10-Unit Multifamily Apartment
7 Huntress Street Portland, ME 04102
For Sale
$2,195,000
Professionally managed 10-unit building with recent interior updates, new laundry equipment, and nine on-site parking spaces.
Property Size9,980 SF
Price / SF$219.94
Days on Market46
Property Features for 7 Huntress Street
General Information
- Standard status
- Active
- Size
- 9,980 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1910
Listing Agency:
RE/MAX Shoreline
Listed By:
Erin Finley
(603) 866-2942
Source:
Profoundrealestate
Added: Jun 8
Changed: Jul 21
Last Checked: Jul 23 at 7:38AM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
7 Huntress Street is a professionally managed 10-unit multifamily apartment building with a range of recent capital improvements. Ownership has replaced the original cast iron plumbing with PVC and completed recent boiler servicing. Additional updates include repairs to the rubber roof, new carpeting in one apartment and the right-side common hallway, new ceilings in two units, updated blinds and interior paint, and a new bathroom window. Several units also feature updated appliances, including a new stove, refrigerator, and sink in one unit, along with two new washers and two new dryers. Six apartments have modern keyless entry systems.
The property includes nine total parking spaces, with four garage bays plus additional off-street parking. The building is described as being well positioned near Maine Medical Center, Thompson’s Point, downtown Portland, and major transportation routes.
This is offered for sale as a maintained, turnkey multifamily asset with meaningful recent updates and an on-site parking advantage.
The property includes nine total parking spaces, with four garage bays plus additional off-street parking. The building is described as being well positioned near Maine Medical Center, Thompson’s Point, downtown Portland, and major transportation routes.
This is offered for sale as a maintained, turnkey multifamily asset with meaningful recent updates and an on-site parking advantage.
Key Highlights
- 10‑unit multifamily building built in 1910, professionally managed.
- Recent updates include replacement of original cast iron plumbing with PVC and recent boiler servicing.
- Repairs completed to the rubber roof; new carpeting added in one apartment and the right‑side common hallway.
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 | $317.4k | $31.80 |
| − Vacancy | −$19.0k | −$1.91 |
| EGI | $298.3k | $29.89 |
| − OpEx | −$134.2k | −$13.45 |
| NOI | $164.1k | $16.44 |
9,980 SF · lease $31.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.34M
$2.05M – $2.73M
NOI $164,077 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $192,011 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Artopa, LLC
Marketing & Advertising
FAQs
What type of property is this?
Apartment building - Professionally managed 10-unit building with recent interior updates, new laundry equipment, and nine on-site parking spaces.
Where is this apartment building located?
The property is located at 7 Huntress Street Portland, ME.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: 10‑unit multifamily building built in 1910, professionally managed.; Recent updates include replacement of original cast iron plumbing with PVC and recent boiler servicing.; Repairs completed to the rubber roof; new carpeting added in one apartment and the right‑side common hallway.
