Historic Two-Unit
For Sale
$1,349,000
381 Deering Avenue, Portland, ME 04103
Multi-Family, Portland, ME
Property Size5,003 SF
Lot Size0.15 Acres
Price / SF$269.64
Days on Market57
Property Features for 381 Deering Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3, Basement
Parking features
Off Street, Tandem
Patio and Porch features
Porch
Interior features
Other Amenities, 1st Floor Bedroom, Attic, Bathtub, Pantry, Shower, Storage
Basement
Walk-Out Access, Full, Unfinished
Lot features
Corner Lot, Level, Sidewalks, Intown, Near Public Beach, Near Shopping, Near Town, Neighborhood, Near Public Transit
Standard status
Active
Size
5,003 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13436
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Steam, Other (Heating)
Water source
Public
Building Details
Year built
1925
Floors in Building
3
Number of units
2
Flooring type
Tile, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Rolled Hot Mop, Shingle
Additional Structures
Other, Storage
Listing Agency:
Waypoint Brokers Collective
(207) 804-2012
Listed By:
Alessandra Malone
(207) 653-7750
Added: Aug 11
Changed: Sep 15
Last Checked: Oct 6 at 11:06AM
MLS# 1675729
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 duplex contains 5,003 square feet across three finished levels and dates to 1925. The first-floor residence includes three bedrooms, one and a half baths, a living room, formal dining room, and sunroom. The upper residence occupies 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 finishable in the upper unit.
Original trim, built-ins, hardwood floors, and other period details remain in the interiors, complemented by wood-frame construction, vinyl siding, and updates to major building systems. The property includes tandem and off-street parking, public water, and public sewer. It is located on Deering Avenue in Portland’s Oakdale neighborhood and is zoned RN3.
Original trim, built-ins, hardwood floors, and other period details remain in the interiors, complemented by wood-frame construction, vinyl siding, and updates to major building systems. The property includes tandem and off-street parking, public water, and public sewer. It is located on Deering Avenue in Portland’s Oakdale neighborhood and is zoned RN3.
Key Highlights
- 5,003 square feet across three finished levels
- Two residences with three- and four‑bedroom layouts
- First‑floor unit includes 1.5 baths, formal dining room, and sunroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$88,411
Cap Rate
6.55%
Suggested Prices Based on Cap Rates
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
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 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
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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
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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 residences span three finished levels with original architectural details, updated systems, and flexible living arrangements.
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 square feet across three finished levels; Two residences with three- and four‑bedroom layouts; First‑floor unit includes 1.5 baths, formal dining room, and sunroom
