Two-Unit Townhouse-Style
For Sale
$1,875,000
5 Merrill Street, Portland, ME 04101
Contemporary residences offer private outdoor areas, covered parking, and elevated water views.
Property Size3,450 SF
Price / SF$543.48
Days on Market141
Property Features for 5 Merrill Street
General Information
Standard status
Active
Size
3,450 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Amenities
covered parking
private patio
rooftop deck
Building Details
Year Built
2019
Buildings
1
Listing Agency:
Portside Real Estate Group
Listed By:
John Fitzsimons
(207) 233-8314
Source:
Portsiderealestategroup
Added: May 30
Changed: Oct 11
Last Checked: Oct 16 at 9:08AM
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 Portside Real Estate Group
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Investment Insights
Based on property information with market context.
Built in 2019, this duplex contains two townhouse-style residences, each measuring 1,725 square feet with three bedrooms and 2.5 bathrooms. The interiors include custom kitchen cabinetry, white quartz counters, Miele appliances, walnut flooring, selected tile finishes, 10-foot ceilings, and craftsman-inspired detailing. Both homes provide water views across two levels, while each third-floor primary suite opens to a private rooftop deck overlooking Casco Bay.
The property also includes covered parking and a separate patio or yard area for each residence. Its address at 5 Merrill Street places the homes near Portland’s Eastern Promenade, restaurants, and coffee shops, with access to the surrounding Portland amenities.
The property also includes covered parking and a separate patio or yard area for each residence. Its address at 5 Merrill Street places the homes near Portland’s Eastern Promenade, restaurants, and coffee shops, with access to the surrounding Portland amenities.
Key Highlights
- Two‑unit duplex built in 2019
- Each residence offers 1,725 square feet, 3 bedrooms, and 2.5 bathrooms
- Custom kitchens with white quartz counters and Miele appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,967
Cap Rate
3.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,219,340
$1.2M
Cap Rate 7%
$870,957
$871.0K
Cap Rate 9%
$677,411
$677.4K
Market Conditions
NOI Build-Up for 3,450 SF
Gross rent
$93.2K $27.00/SF
− Vacancy
−$6.1K −$1.76/SF
EGI
$87.1K $25.25/SF
− OpEx
−$26.1K −$7.57/SF
NOI
$61.0K $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%
$1,219,340
Cap Rate 7%
$870,957
Cap Rate 9%
$677,411
Alternative Uses
Best Use
Multifamily LT 5
$871.0K
$762.1K – $1.02M
NOI $60,967 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$810.3K
$709.0K – $945.3K
NOI $56,720 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$948.2K
$829.7K – $1.11M
NOI $66,376 @ 7.0% cap · market cap 3.54%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,776
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Contemporary residences offer private outdoor areas, covered parking, and elevated water views.
Where is this duplex located?
The property is located at 5 Merrill Street Portland, ME.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: Two‑unit duplex built in 2019; Each residence offers 1,725 square feet, 3 bedrooms, and 2.5 bathrooms; Custom kitchens with white quartz counters and Miele appliances
