Corner-Lot Duplex with Commercial
New
For Sale
$549,900
449 Main Street, South Portland, ME 04106
Two residential units are paired with an adjacent former restaurant building that may support redevelopment subject to required approvals.
Property Size2,696 SF
Price / SF$203.97
Days on Market6
Property Features for 449 Main Street
General Information
Standard status
Active
Size
2,696 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Buildings
2
Listing Agency:
EXP Realty
Listed By:
Brett Davis
(603) 433-3350
Source:
Greatislandrealty
Added: Sep 2
Changed: Sep 6
Last Checked: Sep 6 at 7:51AM
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 EXP Realty
Investment Insights
Based on property information with market context.
Built in 1900, this 2,696-square-foot property includes two separate buildings on a corner lot. The residential building is configured as a duplex with two units: a first-floor two-bedroom residence with recent updates and a second-floor one-bedroom residence. The additional building was formerly used as a restaurant and provides separate commercial space for future planning.
The former restaurant area may offer an opportunity for conversion to another residential unit, subject to applicable zoning, permitting, and code requirements. The property is located at 449 Main St in South Portland, Maine, with access to local amenities described as convenient in the source information.
The former restaurant area may offer an opportunity for conversion to another residential unit, subject to applicable zoning, permitting, and code requirements. The property is located at 449 Main St in South Portland, Maine, with access to local amenities described as convenient in the source information.
Key Highlights
- 2,696‑square‑foot property on a corner lot
- Two separate buildings, including a duplex and former restaurant space
- Duplex includes a first‑floor two‑bedroom unit
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
$47,642
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
8.66%
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%
$952,840
$952.8K
Cap Rate 7%
$680,600
$680.6K
Cap Rate 9%
$529,356
$529.4K
Market Conditions
NOI Build-Up for 2,696 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
$72.8K $27.00/SF
− Vacancy
−$4.7K −$1.76/SF
EGI
$68.1K $25.25/SF
− OpEx
−$20.4K −$7.57/SF
NOI
$47.6K $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%
$952,840
Cap Rate 7%
$680,600
Cap Rate 9%
$529,356
Alternative Uses
Best Use
Multifamily LT 5
$680.6K
$595.5K – $794.0K
NOI $47,642 @ 7.0% cap · market cap 8.66%
Second Best
Apartment 5plus
$633.2K
$554.1K – $738.7K
NOI $44,324 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$741.0K
$648.4K – $864.5K
NOI $51,870 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
Explore this area
Business Placement
Demographics for 04106, ME
26,641
Population
12,849
Households
2.1
Avg Household Size
41
Median Age
49%
College-Educated
95%
High-School Grad
12.2 sq mi
ZIP Area
2,184
Density / Sq Mi
$83,744
Median Household Income
$47,818
Median Earnings
$1,642
Median Rent
$403,500
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?
Duplex - Two residential units are paired with an adjacent former restaurant building that may support redevelopment subject to required approvals.
Where is this duplex located?
The property is located at 449 Main Street South Portland, ME.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 2,696‑square‑foot property on a corner lot; Two separate buildings, including a duplex and former restaurant space; Duplex includes a first‑floor two‑bedroom unit
