Renovated Duplex with
For Sale
$837,000
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$440.29
Days on Market57
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
(603) 433-3350
Source:
Greatislandrealty
Added: Jun 4
Changed: Jul 26
Last Checked: Jul 29 at 4:50PM
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
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $51.3k | $27.00 |
| − Vacancy | −$3.3k | −$1.76 |
| EGI | $48.0k | $25.25 |
| − OpEx | −$14.4k | −$7.57 |
| NOI | $33.6k | $17.67 |
1,901 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$479.9K
$419.9K – $559.9K
NOI $33,594 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$446.5K
$390.7K – $520.9K
NOI $31,254 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$522.5K
$457.2K – $609.6K
NOI $36,574 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
627
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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 $837,000.
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
