Three-Unit Triplex with Off-Street
For Sale
$860,000
438-440 St. John, Portland, ME 04102
MULTI_FAMILY - Portland, ME
Property Size3,610 SF
Lot Size0.12 Acres
Price / SF$238.23
Days on Market76
Property Features for 438-440 St. John
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Basement, Bathroom 1
Basement
Unfinished
Lot features
Level, Sidewalks, Intown
Standard status
Active
Size
3,610 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9829
Utilities
Sewer type
Public Sewer
Heating system
Oil, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Number of units
3
Flooring type
Hardwood, Laminate, Tile
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 282-5988
Listed By:
Lisa Hughes
(207) 294-2933
Added: Jun 2
Changed: Aug 3
Last Checked: Aug 16 at 10:06AM
MLS# 1661478
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.
Three-unit triplex configured as a detached single-family home and a duplex on one lot, offering a three-bedroom layout in each unit. The property is currently fully occupied with a proven rental history, providing immediate rental support. Off-street parking is included for resident convenience.
The home totals 3,610 square feet on a 0.12-acre lot and is zoned R5. Built in 1900, the construction is wood frame with wood siding and a shingle roof. Interior flooring includes tile, laminate, and hardwood. Heating is provided by hot water with oil, and the property is served by public water and public sewer.
The location is set up for everyday access, with residents reportedly just minutes from USM, Hadlock Field, The Expo, Deering Oaks Park, downtown Portland, local restaurants and shopping, and public transportation.
The home totals 3,610 square feet on a 0.12-acre lot and is zoned R5. Built in 1900, the construction is wood frame with wood siding and a shingle roof. Interior flooring includes tile, laminate, and hardwood. Heating is provided by hot water with oil, and the property is served by public water and public sewer.
The location is set up for everyday access, with residents reportedly just minutes from USM, Hadlock Field, The Expo, Deering Oaks Park, downtown Portland, local restaurants and shopping, and public transportation.
Key Highlights
- 0.12‑acre lot with 3,610 SF triplex building
- Zoned R5
- Three units total: detached single‑family home plus duplex on one lot
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
$63,794
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
7.42%
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%
$1,275,880
$1.3M
Cap Rate 7%
$911,343
$911.3K
Cap Rate 9%
$708,822
$708.8K
Market Conditions
NOI Build-Up for 3,610 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
$97.5K $27.00/SF
− Vacancy
−$6.3K −$1.76/SF
EGI
$91.1K $25.25/SF
− OpEx
−$27.3K −$7.57/SF
NOI
$63.8K $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%
$1,275,880
Cap Rate 7%
$911,343
Cap Rate 9%
$708,822
Alternative Uses
Best Use
Multifamily LT 5
$911.3K
$797.4K – $1.06M
NOI $63,794 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$847.9K
$741.9K – $989.2K
NOI $59,351 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$992.2K
$868.2K – $1.16M
NOI $69,455 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,166
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
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?
Triplex - Three-bedroom triplex is fully occupied and zoned R5 with off-street parking on a public water and sewer lot.
Where is this triplex located?
The property is located at 438-440 St. John Portland, ME.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: 0.12‑acre lot with 3,610 SF triplex building; Zoned R5; Three units total: detached single‑family home plus duplex on one lot
