Renovated Duplex with
For Sale
$799,000
481 Danforth Street, Portland, ME 04102
Classic New Englander renovated throughout, currently a two-unit property with outdoor decks and separate utilities.
Property Size1,901 SF
Price / SF$420.31
Days on Market151
Property Features for 481 Danforth Street
General Information
Standard status
Active
Size
1,901 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Amenities
private outdoor decks
water views
Building Details
Year Built
1900
Construction
New Englander
Tenancy
Multi
Listing Agency:
The Real Estate Store
Listed By:
Elizabeth Marks
(207) 332-6210
Source:
Greatislandrealty
Added: May 30
Changed: Oct 27
Last Checked: Oct 26 at 4:29PM
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 The Real Estate Store
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Investment Insights
Based on property information with market context.
This renovated classic New Englander is currently configured as a two-unit property with thoughtful updates throughout. The improvements cited include a new roof, siding, windows, electrical systems, and heating systems. The second and third floors have been renovated with modern finishes, creating bright, open living spaces with abundant natural light. Each level includes access to private outdoor decks, and the property offers water views of the Fore River.
The first floor provides a blank canvas for redesign, with the opportunity to complete a third unit. Separate utilities are available for each unit. The property is described as tucked away yet close to the Western Promenade, local amenities, downtown Portland, and waterfront attractions. A notable privacy feature is that three sides of the property abut City-zoned Open Space.
Overall, the building combines substantial recent capital improvements with flexible interior options, supported by separate utility setup for easier management.
The first floor provides a blank canvas for redesign, with the opportunity to complete a third unit. Separate utilities are available for each unit. The property is described as tucked away yet close to the Western Promenade, local amenities, downtown Portland, and waterfront attractions. A notable privacy feature is that three sides of the property abut City-zoned Open Space.
Overall, the building combines substantial recent capital improvements with flexible interior options, supported by separate utility setup for easier management.
Key Highlights
- Classic New Englander built in 1900, currently configured as a two‑unit property
- Extensive improvements include new roof, siding, windows, electrical systems, and heating systems
- Second and third floors feature renovated finishes with bright, open living spaces and water views of the Fore River
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,594
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$671,880
$671.9K
Cap Rate 7%
$479,914
$479.9K
Cap Rate 9%
$373,267
$373.3K
Market Conditions
NOI Build-Up for 1,901 SF
Gross rent
$51.3K $27.00/SF
− Vacancy
−$3.3K −$1.76/SF
EGI
$48.0K $25.25/SF
− OpEx
−$14.4K −$7.57/SF
NOI
$33.6K $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 Rate 5%
$671,880
Cap Rate 7%
$479,914
Cap Rate 9%
$373,267
Alternative Uses
Best Use
Multifamily LT 5
$479.9K
$419.9K – $559.9K
NOI $33,594 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$446.5K
$390.7K – $520.9K
NOI $31,254 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$522.5K
$457.2K – $609.6K
NOI $36,574 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,913
Businesses Nearby
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Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
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 - Classic New Englander renovated throughout, currently a two-unit property with outdoor decks and separate utilities.
Where is this duplex located?
The property is located at 481 Danforth Street Portland, ME.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Classic New Englander built in 1900, currently configured as a two‑unit property; Extensive improvements include new roof, siding, windows, electrical systems, and heating systems; Second and third floors feature renovated finishes with bright, open living spaces and water views of the Fore River
