Three-Unit Residential Income
551 Shore Road Cape Elizabeth, ME 04107
New
For Sale
$1,200,000
MULTI_FAMILY - Shingle - Cape Elizabeth, ME
Property Size4,537 SF
Lot Size0.24 Acres
Price / SF$264.49
Days on Market1
Property Features for 551 Shore Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
BA + RC
Bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1, Basement
Patio and Porch features
Deck, Porch
Interior features
1st Floor Bedroom
Basement
Unfinished, Full
Standard status
Active
Size
4,537 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14807
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Steam
Water source
Public
Water front features
Ocean Front
Water front
1
Building Details
Year built
1875
Floors in Building
3
Number of units
3
Flooring type
Wood, Vinyl
Building materials
Wood Frame, Shingle Siding, Vinyl Siding
Roof type
Shingle
Architectural style
Shingle
Listing Agency:
Portside Real Estate Group
(207) 747-4236
Listed By:
James Mcfarlane Jr
(207) 712-4737
Added: Jul 29
Last Checked: Jul 29 at 4:06PM
MLS# 1673890
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 three-unit residential income property includes three distinct residences, ranging from a spacious one-bedroom to two three-bedroom units. Each unit is set up with its own dedicated office and a covered front porch. The building features hardwood floors and leaded glass details that reflect original character, while separate heating systems and hot water heaters provide practical independence between the units.
The property is set along Shore Road in Cape Elizabeth, positioned across from the Cookie Jar and down the road from Rosemont Market. It is also near Cliff House Beach and the coastline beyond.
Zoned BA + RC, the offering provides additional flexibility alongside its established multi-unit layout and distinct, self-contained utilities.
The property is set along Shore Road in Cape Elizabeth, positioned across from the Cookie Jar and down the road from Rosemont Market. It is also near Cliff House Beach and the coastline beyond.
Zoned BA + RC, the offering provides additional flexibility alongside its established multi-unit layout and distinct, self-contained utilities.
Key Highlights
- Ocean‑front three‑unit property set along Cape Elizabeth’s Shore Road corridor
- Year built 1875 with Shingle‑style construction, wood frame and shingle roof
- Units include a spacious one‑bedroom plus two three‑bedroom units
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 | $122.5k | $27.00 |
| − Vacancy | −$8.0k | −$1.76 |
| EGI | $114.5k | $25.25 |
| − OpEx | −$34.4k | −$7.57 |
| NOI | $80.2k | $17.67 |
4,537 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct residences include covered front porches and dedicated offices, with separate heating and hot water 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: Ocean‑front three‑unit property set along Cape Elizabeth’s Shore Road corridor; Year built 1875 with Shingle‑style construction, wood frame and shingle roof; Units include a spacious one‑bedroom plus two three‑bedroom units
