Oceanfront Triplex With
For Sale
$1,200,000
551 Shore Road, Cape Elizabeth, ME 04107
Multi-Family, Cape Elizabeth, ME
Property Size4,537 SF
Lot Size0.24 Acres
Price / SF$264.49
Days on Market46
Property Features for 551 Shore Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
BA + RC
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 1, Bathroom 2, Bathroom 3
Patio and Porch features
Deck, Porch
Interior features
1st Floor Bedroom
Basement
Unfinished, Full
Lot features
Open, Level, Near Public Beach, Near Shopping, Near Town
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
Changed: Sep 12
Last Checked: Sep 12 at 6:06PM
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 4,537-square-foot triplex contains three separate residences: one one-bedroom unit and two three-bedroom units. Each residence includes a dedicated office and covered front porch. Wood flooring, leaded-glass details, shingle-style architecture, and the 1875 construction date contribute to the building’s established character. Separate heating systems and hot-water heaters support independent operation between units, while public water and public sewer serve the property.
The 0.24-acre property is located at 551 Shore Road in Cape Elizabeth, across from the Cookie Jar and near Rosemont Market and Cliff House Beach. Its oceanfront setting places the building within the Shore Road corridor and close to the coastline. Additional features include a deck, porch, basement, wood-frame construction, and a shingle roof.
The 0.24-acre property is located at 551 Shore Road in Cape Elizabeth, across from the Cookie Jar and near Rosemont Market and Cliff House Beach. Its oceanfront setting places the building within the Shore Road corridor and close to the coastline. Additional features include a deck, porch, basement, wood-frame construction, and a shingle roof.
Key Highlights
- 4537 square feet with three residential units
- Unit mix includes one one‑bedroom residence and two three‑bedroom residences
- Each unit has a dedicated office and covered front porch
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
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
200
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences offer dedicated offices, covered porches, and 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: 4537 square feet with three residential units; Unit mix includes one one‑bedroom residence and two three‑bedroom residences; Each unit has a dedicated office and covered front porch
