Renovated Mixed-Use
For Sale
$2,250,000
69 Newbury St, Portland, ME 04101
Four-unit configuration includes three apartments and a commercial space in Portland’s East End.
Property Size4,438 SF
Price / SF$506.99
Days on Market48
Property Features for 69 Newbury St
General Information
Standard status
Active
Size
4,438 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA with bonus room, 1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Building Details
Year Built
1905
Listing Agency:
Harborview Properties, Inc.
(207) 879-9800
Listed By:
Francis Curran
Source:
Soldbymichaelthomas
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 30 at 7:05PM
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 Harborview Properties, Inc.
Investment Insights
Based on property information with market context.
Located at 69 Newbury St in Portland, this 4,438 SF mixed-use property contains four units: three residential apartments and one commercial space. The apartments include a renovated two-bedroom, one-bath unit with a bonus room, a second two-bedroom, one-bath unit, and a renovated three-bedroom, two-bath unit. Improvements include updated kitchens and bathrooms, new siding and windows, three heat pumps, and upgraded plumbing and electrical systems.
The property is near the Eastern Promenade, East End Beach, the Old Port, Portland’s waterfront, restaurants, breweries, coffee shops, and local shops. A new roof was installed in 2023, and the commercial portion has also received substantial improvements. The property was built in 1905. Showings are available by appointment with at least 48 hours’ notice.
The property is near the Eastern Promenade, East End Beach, the Old Port, Portland’s waterfront, restaurants, breweries, coffee shops, and local shops. A new roof was installed in 2023, and the commercial portion has also received substantial improvements. The property was built in 1905. Showings are available by appointment with at least 48 hours’ notice.
Key Highlights
- 4,438 SF mixed‑use property with four units
- Three residential apartments plus one commercial space
- Renovated 3‑bedroom, 2‑bath apartment
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
$72,963
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
3.24%
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%
$1,459,260
$1.5M
Cap Rate 7%
$1,042,329
$1.0M
Cap Rate 9%
$810,700
$810.7K
Market Conditions
NOI Build-Up for 4,438 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
$141.1K $31.80/SF
− Vacancy
−$8.5K −$1.91/SF
EGI
$132.7K $29.89/SF
− OpEx
−$59.7K −$13.45/SF
NOI
$73.0K $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%
$1,459,260
Cap Rate 7%
$1,042,329
Cap Rate 9%
$810,700
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$912.0K – $1.22M
NOI $72,963 @ 7.0% cap · market cap 3.24%
Second Best
Mixed Use
$787.4K
$689.0K – $918.7K
NOI $55,120 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,385 @ 7.0% cap · market cap 3.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,730
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?
Mixed-use property - Four-unit configuration includes three apartments and a commercial space in Portland’s East End.
Where is this mixed-use property located?
The property is located at 69 Newbury St Portland, ME.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 4,438 SF mixed‑use property with four units; Three residential apartments plus one commercial space; Renovated 3‑bedroom, 2‑bath apartment
