Four-Unit Multifamily with Commercial
For Sale
$2,250,000
69 Newbury Street, Portland, ME 04101
MULTI_FAMILY - Portland, ME
Property Size4,438 SF
Lot Size0.04 Acres
Price / SF$506.99
Days on Market49
Property Features for 69 Newbury Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
IS-FBC
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 3, Bathroom 2, Bathroom 1, Basement
Parking features
Off Street
Basement
Walk-Out Access
Lot features
Level, Sidewalks, Intown, Near Public Beach, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Near Public Transit
Standard status
Active
Size
4,438 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9946
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating), Baseboard, Oil, Hot Water(Heating)
Cooling system
Window Unit(s), Heat Pump
Water source
Public
Building Details
Year built
1905
Floors in Building
3
Number of units
4
Flooring type
Laminate, Carpet, Hardwood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
Harborview Properties, Inc.
(207) 878-7802
Listed By:
Francis Curran
(207) 878-7802
Added: Jul 13
Changed: Aug 1
Last Checked: Aug 30 at 10:06PM
MLS# 1671572
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.
Four-unit mixed-use multifamily property featuring three residential apartments and one commercial space. The residential units include a completely renovated two-bedroom, one-bathroom apartment with a bonus room; a two-bedroom, one-bathroom apartment; and a renovated three-bedroom, two-bathroom apartment. The property has extensive capital improvements, including a new roof in 2023, new siding, new windows, three new heat pumps, updated plumbing and electrical systems, and renovated kitchens and bathrooms.
The building is wood frame with vinyl siding and was built in 1905. Interior finishes include laminate, carpet, and hardwood flooring. Heating is provided by electric, heat pumps, baseboard, oil, and hot water, with cooling via window units and heat pumps. The roof is shingle.
The site is 0.04 acres with a total property size of 4,438 SF. Water is public and sewer is public sewer, with off-street parking available. The property is zoned IS-FBC.
The building is wood frame with vinyl siding and was built in 1905. Interior finishes include laminate, carpet, and hardwood flooring. Heating is provided by electric, heat pumps, baseboard, oil, and hot water, with cooling via window units and heat pumps. The roof is shingle.
The site is 0.04 acres with a total property size of 4,438 SF. Water is public and sewer is public sewer, with off-street parking available. The property is zoned IS-FBC.
Key Highlights
- Four units total: three residential apartments plus one commercial space
- New roof (2023) plus new siding and new windows
- Three new heat pumps and updated plumbing and electrical systems
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
Retail
$663.0K
$580.2K – $773.6K
NOI $46,413 @ 7.0% cap · market cap 2.06%
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
Multi-tenant
Tenancy
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?
Multifamily property - Four-unit mixed-use property with three residential apartments and one commercial space, zoned IS-FBC, with off-street parking.
Where is this multifamily property located?
The property is located at 69 Newbury Street 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: Four units total: three residential apartments plus one commercial space; New roof (2023) plus new siding and new windows; Three new heat pumps and updated plumbing and electrical systems
