3-Unit Multifamily with
For Sale
$1,050,000
583 Washington Avenue 3-units, Portland, ME 04103
Each residence has three bedrooms, separate living and dining rooms, and an updated kitchen.
Property Size4,107 SF
Price / SF$255.66
Days on Market9
Property Features for 583 Washington Avenue 3-units
General Information
Standard status
Active
Size
4,107 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty
Listed By:
Marguerite Gilfoil
(207) 671-8392
Source:
Soldbymichaelthomas
Added: Sep 28
Changed: Oct 6
Last Checked: Oct 5 at 9:56PM
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
Investment Insights
Based on property information with market context.
Built in 1900, this 4,107-square-foot triplex contains three residences, each arranged with three bedrooms, one bathroom, a living room, dining room, kitchen, pantry, and private storage. Hardwood flooring extends throughout, and each unit has an updated kitchen. Two units also have outdoor porches. The property includes coin-operated laundry and 11 off-street parking spaces. The roof and 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, with a nearby bus stop. Back Cove’s running trail and the Roux Institute campus are within walking distance.
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.
Key Highlights
- Three residences, each with three bedrooms and one bathroom
- 4,107 square feet across the triplex; 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.
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Each residence has three bedrooms, separate living and dining rooms, and an updated kitchen.
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 residences, each with three bedrooms and one bathroom; 4,107 square feet across the triplex; built in 1900; 11 off‑street parking spaces
