Renovation Triplex
For Sale
$650,000
6 Horton Place, Portland, ME 04102
Three-unit triplex offered as a renovation project after water damage, providing a full interior reset for the next owner.
Property Size3,636 SF
Price / SF$178.77
Days on Market311
Property Features for 6 Horton Place
General Information
Standard status
Active
Size
3,636 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Ashby Real Estate
Listed By:
Sheldon Ashby
(603) 433-3350
Source:
Greatislandrealty
Added: Oct 22, 2025
Changed: Aug 28
Last Checked: Aug 26 at 9:20AM
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 Ashby Real Estate
Investment Insights
Based on property information with market context.
This three-unit triplex is being sold as a renovation project following water damage from frozen pipes. The property has been gutted down to the studs, leaving the interior largely stripped back and ready for new layouts, finishes, and systems decisions. It is configured as a multi-family income building with three separate units, making it well suited for an owner-operator contractor or an investor looking to complete the restoration through to re-lease.
The property is located at 6 Horton Place in Portland, Maine. The provided information does not include details on exterior condition, unit interiors beyond the gutted state, or specific site improvements, so prospective buyers should plan to verify the full scope of work during due diligence.
For investors and contractors, the appeal here is the clear “start from the studs” condition after the water event. Completion will require redevelopment of interior spaces and finishing, and the next owner will be able to tailor the property to the intended rental configuration. The building’s three-unit structure also supports a straightforward path to restoring a multi-family income property once renovation and permitting are completed.
The property is located at 6 Horton Place in Portland, Maine. The provided information does not include details on exterior condition, unit interiors beyond the gutted state, or specific site improvements, so prospective buyers should plan to verify the full scope of work during due diligence.
For investors and contractors, the appeal here is the clear “start from the studs” condition after the water event. Completion will require redevelopment of interior spaces and finishing, and the next owner will be able to tailor the property to the intended rental configuration. The building’s three-unit structure also supports a straightforward path to restoring a multi-family income property once renovation and permitting are completed.
Key Highlights
- 3‑unit triplex offered as a renovation project after water damage from frozen pipes
- Property has been gutted down to the studs, providing a full interior reset
- Year built: 1900
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$59,778
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,195,560
$1.2M
Cap Rate 7%
$853,971
$854.0K
Cap Rate 9%
$664,200
$664.2K
Market Conditions
NOI Build-Up for 3,636 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$115.6K $31.80/SF
− Vacancy
−$6.9K −$1.91/SF
EGI
$108.7K $29.89/SF
− OpEx
−$48.9K −$13.45/SF
NOI
$59.8K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,195,560
Cap Rate 7%
$853,971
Cap Rate 9%
$664,200
Alternative Uses
Best Use
Multifamily LT 5
$917.9K
$803.2K – $1.07M
NOI $64,254 @ 7.0% cap · market cap 9.89%
Second Best
Apartment 5plus
$854.0K
$747.2K – $996.3K
NOI $59,778 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$999.4K
$874.4K – $1.17M
NOI $69,955 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,612
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
Median Home Value
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-unit triplex offered as a renovation project after water damage, providing a full interior reset for the next owner.
Where is this triplex located?
The property is located at 6 Horton Place Portland, ME.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3‑unit triplex offered as a renovation project after water damage from frozen pipes; Property has been gutted down to the studs, providing a full interior reset; Year built: 1900
