Triplex with Detached Carriage
New
For Sale
$997,000
44 William Street, Portland, ME 04103
Extensive interior and exterior improvements include updated kitchens, bathrooms, building systems, siding, windows, and decks.
Property Size2,935 SF
Price / SF$339.69
Days on Market4
Property Features for 44 William Street
General Information
Standard status
Active
Size
2,935 SF
Property subtype
MULTI_FAMILY
Additional Details
Sprinkler System
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,734
Building Details
Building Size
2,935 SF
Year Built
1909
Listing Agency:
Portside Real Estate Group
Listed By:
Heather Mayer
(207) 766-1270
Source:
Heathershieldsmaine
Added: Oct 14
Changed: Oct 16
Last Checked: Oct 16 at 8:56AM
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 Portside Real Estate Group
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Investment Insights
Based on property information with market context.
Built in 1909, this Portland multifamily property has undergone extensive interior and exterior work. Kitchen updates include custom cabinetry, butcher block counters, Kohler fixtures, and Energy Star appliances; renovated bathrooms feature marble and tile. Improvements to building systems include three separate electrical systems and hot water heaters, upgraded insulation, Rinnai natural gas heaters, hydronic electric baseboard heat, and a sump pump. Exterior work includes new siding, Renewal by Andersen windows, roof restoration, repaired dormers and eaves, and rebuilt decks and stairs.
A detached 1½-story carriage house is also on the property. Potential future uses mentioned for the structure are an ADU, subject to City approvals, or a garage. The property is near USM, UNE, and downtown Portland. It was owner-occupied throughout the current ownership, with no registered rents.
A detached 1½-story carriage house is also on the property. Potential future uses mentioned for the structure are an ADU, subject to City approvals, or a garage. The property is near USM, UNE, and downtown Portland. It was owner-occupied throughout the current ownership, with no registered rents.
Key Highlights
- 2,935‑square‑foot multifamily property built in 1909
- Detached 1½‑story carriage house; ADU use would require City approval
- Three separate electrical systems and hot water heaters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,866
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,037,320
$1.0M
Cap Rate 7%
$740,943
$740.9K
Cap Rate 9%
$576,289
$576.3K
Market Conditions
NOI Build-Up for 2,935 SF
Gross rent
$79.2K $27.00/SF
− Vacancy
−$5.2K −$1.76/SF
EGI
$74.1K $25.25/SF
− OpEx
−$22.2K −$7.57/SF
NOI
$51.9K $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%
$1,037,320
Cap Rate 7%
$740,943
Cap Rate 9%
$576,289
Alternative Uses
Best Use
Multifamily LT 5
$740.9K
$648.3K – $864.4K
NOI $51,866 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$689.3K
$603.2K – $804.2K
NOI $48,253 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$806.7K
$705.9K – $941.1K
NOI $56,468 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,183
Businesses Nearby
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Extensive interior and exterior improvements include updated kitchens, bathrooms, building systems, siding, windows, and decks.
Where is this triplex located?
The property is located at 44 William Street Portland, ME.
What is the asking price?
The asking price for this property is $997,000.
What are key features of this property?
This property features: 2,935‑square‑foot multifamily property built in 1909; Detached 1½‑story carriage house; ADU use would require City approval; Three separate electrical systems and hot water heaters
