Historic Two-Unit
For Sale
$1,349,000
381 Deering Avenue, Portland, ME 04103
Three finished levels contain two separate residences with distinct living, dining, and kitchen areas.
Property Size5,003 SF
Price / SF$269.64
Days on Market18
Property Features for 381 Deering Avenue
General Information
Standard status
Active
Size
5,003 SF
Property subtype
MULTI_FAMILY
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,436
Building Details
Building Size
5,003 SF
Year Built
1925
Stories
3
Listing Agency:
Waypoint Brokers Collective
(207) 653-7750
Listed By:
Alessandra Malone
(207) 653-7750
Source:
Dambriegaron
Added: Aug 11
Changed: Aug 22
Last Checked: Aug 26 at 2:34PM
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 Waypoint Brokers Collective
Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains 5,003 square feet across three finished levels and includes two separate residences. The first-floor unit has three bedrooms, one and a half baths, a living room, formal dining room, and sunroom. The upper residence spans the second and third floors, with four bedrooms, a living area, formal dining room, updated kitchen, and three sun porches. A fifth bedroom may be finished in the upper unit.
Original trim, built-ins, hardwood floors, and other architectural details remain throughout the property. Major building systems have also been updated. Located at 381 Deering Avenue in Portland’s Oakdale neighborhood, the property offers a two-unit layout with substantial interior space and distinct residential configurations.
Original trim, built-ins, hardwood floors, and other architectural details remain throughout the property. Major building systems have also been updated. Located at 381 Deering Avenue in Portland’s Oakdale neighborhood, the property offers a two-unit layout with substantial interior space and distinct residential configurations.
Key Highlights
- 5,003 SF duplex built in 1925
- Two residences across three finished levels
- First‑floor unit with 3 bedrooms and 1.5 baths
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
$88,411
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
6.55%
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%
$1,768,220
$1.8M
Cap Rate 7%
$1,263,014
$1.3M
Cap Rate 9%
$982,344
$982.3K
Market Conditions
NOI Build-Up for 5,003 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
$135.1K $27.00/SF
− Vacancy
−$8.8K −$1.76/SF
EGI
$126.3K $25.25/SF
− OpEx
−$37.9K −$7.57/SF
NOI
$88.4K $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%
$1,768,220
Cap Rate 7%
$1,263,014
Cap Rate 9%
$982,344
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.11M – $1.47M
NOI $88,411 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,252 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$1.38M
$1.20M – $1.60M
NOI $96,255 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,302
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Three finished levels contain two separate residences with distinct living, dining, and kitchen areas.
Where is this duplex located?
The property is located at 381 Deering Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,349,000.
What are key features of this property?
This property features: 5,003 SF duplex built in 1925; Two residences across three finished levels; First‑floor unit with 3 bedrooms and 1.5 baths
