Two-Unit Duplex with Additional
New
For Sale
$549,900
449 Main Street, South Portland, ME 04106
Multi-Family, South Portland, ME
Property Size2,696 SF
Lot Size0.14 Acres
Price / SF$203.97
Days on Market1
Property Features for 449 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential Zone A
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking features
On Street, Off Street
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Attic
Basement
Unfinished, Full, Crawl Space
Lot features
Open, Corner Lot, Level, Intown, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Shopping Mall
Standard status
Active
Size
2,696 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6123
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Oil, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Number of units
2
Flooring type
Vinyl, Laminate
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle, Flat
Additional Structures
Outbuilding
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Brett Davis
(207) 865-9919
Added: Sep 4
Last Checked: Sep 4 at 6:06PM
MLS# 1679411
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,696-square-foot duplex property includes two residential units within one of two buildings on a 0.14-acre corner lot. The first-floor residence has two bedrooms and recent updates, while the second-floor unit has one bedroom and is currently rented. The adjacent building was formerly used as a restaurant and provides additional enclosed space for redevelopment, subject to applicable zoning, permitting, and code requirements.
Located at 449 Main Street in South Portland, the property has Residential Zone A zoning, public water, and public sewer. Parking is available both on site and along the street. The 1900-built property also includes a porch, attic, wood-frame construction, vinyl siding, and a combination of shingle and flat roofing.
Located at 449 Main Street in South Portland, the property has Residential Zone A zoning, public water, and public sewer. Parking is available both on site and along the street. The 1900-built property also includes a porch, attic, wood-frame construction, vinyl siding, and a combination of shingle and flat roofing.
Key Highlights
- Two residential units in a 2,696‑square‑foot duplex
- Additional building formerly used as a restaurant
- 0.14‑acre corner lot at 449 Main Street
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 - Corner-lot property with two residential units, a second building, and both off-street and on-street parking.
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: Two residential units in a 2,696‑square‑foot duplex; Additional building formerly used as a restaurant; 0.14‑acre corner lot at 449 Main Street
