Five-Unit Colonial Apartment
For Sale
$2,690,000
63-69 Morning Street, Portland, ME 04101
Multi-Family, Portland, ME
Property Size6,283 SF
Lot Size0.17 Acres
Price / SF$428.14
Days on Market49
Property Features for 63-69 Morning Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-4
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bathroom 6, Bathroom 1, Bathroom 5, Bathroom 3, Basement, Bathroom 2
Basement
Walk-Out Access, Full, Unfinished
Lot features
Open, Level, Sidewalks, Near Public Beach, Near Turnpike/ Interstate
Standard status
Active
Size
6,283 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
12517
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1922
Number of units
5
Flooring type
Wood, Carpet, Tile, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Membrane, Shingle
Architectural style
Colonial
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Briton Vitalius
(207) 541-3755
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 31 at 10:06AM
MLS# 1662865
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.
Investment Insights
Based on property information with market context.
This multifamily property combines a Colonial-style residence built in 1922 with a connected two-unit addition constructed in 1987. The 6,283-square-foot property contains five apartments, including two one-bedroom units on the first floor and an upper residence with more than three bedrooms, two baths, enclosed decks, and Casco Bay views. Architectural features include wood flooring, carpet, tile, vinyl, wood-frame construction, and vinyl siding.
The property occupies 0.17 acres at 63-69 Morning Street in Portland, near the Eastern Promenade. Seven off-street parking spaces are provided through two garage bays and five outdoor spaces. Public water and public sewer serve the buildings, while heating is provided by natural-gas hot-water baseboard systems. The property is zoned RN-4.
The property occupies 0.17 acres at 63-69 Morning Street in Portland, near the Eastern Promenade. Seven off-street parking spaces are provided through two garage bays and five outdoor spaces. Public water and public sewer serve the buildings, while heating is provided by natural-gas hot-water baseboard systems. The property is zoned RN-4.
Key Highlights
- Five‑unit multifamily property totaling 6,283 square feet
- Main Colonial residence built in 1922; connected two‑unit addition constructed in 1987
- Upper residence includes 3+ bedrooms, two baths, enclosed decks, and Casco Bay views
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 - Two connected buildings offer five units, garage parking, public utilities, and views toward Casco Bay.
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 totaling 6,283 square feet; Main Colonial residence built in 1922; connected two‑unit addition constructed in 1987; Upper residence includes 3+ bedrooms, two baths, enclosed decks, and Casco Bay views
