Duplex with Walk-Up
For Sale
$550,000
605 Washington Avenue, Portland, ME 04103
Two residential units feature flexible layouts, basement utility space, and off-street parking.
Property Size2,612 SF
Price / SF$210.57
Days on Market215
Property Features for 605 Washington Avenue
General Information
Standard status
Active
Size
2,612 SF
Property subtype
Multi-family
Lease Term
[]
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 4BR/1BA
Multifamily Units
2
Building Details
Year Built
1905
Listing Agency:
Maine Real Estate Co
Listed By:
Karen Edgcombe
(207) 523-0198
Source:
Portsiderealestategroup
Added: Mar 17
Changed: Oct 16
Last Checked: Oct 16 at 9:26AM
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
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Investment Insights
Based on property information with market context.
This 1905 duplex contains two apartments, each configured with four bedrooms and one bathroom across more than 1,000 square feet. The units include generous bedroom areas, adaptable living and dining arrangements, and period architectural elements. A full walk-up attic has two existing staircases and may offer additional residential or living space, 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 offers additional storage, while the nearly completely fenced lot includes off-street parking. The property is located on Washington Avenue near restaurants, coffee shops, transit, and parks, with a bus stop outside the Washington Avenue entrance. Zoning is RN3.
The full basement provides storage and utility space, with blown insulation, two newer natural gas wall-hung boilers, and washer/dryer hookups. A garage offers additional storage, while the nearly completely fenced lot includes off-street parking. The property is located on Washington Avenue near restaurants, coffee shops, transit, and parks, with a bus stop outside the Washington Avenue entrance. Zoning is RN3.
Key Highlights
- Duplex with two 4‑bedroom/1‑bath units, each measuring 1,000+ square feet
- Full walk‑up attic served by two existing staircases; additional use subject to City of Portland verification
- Full basement includes blown insulation, two newer natural gas wall hung boilers, and washer/dryer hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,158
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,361
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature flexible layouts, basement utility space, and off-street parking.
Where is this duplex located?
The property is located at 605 Washington Avenue 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: Duplex with two 4‑bedroom/1‑bath units, each measuring 1,000+ square feet; Full walk‑up attic served by two existing staircases; additional use subject to City of Portland verification; Full basement includes blown insulation, two newer natural gas wall hung boilers, and washer/dryer hookups
