Four-Unit Apartment
New
For Sale
$799,000
361 Woodford Street, Portland, ME 04103
Multi-Family, Portland, ME
Property Size3,431 SF
Lot Size0.23 Acres
Price / SF$232.88
Days on Market5
Property Features for 361 Woodford Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-C
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Basement, Bathroom 3, Bathroom 2
Basement
Full
Lot features
Well Landscaped, Sidewalks, Intown, Near Shopping
Standard status
Active
Size
3,431 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
10022
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1890
Number of units
4
Flooring type
Laminate, Tile, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
F.O. Bailey Real Estate
(207) 781-1111
Listed By:
Thomas Gadbois · License #BA918504
(207) 409-8339
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 12 at 5:06PM
MLS# 1679649
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.
This 3,431-square-foot quadplex on a 0.23-acre lot contains four one-bedroom apartments. The 1890 building has wood-frame construction, vinyl siding, a shingle roof, and a mix of wood, laminate, and tile flooring. Heating is provided by natural gas baseboard and hot water systems, while the property is served by public water and public sewer. Off-street parking adds practical functionality for the four-unit configuration.
Located at 361 Woodford Street in Portland, the property is near restaurants, shopping, schools, and Baxter Boulevard. R-C zoning applies to the site. The building also includes a basement and four bathrooms, supporting the existing apartment layout.
Located at 361 Woodford Street in Portland, the property is near restaurants, shopping, schools, and Baxter Boulevard. R-C zoning applies to the site. The building also includes a basement and four bathrooms, supporting the existing apartment layout.
Key Highlights
- Four one‑bedroom apartments in a quadplex configuration
- 3,431 square feet on a 0.23‑acre lot
- Built in 1890 with wood‑frame construction and vinyl siding
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
$60,631
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
7.59%
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%
$1,212,620
$1.2M
Cap Rate 7%
$866,157
$866.2K
Cap Rate 9%
$673,678
$673.7K
Market Conditions
NOI Build-Up for 3,431 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
$92.6K $27.00/SF
− Vacancy
−$6.0K −$1.76/SF
EGI
$86.6K $25.25/SF
− OpEx
−$26.0K −$7.57/SF
NOI
$60.6K $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%
$1,212,620
Cap Rate 7%
$866,157
Cap Rate 9%
$673,678
Alternative Uses
Best Use
Multifamily LT 5
$866.2K
$757.9K – $1.01M
NOI $60,631 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$805.8K
$705.1K – $940.1K
NOI $56,408 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$943.0K
$825.1K – $1.10M
NOI $66,011 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
826
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?
Quadplex - Four one-bedroom apartments with off-street parking and public utilities in Portland.
Where is this quadplex located?
The property is located at 361 Woodford Street Portland, ME.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four one‑bedroom apartments in a quadplex configuration; 3,431 square feet on a 0.23‑acre lot; Built in 1890 with wood‑frame construction and vinyl siding
