Updated 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 Market82
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
Bathroom 2, Bathroom 1, Basement
Patio and Porch features
Deck
Basement
Full, Unfinished
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
Natural Gas, Baseboard
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 21
Last Checked: Oct 6 at 2:06PM
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.
Located at 481 Danforth Street in Portland’s West End, this 1900 wood-frame multifamily property contains 1901 square feet on a 0.15-acre lot. The building is currently arranged as two units, with the second and third floors updated with modern finishes, open living areas, natural light, water views of the Fore River, and private decks. The first floor is unfinished and offers space for redesign. Separate utilities are provided for each unit.
The property includes a new roof, siding, windows, electrical systems, and heating systems. Three sides adjoin City-zoned Open Space, providing a tucked-away setting near the Western Promenade, downtown Portland, waterfront attractions, shopping, the airport, and the train station. Public water and sewer serve the property, which is zoned RN-2.
The property includes a new roof, siding, windows, electrical systems, and heating systems. Three sides adjoin City-zoned Open Space, providing a tucked-away setting near the Western Promenade, downtown Portland, waterfront attractions, shopping, the airport, and the train station. Public water and sewer serve the property, which is zoned RN-2.
Key Highlights
- 1901 square feet on a 0.15‑acre lot
- RN‑2 zoning with separate utilities for each unit
- Updated roof, siding, windows, electrical systems, and heating systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,594
Cap Rate
4.06%
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 4.06%
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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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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - RN-2 zoning, separate utilities, and public water and sewer serve this Portland multifamily property.
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; RN‑2 zoning with separate utilities for each unit; Updated roof, siding, windows, electrical systems, and heating systems
