Victorian Duplex With
For Sale
$889,000
44 Hersey Street, Portland, ME 04103
Income-producing residential property with two distinct units, period character, updated finishes, and outdoor amenities.
Property Size3,154 SF
Price / SF$281.86
Days on Market462
Property Features for 44 Hersey Street
General Information
Standard status
Active
Size
3,154 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
R3
Units
Unit Mix
1 x 1BR/1BA, 1 x 4BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,677
Amenities
walkout basement
fenced backyard
fire pit
front porch
Zoned, Hot Water, Baseboard
3
Interior, Walk-Out Access, Brick/Mortar, Dirt Floor, Daylight, Full, Doghouse, Unfinished
Wood, Tile, Carpet
No
Yes
Laundry - 1st Floor, Main Level, Washer Hookup
1st Floor Bedroom, Bathtub
Stone, Concrete Perimeter, Brick/Mortar
2.50
2.10
Membrane, Shingle
1
Outbuilding
Wood Siding, Shingle Siding, Clapboard, Wood Frame
Building Details
Year Built
1906
Units
2
Construction
Victorian
Listing Agency:
RE/MAX Shoreline
(207) 939-8519
Listed By:
Nicholas Guerrette
(207) 939-8519
Source:
Compass
Added: May 29, 2025
Changed: Aug 30
Last Checked: Aug 31 at 9:49PM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
Built in 1906, this 3,154-square-foot duplex combines Victorian-era character with modern updates and a flexible two-unit layout. The first-floor residence includes 1 bedroom and 1 bath, while the multilevel upper residence provides 4 bedrooms and 1.5 baths. The property is currently operated as a short-term rental and includes a walkout partial daylight basement, an oversized one-car garage, and a third-floor door opening to the flat roof.
Outdoor features include a fully fenced backyard with a fire pit and a front porch. The home is located in Portland near restaurants, parks, playgrounds, and Baxter Boulevard. R3 zoning, a pre-inspection, and first-floor laundry add practical detail for the next owner.
Outdoor features include a fully fenced backyard with a fire pit and a front porch. The home is located in Portland near restaurants, parks, playgrounds, and Baxter Boulevard. R3 zoning, a pre-inspection, and first-floor laundry add practical detail for the next owner.
Key Highlights
- Two‑unit duplex with 3,154 SF of finished property size
- First‑floor 1‑bedroom, 1‑bath unit plus multilevel 4‑bedroom, 1.5‑bath unit
- Currently operating as a short‑term rental
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
$55,736
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
6.27%
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%
$1,114,720
$1.1M
Cap Rate 7%
$796,229
$796.2K
Cap Rate 9%
$619,289
$619.3K
Market Conditions
NOI Build-Up for 3,154 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
$85.2K $27.00/SF
− Vacancy
−$5.5K −$1.76/SF
EGI
$79.6K $25.25/SF
− OpEx
−$23.9K −$7.57/SF
NOI
$55.7K $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%
$1,114,720
Cap Rate 7%
$796,229
Cap Rate 9%
$619,289
Alternative Uses
Best Use
Multifamily LT 5
$796.2K
$696.7K – $928.9K
NOI $55,736 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$740.8K
$648.2K – $864.2K
NOI $51,854 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$866.9K
$758.5K – $1.01M
NOI $60,682 @ 7.0% cap · market cap 6.83%
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
1,058
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
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing residential property with two distinct units, period character, updated finishes, and outdoor amenities.
Where is this duplex located?
The property is located at 44 Hersey Street Portland, ME.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,154 SF of finished property size; First‑floor 1‑bedroom, 1‑bath unit plus multilevel 4‑bedroom, 1.5‑bath unit; Currently operating as a short‑term rental
