Building Details

Building Size 4,107 SF

Year Built 1900

Listing Agency: Coldwell Banker Realty

Listed By: Marguerite Gilfoil Show Phone

Source: Heathershieldsmaine

Added: Sep 25 Changed: Oct 14 Last Checked: Oct 13 at 3:41AM

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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.

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 (±1% cap)

NOI $72,577 @ 7.0% cap · market cap 6.91%

Second Best

Apartment 5plus

$964.6K

$844.0K – $1.13M (±1% cap)

NOI $67,522 @ 7.0% cap · market cap 6.43%

Theoretical Best

Office A

$1.13M

$987.7K – $1.32M (±1% cap)

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

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Hair Salon Bakery Plumbing Service (Bike/Boat/Book/etc) Store Nail Salon Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,361

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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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