Renovation Triplex
6 Horton Place Portland, ME 04102
6 Horton Place, Portland, ME, 04102
$650,000
For Sale
$650,000
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 Market278
Property Features for 6 Horton Place
General Information
- Standard status
- Active
- Size
- 3,636 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
Ashby Real Estate
Listed by
Sheldon Ashby
(603) 433-3350
Source
Greatislandrealty
Added: Oct 17, 2025 Updated: Jul 10 at 2:13PM Checked: Jul 21 at 7:03AM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $115.6k | $31.80 |
| − Vacancy | −$6.9k | −$1.91 |
| EGI | $108.7k | $29.89 |
| − OpEx | −$48.9k | −$13.45 |
| NOI | $59.8k | $16.44 |
3,636 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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
