out basement, and additional third-floor living space.
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 on a 0.12‑acre lot; Two units, each with front and rear porches; Third floor includes a vaulted bonus room, two bedrooms, and a half bath
