Building Details

Year Built 1920

Listing Agency: Town & Shore Real Estate

Listed By: Jeffrey Davis · License #901562 Show Phone

Source: Profoundrealestate

Added: Sep 29 Changed: Nov 1 Last Checked: Nov 1 at 6:01AM

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Investment Insights

Based on property information with market context.

This 3,072-square-foot triplex was built in 1920 and contains three apartments. The first-floor unit has three bedrooms, two bathrooms, hardwood flooring, newer appliances, and a private porch. Two updated one-bedroom apartments occupy the second floor; one also has a private porch. Shared property features include a basement with laundry and storage, a small attached garage, three separate parking areas, and bluestone hardscaping at the front and rear of the building.

The property is at 44 Warren Avenue in Cape Elizabeth, Maine. Cliff House Beach is within walking distance, while Fort Williams and South Portland are nearby.

Key Highlights

• Three apartments in a 3,072‑square‑foot building constructed in 1920
• First‑floor unit offers 3 bedrooms, 2 bathrooms, hardwood floors, newer appliances, and a private porch
• Two updated second‑floor apartments, each with 1 bedroom; one includes a private porch

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$54,287

Cap Rate

4.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,085,740 $1.1M

Cap Rate 7%

$775,529 $775.5K

Cap Rate 9%

$603,189 $603.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,072 SF

Gross rent

$82.9K $27.00/SF

− Vacancy

−$5.4K −$1.76/SF

EGI

$77.6K $25.25/SF

− OpEx

−$23.3K −$7.57/SF

NOI

$54.3K $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%

$1,085,740

Cap Rate 7%

$775,529

Cap Rate 9%

$603,189

Alternative Uses

Best Use

Multifamily LT 5

$775.5K

$678.6K – $904.8K (±1% cap)

NOI $54,287 @ 7.0% cap · market cap 4.94%

Second Best

Apartment 5plus

$721.5K

$631.3K – $841.8K (±1% cap)

NOI $50,506 @ 7.0% cap · market cap 4.59%

Theoretical Best

Office A

$844.3K

$738.8K – $985.1K (±1% cap)

NOI $59,104 @ 7.0% cap · market cap 5.37%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

3

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

117

Businesses Nearby

Explore this area Business Placement

Demographics for 04107, ME

9,575

Population

4,007

Households

2.4

Avg Household Size

49

Median Age

77%

College-Educated

99%

High-School Grad

14.9 sq mi

ZIP Area

643

Density / Sq Mi

$145,464

Median Household Income

$69,964

Median Earnings

$2,191

Median Rent

$659,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Triplex - The apartment mix includes a larger first-floor residence, two upstairs units, and private outdoor space.

Where is this triplex located?

The property is located at 44 Warren Avenue Cape Elizabeth, ME.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: Three apartments in a 3,072‑square‑foot building constructed in 1920; First‑floor unit offers 3 bedrooms, 2 bathrooms, hardwood floors, newer appliances, and a private porch; Two updated second‑floor apartments, each with 1 bedroom; one includes a private porch