Triplex with Updated
For Sale
$1,050,000
583 Washington Avenue 3-units, Portland, ME 04103
Each apartment has three bedrooms, a living and dining room, a kitchen, pantry, and private storage.
Property Size4,107 SF
Price / SF$255.66
Days on Market39
Property Features for 583 Washington Avenue 3-units
General Information
Standard status
Active
Size
4,107 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$10,897
Building Details
Building Size
4,107 SF
Year Built
1900
Listing Agency:
Coldwell Banker Realty
Listed By:
Marguerite Gilfoil
(207) 671-8392
Source:
Heathershieldsmaine
Added: Sep 25
Changed: Oct 31
Last Checked: Nov 1 at 1:05PM
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.
Built in 1900, this 4,107-square-foot triplex contains three apartments with the same layout: three bedrooms, one bathroom, a living room, dining room, kitchen, pantry, and private storage. Updated kitchens and hardwood floors are found throughout. Two apartments have outdoor porches, and the property includes 11 off-street parking spaces. The roof and complete building rewiring are among the major systems described as updated or in good working order.
The property is in Portland’s East Deering neighborhood, minutes from I-295 and downtown. A bus stop is nearby, while Back Cove’s running trail and the Roux Institute campus are within walking distance. The second-floor apartment is vacant.
The property is in Portland’s East Deering neighborhood, minutes from I-295 and downtown. A bus stop is nearby, while Back Cove’s running trail and the Roux Institute campus are within walking distance. The second-floor apartment is vacant.
Key Highlights
- Three apartments, each with three bedrooms and one 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
2,361
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Each apartment has three bedrooms, a living and dining room, a kitchen, pantry, and private storage.
Where is this triplex located?
The property is located at 583 Washington Avenue 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 three bedrooms and one bathroom; 4,107 square feet; built in 1900; 11 off‑street parking spaces
