3-Unit Character
For Sale
$1,200,000
551 Shore Road, Cape Elizabeth, ME 04107
Historic multifamily property with separate residences, private offices, covered porches, and independent heating systems.
Property Size4,537 SF
Price / SF$264.49
Days on Market34
Property Features for 551 Shore Road
General Information
Standard status
Active
Size
4,537 SF
Property subtype
Multi-family
Zoning
BA
Lease Term
[]
Units
Unit Mix
1 x 1BR, 2 x 3BR
Multifamily Units
3
Additional Details
Road Access
Yes
Amenities
covered front porch
Building Details
Year Built
1875
Buildings
1
Listing Agency:
Portside Real Estate Group
(207) 712-4737
Listed By:
Jim McFarlane
(207) 712-4737
Source:
Portsiderealestategroup
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 26 at 1:07PM
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
Investment Insights
Based on property information with market context.
Built in 1875, this three-unit multifamily property includes one spacious one-bedroom residence and two three-bedroom residences. Each unit also has a dedicated office and covered front porch, creating distinct living arrangements within the building. Hardwood floors, leaded-glass features, and other original details retain the character of the property, while separate heating systems and hot water heaters provide independent service for each residence.
The property occupies a prominent stretch of Shore Road in Cape Elizabeth, across from the Cookie Jar and near Rosemont Market, Cliff House Beach, and the coastline. Its location places the building within the Shore Road corridor, with a configuration suited to multifamily ownership or an owner-occupied arrangement.
The property occupies a prominent stretch of Shore Road in Cape Elizabeth, across from the Cookie Jar and near Rosemont Market, Cliff House Beach, and the coastline. Its location places the building within the Shore Road corridor, with a configuration suited to multifamily ownership or an owner-occupied arrangement.
Key Highlights
- Three‑unit layout with one one‑bedroom residence and two three‑bedroom residences
- Each residence includes a dedicated office and covered front porch
- Separate heating systems and hot water heaters serve the units independently
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
$80,176
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
6.68%
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%
$1,603,520
$1.6M
Cap Rate 7%
$1,145,371
$1.1M
Cap Rate 9%
$890,844
$890.8K
Market Conditions
NOI Build-Up for 4,537 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
$122.5K $27.00/SF
− Vacancy
−$8.0K −$1.76/SF
EGI
$114.5K $25.25/SF
− OpEx
−$34.4K −$7.57/SF
NOI
$80.2K $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%
$1,603,520
Cap Rate 7%
$1,145,371
Cap Rate 9%
$890,844
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.00M – $1.34M
NOI $80,176 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$1.07M
$932.4K – $1.24M
NOI $74,591 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,290 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
Explore this area
Business Placement
Demographics for 04107, ME
9,575
Population
4,007
Households
2.4
Avg Household Size
49
Median Age
77%
College-Educated
99%
High-School Grad
14.9 sq mi
ZIP Area
643
Density / Sq Mi
$145,464
Median Household Income
$69,964
Median Earnings
$2,191
Median Rent
$659,600
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?
Triplex - Historic multifamily property with separate residences, private offices, covered porches, and independent heating systems.
Where is this triplex located?
The property is located at 551 Shore Road Cape Elizabeth, ME.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit layout with one one‑bedroom residence and two three‑bedroom residences; Each residence includes a dedicated office and covered front porch; Separate heating systems and hot water heaters serve the units independently
