3-Unit Triplex with Off-Street
For Sale
$1,050,000
583 Washington Avenue #3-units, Portland, ME 04103
Three residential units combine updated kitchens, hardwood floors, and on-site parking in a Portland property zoned R-5.
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 Home
Zoning
R-5
Taxes and HOA fees
Annual Taxes
$10,897
Amenities
1st Floor Bedroom
Bathtub
Pantry
Shower
Storage
Building Details
Building Size
4,107 SF
Year Built
1900
Stories
3
Units
3
Listing Agency:
Integrity Homes Real Estate Group, PC
Listed By:
Buffy Dumont
(207) 576-9755
Source:
Integrityhomesrealestategroup
Added: Sep 25
Changed: Oct 30
Last Checked: Oct 30 at 2:03AM
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 Integrity Homes Real Estate Group, PC
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Investment Insights
Based on property information with market context.
Built in 1900, this 4,107-square-foot triplex contains three units, each arranged with three bedrooms, one bathroom, a living room, dining room, kitchen, pantry, and private storage. Two units have outdoor porches. Hardwood floors extend throughout, and all three kitchens have been updated. The property also includes coin-operated laundry and 11 off-street parking spaces.
The roof and building wiring have been updated, and the major systems are reported to be in good working order. The property is in Portland’s East Deering neighborhood, minutes from I-295 and downtown, with a nearby bus stop. Back Cove’s running trail and the Roux Institute campus are within walking distance. Zoning is R-5.
The roof and building wiring have been updated, and the major systems are reported to be in good working order. The property is in Portland’s East Deering neighborhood, minutes from I-295 and downtown, with a nearby bus stop. Back Cove’s running trail and the Roux Institute campus are within walking distance. Zoning is R-5.
Key Highlights
- Three units, 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
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 - Three residential units combine updated kitchens, hardwood floors, and on-site parking in a Portland property zoned R-5.
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 units, each with 3 bedrooms and 1 bathroom; 4,107 square feet; built in 1900; 11 off‑street parking spaces
