Duplex with Walk-Up
For Sale
$550,000
605 Washington Ave, Portland, ME 04103
Two four-bedroom, one-bath units include flexible layouts, basement utility space, and off-street parking.
Property Size2,612 SF
Price / SF$210.57
Days on Market40
Property Features for 605 Washington Ave
General Information
Standard status
Active
Size
2,612 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
ready for your finishing touch
Units
Unit Mix
2 x 4BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
washer/dryer hookups
off-street parking
fenced yard
Building Details
Year Built
1905
Listing Agency:
Maine Real Estate Co
(207) 523-0198
Listed By:
Karen Edgcombe
Source:
Soldbymichaelthomas
Added: Jul 21
Changed: Aug 27
Last Checked: Aug 28 at 12:41PM
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 Maine Real Estate Co
Investment Insights
Based on property information with market context.
This 1905 duplex contains two apartments, each measuring more than 1,000 square feet with four bedrooms and one bathroom. The units feature substantial bedroom space, adaptable living and dining areas, and period architectural details. A walk-up attic is reached by two staircases and may offer additional configuration options, subject to buyer verification with the City of Portland. The full basement provides storage and utility space, with blown insulation, two newer natural gas wall-hung boilers, and washer/dryer hookups.
A garage in fair condition adds storage capacity, while the nearly completely fenced lot includes off-street parking. The property is located at 605 Washington Ave in Portland, near restaurants, coffee shops, transit, and parks. A bus stop is positioned outside the Washington Avenue entrance.
A garage in fair condition adds storage capacity, while the nearly completely fenced lot includes off-street parking. The property is located at 605 Washington Ave in Portland, near restaurants, coffee shops, transit, and parks. A bus stop is positioned outside the Washington Avenue entrance.
Key Highlights
- Two 4‑bedroom/1‑bath apartments, each more than 1,000 square feet
- Walk‑up attic with two existing staircases; buyer to verify additional‑unit potential with the City of Portland
- Full basement with blown insulation, two newer natural gas wall hung boilers, and washer/dryer hookups
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
$46,158
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
8.39%
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%
$923,160
$923.2K
Cap Rate 7%
$659,400
$659.4K
Cap Rate 9%
$512,867
$512.9K
Market Conditions
NOI Build-Up for 2,612 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
$70.5K $27.00/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$65.9K $25.25/SF
− OpEx
−$19.8K −$7.57/SF
NOI
$46.2K $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 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%
$923,160
Cap Rate 7%
$659,400
Cap Rate 9%
$512,867
Alternative Uses
Best Use
Multifamily LT 5
$659.4K
$577.0K – $769.3K
NOI $46,158 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$613.5K
$536.8K – $715.7K
NOI $42,943 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$717.9K
$628.2K – $837.6K
NOI $50,254 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two four-bedroom, one-bath units include flexible layouts, basement utility space, and off-street parking.
Where is this duplex located?
The property is located at 605 Washington Ave Portland, ME.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two 4‑bedroom/1‑bath apartments, each more than 1,000 square feet; Walk‑up attic with two existing staircases; buyer to verify additional‑unit potential with the City of Portland; Full basement with blown insulation, two newer natural gas wall hung boilers, and washer/dryer hookups
