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    Updated Two-Family Near Woodfords Corner Title is generated by Realmo AI

    60-62 Ocean Avenue, Portland, ME 04103

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    For Sale
    $849,000

    Updated two-family near shops, restaurants, and Heseltine Park.

    Type:Multi-Family
    Property size:
    2,650 SF
    Lot size:
    0.33 Acres
    Price / SF:
    $320/SF
    Added:
    Mar 17, 2026
    Days on Market:
    80
    Last Refresh:
    Mar 18 at 8:19 am

    Property Features for 60-62 Ocean Avenue

    General Information

    Standard status
    Active
    Size
    2,650 SF
    Lot size
    0.33 Acres
    Property subtype
    Multi-Family

    Building Details

    Year Built
    1880

    We can help!

    Listing Contact
    Thomas Landry

    Listing agent Thomas Landry

    Listing office Benchmark Real Estate

    Listing date Mar 17, 2026

    Source Compass

    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 Benchmark Real Estate

    HighLights

    • Move‑in ready two‑family home, a great alternative to single‑family living.
    • Owner's unit boasts a private entrance, townhouse‑style layout, 2 bedrooms, 2 full baths, office, and private deck.
    • Rental income potential or multi‑generational living with a separate one‑bedroom lower‑level unit.
    • Large third‑of‑an‑acre lot provides exceptional outdoor space.
    • Walking distance to shops, restaurants, Back Cove, and directly adjacent to Heseltine Park.
    • In‑unit laundry and efficient mini‑split heat pumps for heating and cooling in both units.

    Overview

    This updated two-family property is located just outside Portland's Woodfords Corner neighborhood, within walking distance of shops, restaurants, boutiques, and Back Cove, and directly adjacent to Heseltine Park. The owner's unit features a private entrance and townhouse-style layout with two bedrooms, two full baths, two living rooms, an office, and a private rear deck overlooking the expansive yard. A separate lower-level one-bedroom unit provides flexibility for rental income, guests, or multigenerational living. Both units include in-unit laundry and efficient mini-split heat pumps providing heating and air conditioning. The property has been extensively and thoughtfully rehabilitated, with major improvements including roof replacement, exterior painting, and comprehensive interior updates. Each unit offers a level of high-end fit and finish while preserving original period charm. Set on a third-of-an-acre lot, the outdoor space is ideal for entertaining, gardening, gatherings around the fire pit, or even keeping chickens. Raised garden beds and generous green space create a sense of privacy. The property includes off-street parking and outdoor amenities. The property size is 2650 square feet. This is a perfect owner-occupied or mixed-generation property.

    Local Financial Insights For Multifamily LT 5

    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 $71.6k $27.00
    − Vacancy −$4.7k −$1.76
    EGI $66.9k $25.25
    − OpEx −$20.1k −$7.57
    NOI $46.8k $17.67
    2,650 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $669.0K
    $585.4K – $780.5K (±1% cap)
    NOI $46,829 @ 7.0% cap · market cap 5.52%
    Second Best
    Apartment 5plus
    $622.4K
    $544.6K – $726.1K (±1% cap)
    NOI $43,568 @ 7.0% cap · market cap 5.13%
    Theoretical Best
    Office A
    $728.4K
    $637.3K – $849.8K (±1% cap)
    NOI $50,985 @ 7.0% cap · market cap 6.01%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.2834336
    Latitude
    43.6738736

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    FAQs

    What type of property is this?
    Duplex - Updated two-family near shops, restaurants, and Heseltine Park.
    Where is this duplex located?
    The property is located at 60-62 Ocean Avenue Portland, ME.
    What is the asking price?
    The asking price for this property is $849,000.
    What are key features of this property?
    This property features: Move‑in ready two‑family home, a great alternative to single‑family living.; **Owner's unit boasts a private entrance, townhouse‑style layout, 2 bedrooms, 2 full baths, office, and private deck.**; Rental income potential or multi‑generational living with a separate one‑bedroom lower‑level unit.
    (207) 775-0248
    We can help!
    Listing Contact
    Thomas Landry
    Learn More
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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