Three-Unit Residential
For Sale
$1,050,000
583 Washington Ave Unit 3-units, Portland, ME 04103
Each apartment has three bedrooms, a kitchen, dining area, pantry, and private storage.
Property Size4,107 SF
Price / SF$255.66
Days on Market9
Property Features for 583 Washington Ave Unit 3-units
General Information
Standard status
Active
Size
4,107 SF
Property subtype
Multifamily
Building Details
Year Built
1900
Stories
3
Listing Agency:
Coldwell Banker Realty
(207) 310-8592
Listed By:
Carol Kline
Source:
Klinerealtygroup
Added: Oct 29
Changed: Nov 4
Last Checked: Nov 6 at 8:14AM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This 1900-built triplex contains 4,107 square feet across three apartments, each arranged with three bedrooms, one bathroom, a living room, dining room, kitchen, pantry, and private storage. The second-floor apartment is vacant. Hardwood flooring runs throughout, and all three kitchens have been updated. Two units have outdoor porches, and the property includes coin-operated laundry and 11 off-street parking spaces. The roof and building wiring have been updated; other major systems are described as updated or in good working order.
The property is on Washington Avenue in Portland’s East Deering neighborhood, minutes from I-295 and downtown, with a bus stop nearby. Back Cove’s running trail and the Roux Institute campus are within walking distance.
The property is on Washington Avenue in Portland’s East Deering neighborhood, minutes from I-295 and downtown, 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.
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Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
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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
$421,800
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Portland, ME
Properties on Market for Triplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Each apartment has three bedrooms, a kitchen, dining area, pantry, and private storage.
Where is this triplex located?
The property is located at 583 Washington Ave Unit 3-units 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
