Three-Unit Victorian
For Sale
$1,050,000
583 Washington Avenue, Portland, ME 04103
Multi-Family, Portland, ME
Property Size4,107 SF
Lot Size6,156.00 Acres
Price / SF$255.66
Days on Market12
Property Features for 583 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 2
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Bathtub, Pantry, Shower, Storage
Fencing
Fenced
Basement
Full, Finished
Lot features
Well Landscaped, Sidewalks, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Suburban, Near Public Transit
Standard status
Active
Size
4,107 SF
Lot size
6,156.00 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10897
Utilities
Sewer type
Public Sewer
Heating system
Oil, Steam
Water source
Public
Amenities
off street parking
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Tile, Hardwood
Building materials
Wood Frame, Vinyl Siding
Roof type
Membrane
Architectural style
Victorian
Additional Structures
Storage
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 773-1990
Listed By:
Marguerite Gilfoil
(207) 671-8392
Added: Sep 25
Changed: Oct 5
Last Checked: Oct 6 at 8:06AM
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.
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.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
356
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
Questions? Ask Rey
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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
