Three-Unit Apartment Building with
New
For Sale
$759,000
613 Washington Avenue, Portland, ME 04103
Three residential units include two three-bedroom layouts and a spacious studio, with a detached garage for additional utility.
Property Size3,716 SF
Price / SF$204.25
Days on Market5
Property Features for 613 Washington Avenue
General Information
Standard status
Active
Size
3,716 SF
Total Parking Spaces
2
Property subtype
MULTI_FAMILY
Units
Unit Mix
2 x 3BR, 1 x studio
Multifamily Units
3
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$9,021
Building Details
Building Size
3,716 SF
Year Built
1900
Buildings
1
Listing Agency:
Kre Brokerage Group
Listed By:
Michael Jacobson
(207) 749-0270
Source:
Heathershieldsmaine
Added: Nov 2
Changed: Nov 4
Last Checked: Nov 4 at 2:20PM
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 Kre Brokerage Group
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,716-square-foot triplex, built in 1900, contains three apartments. The first- and second-floor units each have three bedrooms, while the top-floor apartment is a large studio with abundant natural light. A detached two-car garage adds separate vehicle storage. Building improvements include a full fire sprinkler system, newer gas boilers, and a space heater; lead abatement has also been completed.
The property is on the bus line and within walking distance of Back Cove and the Roux Institute.
The property is on the bus line and within walking distance of Back Cove and the Roux Institute.
Key Highlights
- Three apartments in a 3,716‑square‑foot building constructed in 1900
- First- and second‑floor apartments each have 3 bedrooms
- Top‑floor unit is a large studio with natural light
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,667
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,313,340
$1.3M
Cap Rate 7%
$938,100
$938.1K
Cap Rate 9%
$729,633
$729.6K
Market Conditions
NOI Build-Up for 3,716 SF
Gross rent
$100.3K $27.00/SF
− Vacancy
−$6.5K −$1.76/SF
EGI
$93.8K $25.25/SF
− OpEx
−$28.1K −$7.57/SF
NOI
$65.7K $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%
$1,313,340
Cap Rate 7%
$938,100
Cap Rate 9%
$729,633
Alternative Uses
Best Use
Multifamily LT 5
$938.1K
$820.8K – $1.09M
NOI $65,667 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$872.8K
$763.7K – $1.02M
NOI $61,093 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$1.02M
$893.7K – $1.19M
NOI $71,494 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
3
Residential units
Yes
Sprinkler system
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
$421,800
Median Home Value
Market
Average Price Trend$/SF for Triplexes in Portland, ME
Properties on Market for Triplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include two three-bedroom layouts and a spacious studio, with a detached garage for additional utility.
Where is this triplex located?
The property is located at 613 Washington Avenue Portland, ME.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: Three apartments in a 3,716‑square‑foot building constructed in 1900; First- and second‑floor apartments each have 3 bedrooms; Top‑floor unit is a large studio with natural light
