Three-Unit Victorian
583 Washington Avenue, Portland, ME 04103
For Sale
$1,050,000
Multi-Family, Portland, ME
Property Size4,107 SF
Lot Size6,156.00 Acres
Price / SF$255.66
Days on Market51
Property Features for 583 Washington Avenue
General Information
Property type
Property subtype
Zoning
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Interior features
Fencing
Basement
Lot features
Standard status
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Additional Structures
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 773-1990
Listed By:
Marguerite Gilfoil
(207) 671-8392
Added: Sep 25
Changed: Oct 28
Last Checked: Nov 14 at 3:06AM
MLS# 1682008
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 4,107-square-foot Victorian residential property was built in 1900 and contains three apartments, each with three bedrooms. Wood-frame construction with vinyl siding, hardwood and tile flooring, and oil-fired steam heat define the interior and exterior. A porch, fenced grounds, basement storage, and public water and sewer are also part of the property. Zoning is R-5.
The property is in East Deering, near I-295 and Back Cove. Off-street parking serves the three-unit layout.
The property is in East Deering, near I-295 and Back Cove. Off-street parking serves the three-unit layout.
Key Highlights
- Three apartments, each with 3 bedrooms
- 4,107 square feet of building area
- R‑5 zoning
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.
How Realmo checks its estimates
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Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
356
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
$421,800
Median Home Value
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Market
Average Price Trend$/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 - Three three-bedroom apartments are complemented by off-street parking.
Where is this triplex located?
The property is located at 583 Washington Avenue 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; 4,107 square feet of building area; R‑5 zoning
