5-Unit Apartment Building with Bay
For Sale
$2,690,000
63-69 Morning Street, Portland, ME 04101
Colonial Revival character, a newer apartment addition, and dedicated parking support flexible multifamily use near the Eastern Promenade.
Property Size6,283 SF
Price / SF$428.14
Days on Market108
Property Features for 63-69 Morning Street
General Information
Standard status
Active
Size
6,283 SF
Total Parking Spaces
7
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
5
Building Details
Year Built
1922
Buildings
1
Construction
Colonial Revival
Listing Agency:
Vitalius Real Estate Group,LLC
Listed By:
Briton Vitalius
(207) 536-4222
Source:
Portsiderealestategroup
Added: May 17
Changed: Aug 31
Last Checked: Aug 31 at 8:30PM
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
Investment Insights
Based on property information with market context.
Located at 63-69 Morning Street, this multifamily property combines a Colonial Revival residence built in 1922 with a connected two-unit addition completed in 1987. The original structure contains three apartments, including two one-bedroom units on the first floor and an upper residence with 3+ bedrooms, two baths, enclosed decks, and Casco Bay views from the third floor. The property totals 6,283 square feet.
The adjoining addition provides two additional units and expands the property's configuration across the two connected addresses. Seven off-street parking spaces are included, comprising two garage bays and five outdoor spaces. Positioned one door from the Eastern Promenade, the property offers a five-unit layout with a mix of preserved architectural features, updated interiors, and flexible residential arrangements.
The adjoining addition provides two additional units and expands the property's configuration across the two connected addresses. Seven off-street parking spaces are included, comprising two garage bays and five outdoor spaces. Positioned one door from the Eastern Promenade, the property offers a five-unit layout with a mix of preserved architectural features, updated interiors, and flexible residential arrangements.
Key Highlights
- Five‑unit multifamily property at 63‑69 Morning Street
- 6,283 square feet across a 1922 Colonial Revival residence and 1987 addition
- Unit mix includes two first‑floor one‑bedroom apartments and an upper 3+ bedroom residence
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
$103,296
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
3.84%
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%
$2,065,920
$2.1M
Cap Rate 7%
$1,475,657
$1.5M
Cap Rate 9%
$1,147,733
$1.1M
Market Conditions
NOI Build-Up for 6,283 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
$199.8K $31.80/SF
− Vacancy
−$12.0K −$1.91/SF
EGI
$187.8K $29.89/SF
− OpEx
−$84.5K −$13.45/SF
NOI
$103.3K $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 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%
$2,065,920
Cap Rate 7%
$1,475,657
Cap Rate 9%
$1,147,733
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.29M – $1.72M
NOI $103,296 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,882 @ 7.0% cap · market cap 4.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,298
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Colonial Revival character, a newer apartment addition, and dedicated parking support flexible multifamily use near the Eastern Promenade.
Where is this apartment building located?
The property is located at 63-69 Morning Street Portland, ME.
What is the asking price?
The asking price for this property is $2,690,000.
What are key features of this property?
This property features: Five‑unit multifamily property at 63‑69 Morning Street; 6,283 square feet across a 1922 Colonial Revival residence and 1987 addition; Unit mix includes two first‑floor one‑bedroom apartments and an upper 3+ bedroom residence
