Five-Unit Apartment Building with Corner
For Sale
$1,495,000
61 Wilson Street, Portland, ME 04101
Five-unit apartment building with a corner location and five-unit layout currently featuring three three-bedroom units plus one- and two-bedroom units.
Property Size6,100 SF
Price / SF$245.08
Days on Market108
Property Features for 61 Wilson Street
General Information
Standard status
Active
Size
6,100 SF
Property subtype
Multi-family
Units
Unit Mix
3 x 3BR/1BA, 1 x 1BR, 1 x 2BR
Multifamily Units
5
Building Details
Year Built
1915
Buildings
1
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(207) 318-2555
Source:
Profoundrealestate
Added: Jul 22
Changed: Nov 5
Last Checked: Nov 4 at 5:14PM
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 Vitalius Real Estate Group,LLC
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Investment Insights
Based on property information with market context.
Situated on the prominent corner of Munjoy and Wilson Streets in Portland, this five-unit apartment building offers approximately 6,100 square feet of living space. Originally built as four 1,500 SF apartments, the property is currently configured with three three-bedroom, one-bath apartments that each include generous living rooms, separate dining rooms, and full kitchens. The remaining floor features a one-bedroom unit and a two-bedroom unit.
The building abuts neighborhood green space and is described as just a few blocks from the Eastern Promenade, placing it in a highly walkable area. With a building constructed in 1915, the property presents multiple redevelopment and reconfiguration pathways, including options to restore the original four-unit layout or pursue a conversion approach.
For an owner-occupant or investor/developer, the practical takeaway is the flexibility of the existing unit mix and the opportunity to revisit the building’s configuration to match a future plan.
The building abuts neighborhood green space and is described as just a few blocks from the Eastern Promenade, placing it in a highly walkable area. With a building constructed in 1915, the property presents multiple redevelopment and reconfiguration pathways, including options to restore the original four-unit layout or pursue a conversion approach.
For an owner-occupant or investor/developer, the practical takeaway is the flexibility of the existing unit mix and the opportunity to revisit the building’s configuration to match a future plan.
Key Highlights
- Corner apartment building on Munjoy and Wilson Streets
- Approximately 6,100 square feet of living space
- Currently configured as three three‑bedroom, one‑bath units plus one one‑bedroom and one two‑bedroom unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$100,288
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,005,760
$2.0M
Cap Rate 7%
$1,432,686
$1.4M
Cap Rate 9%
$1,114,311
$1.1M
Market Conditions
NOI Build-Up for 6,100 SF
Gross rent
$194.0K $31.80/SF
− Vacancy
−$11.6K −$1.91/SF
EGI
$182.3K $29.89/SF
− OpEx
−$82.1K −$13.45/SF
NOI
$100.3K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,005,760
Cap Rate 7%
$1,432,686
Cap Rate 9%
$1,114,311
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,288 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,361 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,776
Businesses Nearby
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Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Portland, ME
Properties on Market for Apartment buildings in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit apartment building with a corner location and five-unit layout currently featuring three three-bedroom units plus one- and two-bedroom units.
Where is this apartment building located?
The property is located at 61 Wilson Street Portland, ME.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Corner apartment building on Munjoy and Wilson Streets; Approximately 6,100 square feet of living space; Currently configured as three three‑bedroom, one‑bath units plus one one‑bedroom and one two‑bedroom unit
