Three-Unit
For Sale
$1,050,000
583 Washington Ave, Portland, ME 04103
Three-bedroom apartments, on-site laundry, and off-street parking support the building’s residential configuration.
Property Size4,107 SF
Price / SF$255.66
Days on Market9
Property Features for 583 Washington Ave
General Information
Standard status
Active
Size
4,107 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listed By:
Kathy Gallant
(207) 841-7569
Source:
Gre207
Added: Sep 28
Changed: Sep 29
Last Checked: Oct 5 at 5:54PM
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 Kathy Gallant
Investment Insights
Based on property information with market context.
Built in 1900, this 4,107-square-foot triple-decker contains three apartments, each with three bedrooms, one bathroom, a living room, dining room, kitchen, pantry, and private storage. The second-floor unit is vacant. Two apartments have outdoor porches. Hardwood floors extend throughout, and all three kitchens have been updated. Major systems, including the roof and building wiring, have been updated and/or are in good working order. Coin-operated laundry is also on site.
The property has 11 off-street parking spaces. I-295 and downtown Portland are minutes away, with a bus stop nearby. Back Cove’s running trail and the Roux Institute campus are within walking distance.
The property has 11 off-street parking spaces. I-295 and downtown Portland are minutes away, with a bus stop nearby. Back Cove’s running trail and the Roux Institute campus are within walking distance.
Key Highlights
- Three apartments, each with 3 bedrooms and 1 bathroom
- 4,107 square feet; built in 1900
- 11 off‑street parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,577
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,451,540
$1.5M
Cap Rate 7%
$1,036,814
$1.0M
Cap Rate 9%
$806,411
$806.4K
Market Conditions
NOI Build-Up for 4,107 SF
Gross rent
$110.9K $27.00/SF
− Vacancy
−$7.2K −$1.76/SF
EGI
$103.7K $25.25/SF
− OpEx
−$31.1K −$7.57/SF
NOI
$72.6K $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%
$1,451,540
Cap Rate 7%
$1,036,814
Cap Rate 9%
$806,411
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$907.2K – $1.21M
NOI $72,577 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$964.6K
$844.0K – $1.13M
NOI $67,522 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$1.13M
$987.7K – $1.32M
NOI $79,017 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three-bedroom apartments, on-site laundry, and off-street parking support the building’s residential configuration.
Where is this triplex located?
The property is located at 583 Washington Ave Portland, ME.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Three apartments, each with 3 bedrooms and 1 bathroom; 4,107 square feet; built in 1900; 11 off‑street parking spaces
