Historic Quadplex
For Sale
$1,250,000
Pending
68 Pleasant Street, Portland, ME 04101
Historic Greek Revival brick building with four one-bedroom, one-bath residences and a private courtyard entrance.
Property Size3,260 SF
Days on Market172
Property Features for 68 Pleasant Street
General Information
Standard status
Pending
Size
3,260 SF
Property subtype
Multi-Family
Zoning
RN-4
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$14,708
Amenities
Electric, Gas Natural, Baseboard, Direct Vent Heater
Interior Entry, Finished, Partial
Carpet, Wood
No
Yes
4
4.0
Porch
Composition, Shingle
No Driveway
Brick, Wood Siding
Building Details
Year Built
1840
Stories
2
Construction
Greek Revival
Listing Agency:
Keller Williams Realty
Listed By:
John Hayes
(207) 749-0669
Source:
Compass
Added: Mar 17
Changed: Aug 8
Last Checked: Jul 24 at 2:09PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This historic Greek Revival brick property was built in 1840 and has been thoughtfully stewarded over generations. The building features a private street-level entrance that leads to an interior courtyard, with staircases providing access to the four residences. Each unit is a one-bedroom, one-bath layout with generous ceiling height and abundant natural light, along with a consistent level of finish throughout.
Interiors blend historic character with clean, neutral updates, including brick fireplaces and original wood elements. Covered porches and classic Greek Revival proportions reflect the property’s architectural roots, while extensive renovations over the years are described as supporting comfort, functionality, and long-term durability.
The property is configured as four separate one-bedroom residences within a single landmark building, offering a turnkey residential income setup in Portland’s Old Port area.
Interiors blend historic character with clean, neutral updates, including brick fireplaces and original wood elements. Covered porches and classic Greek Revival proportions reflect the property’s architectural roots, while extensive renovations over the years are described as supporting comfort, functionality, and long-term durability.
The property is configured as four separate one-bedroom residences within a single landmark building, offering a turnkey residential income setup in Portland’s Old Port area.
Key Highlights
- Historic Nathan Nutter House built in 1840; Greek Revival brick residence recognized by Greater Portland Landmarks
- Four separate residences: each is a 1‑bedroom, 1‑bath unit in a single building
- Private street‑level entrance leads to an interior courtyard with stair access to the residences
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
$57,609
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
4.61%
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%
$1,152,180
$1.2M
Cap Rate 7%
$822,986
$823.0K
Cap Rate 9%
$640,100
$640.1K
Market Conditions
NOI Build-Up for 3,260 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
$88.0K $27.00/SF
− Vacancy
−$5.7K −$1.76/SF
EGI
$82.3K $25.25/SF
− OpEx
−$24.7K −$7.57/SF
NOI
$57.6K $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 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%
$1,152,180
Cap Rate 7%
$822,986
Cap Rate 9%
$640,100
Alternative Uses
Best Use
Multifamily LT 5
$823.0K
$720.1K – $960.2K
NOI $57,609 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$765.7K
$670.0K – $893.3K
NOI $53,596 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$896.0K
$784.0K – $1.05M
NOI $62,721 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
5,563
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?
Quadplex - Historic Greek Revival brick building with four one-bedroom, one-bath residences and a private courtyard entrance.
Where is this quadplex located?
The property is located at 68 Pleasant Street Portland, ME.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Historic Nathan Nutter House built in 1840; Greek Revival brick residence recognized by Greater Portland Landmarks; Four separate residences: each is a 1‑bedroom, 1‑bath unit in a single building; Private street‑level entrance leads to an interior courtyard with stair access to the residences
