Eastern Promenade Multifamily Investment
63-69 Morning Street Portland, ME 04101
63-69 Morning Street, Portland, ME, 04101
$2,690,000
For Sale
$2,690,000
Rare 5-unit building near Eastern Promenade with investment and owner-occupancy potential.
Property Size6,283 SF
Price / SF$428.14
Days on Market72
Property Features for 63-69 Morning Street
General Information
- Standard status
- Active
- Size
- 6,283 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1915
Listing Agency
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed by
Briton Vitalius
(207) 541-3755
Source
Compass
Added: May 7 Checked: Jul 16 at 8:12 am
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.
This rare 5-unit building is located one door from the Eastern Promenade. The main residence, located at 69 Morning Street, is a Colonial Revival building constructed in 1922. It currently features three thoughtfully maintained units rich with preserved architectural detail and tasteful updates. The first floor contains two one-bedroom units, while the upper residence spans 3+ bedrooms, two baths, enclosed decks, and sweeping Casco Bay views from the third floor. Connected at 63 Morning Street is an adjoining 2-unit addition constructed in 1987. It presents multiple possibilities to retain the existing layout as a straightforward income-producing property, or reimagine it entirely. The layout is a genuine blank canvas. The property offers five off-street parking spaces and two garage bays. This property presents a unique opportunity for investors, owner-occupants, or those seeking a multigenerational compound in the heart of the Eastern Promenade. The property size is 6,283 square feet.
Key Highlights
- Prime Location: One door from the Eastern Promenade in a highly desirable Portland neighborhood.
- Multi‑Unit Income Potential: Features a 5‑unit building with existing income‑producing units.
- Flexible Layout and Renovation Potential: Adjoining 2‑unit addition offers a blank canvas for reimagining the space.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $199.8k | $31.80 |
| − Vacancy | −$12.0k | −$1.91 |
| EGI | $187.8k | $29.89 |
| − OpEx | −$84.5k | −$13.45 |
| NOI | $103.3k | $16.44 |
6,283 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Rare 5-unit building near Eastern Promenade with investment and owner-occupancy potential.
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: Prime Location: One door from the Eastern Promenade in a highly desirable Portland neighborhood.; Multi‑Unit Income Potential: Features a 5‑unit building with existing income‑producing units.; Flexible Layout and Renovation Potential: Adjoining 2‑unit addition offers a blank canvas for reimagining the space.
