Corner-Lot Duplex with Commercial
For Sale
$499,000
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$185.09
Days on Market61
Property Features for 449 Main Street
General Information
Standard status
Active
Size
2,696 SF
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1900
Buildings
2
Listing Agency:
EXP Realty
Listed By:
Brett Davis
(207) 865-9919
Source:
Portsiderealestategroup
Added: Aug 24
Changed: Oct 19
Last Checked: Oct 20 at 11:31PM
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
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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 / Yr
$44,324
Cap Rate
8.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$886,480
$886.5K
Cap Rate 7%
$633,200
$633.2K
Cap Rate 9%
$492,489
$492.5K
Market Conditions
NOI Build-Up for 2,696 SF
Gross rent
$85.7K $31.80/SF
− Vacancy
−$5.1K −$1.91/SF
EGI
$80.6K $29.89/SF
− OpEx
−$36.3K −$13.45/SF
NOI
$44.3K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$886,480
Cap Rate 7%
$633,200
Cap Rate 9%
$492,489
Alternative Uses
Best Use
Multifamily LT 5
$680.6K
$595.5K – $794.0K
NOI $47,642 @ 7.0% cap · market cap 9.55%
Second Best
Apartment 5plus
$633.2K
$554.1K – $738.7K
NOI $44,324 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$741.0K
$648.4K – $864.5K
NOI $51,870 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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 $499,000.
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
