Renovated Triplex
For Sale
$827,000
481 Danforth Street, Portland, ME 04102
Multi-Family, Portland, ME
Property Size1,901 SF
Lot Size0.15 Acres
Price / SF$435.03
Days on Market58
Property Features for 481 Danforth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-2
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Patio and Porch features
Deck
Basement
Unfinished, Full
Lot features
Rolling/ Sloping, Open, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Railroad
Standard status
Active
Size
1,901 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
17450
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Wood, Tile
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Real Estate Store
(207) 883-4327
Listed By:
Elizabeth Marks
(207) 332-6210
Added: Jul 17
Changed: Sep 12
Last Checked: Sep 12 at 10:06AM
MLS# 1666170
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 1901-square-foot, wood-frame property was built in 1900 and is currently arranged as two units, with the second and third floors renovated with modern finishes. Those residences receive abundant natural light, offer views toward the Fore River, and include private decks. The first floor remains unfinished for redesign and potential completion as a third unit. Improvements include a new roof, siding, windows, electrical systems, and heating systems. Tile and wood flooring, baseboard heat, natural gas, a shingle roof, and vinyl siding are among the existing features.
Each unit has separate utilities for management convenience. The 0.15-acre property is served by public water and public sewer and is zoned RN-2. Three sides abut City zoned Open Space, providing a tucked-away setting near the Western Promenade, downtown Portland, waterfront attractions, shopping, the airport, and the train station.
Each unit has separate utilities for management convenience. The 0.15-acre property is served by public water and public sewer and is zoned RN-2. Three sides abut City zoned Open Space, providing a tucked-away setting near the Western Promenade, downtown Portland, waterfront attractions, shopping, the airport, and the train station.
Key Highlights
- 1901 square feet on a 0.15‑acre lot
- Currently configured as two units, with the first floor offering potential for a third unit
- Renovated second and third floors with modern finishes and private decks
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
$33,594
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
4.06%
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%
$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
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
$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 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%
$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 4.06%
Second Best
Apartment 5plus
$446.5K
$390.7K – $520.9K
NOI $31,254 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$522.5K
$457.2K – $609.6K
NOI $36,574 @ 7.0% cap · market cap 4.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,913
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Upper-level residences feature modern finishes, natural light, water views, and private decks near Portland amenities.
Where is this triplex located?
The property is located at 481 Danforth Street Portland, ME.
What is the asking price?
The asking price for this property is $827,000.
What are key features of this property?
This property features: 1901 square feet on a 0.15‑acre lot; Currently configured as two units, with the first floor offering potential for a third unit; Renovated second and third floors with modern finishes and private decks
