5-Unit Apartment
For Sale
$895,000
57-59 Cumberland Avenue, Portland, ME 04101
Two buildings offer off-street parking on an elevated site with city skyline views.
Property Size3,800 SF
Price / SF$235.53
Days on Market187
Property Features for 57-59 Cumberland Avenue
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Multi Family Home
Zoning
RN4
Net Operating Income
$57,000
Additional Details
Cap Rate
6.4%
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$12,321
Building Details
Building Size
3,800 SF
Year Built
1920
Buildings
2
Stories
3
Units
5
Listed By:
Dan Amero
(207) 762-8053
Source:
Amerorealty
Added: Apr 20
Changed: Oct 22
Last Checked: Oct 22 at 2:13PM
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 Dan Amero
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This RN4-zoned apartment property comprises five units across two structures, with 3,800 square feet of building area. The elevated site has city skyline views and off-street parking. The owner pays for heat, while tenants cover electricity. The property was built in 1920 and appears to have received a substantial renovation in the 1980s.
At 57-59 Cumberland Avenue, the property is on Munjoy Hill near inner Washington Avenue. The Eastern Promenade, East End Beach, and downtown are within walking distance. The site is outside Portland’s historic district. Nearby context includes bars, breweries, boutiques, major employers, the Roux Institute, and the Portland Foreside development.
At 57-59 Cumberland Avenue, the property is on Munjoy Hill near inner Washington Avenue. The Eastern Promenade, East End Beach, and downtown are within walking distance. The site is outside Portland’s historic district. Nearby context includes bars, breweries, boutiques, major employers, the Roux Institute, and the Portland Foreside development.
Key Highlights
- Five units in two buildings, totaling 3,800 square feet
- RN4 zoning; property is outside Portland’s historic district
- Built in 1920; appears to have undergone a substantial renovation in the 1980s
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,474
Cap Rate
6.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,249,480
$1.2M
Cap Rate 7%
$892,486
$892.5K
Cap Rate 9%
$694,156
$694.2K
Market Conditions
NOI Build-Up for 3,800 SF
Gross rent
$120.8K $31.80/SF
− Vacancy
−$7.3K −$1.91/SF
EGI
$113.6K $29.89/SF
− OpEx
−$51.1K −$13.45/SF
NOI
$62.5K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,249,480
Cap Rate 7%
$892,486
Cap Rate 9%
$694,156
Alternative Uses
Best Use
Apartment 5plus
$892.5K
$780.9K – $1.04M
NOI $62,474 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$913.9K – $1.22M
NOI $73,110 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,127
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
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
Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings offer off-street parking on an elevated site with city skyline views.
Where is this apartment building located?
The property is located at 57-59 Cumberland Avenue Portland, ME.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Five units in two buildings, totaling 3,800 square feet; RN4 zoning; property is outside Portland’s historic district; Built in 1920; appears to have undergone a substantial renovation in the 1980s
