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    605 Washington Avenue Portland, ME 04103

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    New
    For Sale
    $650,000

    MULTI_FAMILY - Other - Portland, ME

    Property size:
    2,612 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $248/SF
    Added:
    May 5, 2026
    Days on Market:
    2
    Last Refresh:
    May 6 at 7:06 am

    Property Features for 605 Washington Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RN3
    Bathrooms
    2
    Rooms
    Bathroom 1, Basement, Bathroom 2
    Parking features
    Off Street
    Patio and Porch features
    Porch, Deck
    Interior features
    Bathtub, Shower
    Fencing
    Fenced
    Basement
    Full, Unfinished
    Standard status
    Active
    Size
    2,612 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    7522

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating)
    Water source
    Public

    Building Details

    Year built
    1905
    Number of units
    2
    Flooring type
    Laminate, Carpet
    Building materials
    Vinyl Siding, Aluminum Siding, Wood Frame
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Karen Edgcombe

    Listing agent Karen Edgcombe

    Listing office Maine Real Estate Co 685 US Route 1, Scarborough, ME

    Listing date May 5, 2026

    MLS# 1635440 Listing URL

    Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Portland Duplex with Attic Potential

    This property on Washington Ave in Portland, ME, presents an investment opportunity with two spacious 4-bedroom, 1-bath units. Each apartment offers over 1,000 square feet of living space, featuring large bedrooms, flexible living/dining layouts, and period details. A full walk-up attic, accessible by two existing staircases, offers potential for an additional unit or expanded living space, subject to buyer verification with the City of Portland. The full basement provides storage and utilities, including blown insulation, two newer natural gas wall-hung boilers, and washer/dryer hookups. A garage in fair condition offers extra storage for tenants or the property owner. The property includes off-street parking on a nearly completely fenced-in lot. Located in-town, it is close to restaurants, coffee shops, transit options, and parks. A bus stop is conveniently located outside the Washington Avenue entrance. The property is zoned RN3 and has a lot size of 0.16 acres. The building size is 2,612 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Dental Office Spa & Massage Center Hair Salon Restaurant Nail Salon Building Supply Daycare Center Auto Repair Shop Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Cumberland
    State
    Maine
    Longitude
    -70.261042
    Latitude
    43.682396

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    FAQs

    What type of property is this?
    Duplex - Investment opportunity: spacious units, attic potential, convenient location.
    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 $650,000.
    What are key features of this property?
    This property features: Two spacious 4‑bedroom units, each over 1,000 square feet.; Excellent potential to add value by finishing the full walk‑up attic (buyer to verify).; In‑town location close to restaurants, coffee, transit, and parks.
    (207) 523-0198
    We can help!
    Listing Contact
    Karen Edgcombe
    Learn More
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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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