Brick Four-Unit
New
For Sale
$1,200,000
481 Cumberland Avenue, Portland, ME 04101
MULTI_FAMILY - Portland, ME
Property Size4,086 SF
Lot Size0.11 Acres
Price / SF$293.69
Days on Market2
Property Features for 481 Cumberland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Basement, Bathroom 2, Bathroom 3, Bathroom 1
Parking features
Off Street
Pets allowed
No
Basement
Full, Unfinished
Lot features
Open, Level, Sidewalks, Intown, Near Public Transit
Standard status
Active
Size
4,086 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14292
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Oil, Other (Heating), Steam
Water source
Public
Amenities
private parking lot
Building Details
Year built
1866
Number of units
4
Flooring type
Tile, Wood
Building materials
Masonry, Brick
Roof type
Shingle
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 541-3755
Added: Aug 13
Last Checked: Aug 14 at 6:06AM
MLS# 1676051
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.
Located at 481 Cumberland Avenue in Portland, this 4,086-square-foot quadplex occupies a 0.11-acre lot and was built in 1866. The masonry and brick structure includes four residences, with the largest spanning two floors and offering two bedrooms, a den, 1.5 baths, and in-unit laundry. Three additional units provide one-bedroom layouts with high ceilings, wood flooring, and historic interior details.
The property includes a private off-street parking lot and will be delivered vacant. Two units have operated as short-term rentals. Public water and sewer serve the building, which also features steam heating, shingle roofing, tile and wood flooring, and a basement.
The property includes a private off-street parking lot and will be delivered vacant. Two units have operated as short-term rentals. Public water and sewer serve the building, which also features steam heating, shingle roofing, tile and wood flooring, and a basement.
Key Highlights
- 4,086‑square‑foot quadplex on a 0.11‑acre lot
- Four‑unit masonry and brick building constructed in 1866
- Largest residence spans two floors with 2 bedrooms, a den, 1.5 baths, and in‑unit laundry
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
$72,206
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
6.02%
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%
$1,444,120
$1.4M
Cap Rate 7%
$1,031,514
$1.0M
Cap Rate 9%
$802,289
$802.3K
Market Conditions
NOI Build-Up for 4,086 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
$110.3K $27.00/SF
− Vacancy
−$7.2K −$1.76/SF
EGI
$103.2K $25.25/SF
− OpEx
−$30.9K −$7.57/SF
NOI
$72.2K $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%
$1,444,120
Cap Rate 7%
$1,031,514
Cap Rate 9%
$802,289
Alternative Uses
Best Use
Multifamily LT 5
$1.03M
$902.6K – $1.20M
NOI $72,206 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$959.7K
$839.7K – $1.12M
NOI $67,176 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$1.12M
$982.7K – $1.31M
NOI $78,613 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,906
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Historic masonry building with private off-street parking and a mix of one- and two-bedroom residences.
Where is this quadplex located?
The property is located at 481 Cumberland Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,086‑square‑foot quadplex on a 0.11‑acre lot; Four‑unit masonry and brick building constructed in 1866; Largest residence spans two floors with 2 bedrooms, a den, 1.5 baths, and in‑unit laundry
