10-Unit Apartment
For Sale
$2,195,000
7 Huntress Street, Portland, ME 04102
Multi-Family, Portland, ME
Property Size9,980 SF
Lot Size0.24 Acres
Price / SF$219.94
Days on Market57
Property Features for 7 Huntress Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 9, Bathroom 2, Bathroom 3, Bathroom 7, Bathroom 8, Basement, Bathroom 10, Bathroom 6, Bathroom 4, Bathroom 1, Bathroom 5
Parking features
Off Street
Interior features
Bathtub, Storage
Basement
Full, Unfinished, Finished, Walk-Out Access, Daylight
Lot features
Well Landscaped, Corner Lot, Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Neighborhood, Near Public Transit, Near Railroad
Standard status
Active
Size
9,980 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
21928
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Zoned, Other (Heating), Baseboard, Natural Gas
Water source
Public
Amenities
keyless entry systems
on-site laundry
Building Details
Year built
1910
Floors in Building
3
Number of units
10
Flooring type
Carpet, Wood, Laminate, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Flat, Membrane
Additional Structures
Storage
Listing Agency:
RE/MAX Shoreline · RE/MAX International
(207) 553-7500
Listed By:
Erin Finley
(207) 831-9136
Added: Jul 18
Changed: Sep 4
Last Checked: Sep 12 at 3:06AM
MLS# 1666409
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.
This 10-unit apartment property occupies a 0.24-acre parcel and contains 9,980 square feet. Built in 1910, the wood-frame building has vinyl siding, a flat membrane roof, public water and public sewer, and natural-gas hot-water baseboard heating with zoned controls. Interior finishes include carpet, wood, vinyl, and laminate flooring, along with storage areas and bathtubs.
Recent work includes PVC replacement of original cast-iron plumbing, boiler servicing, membrane-roof repairs, interior painting, updated blinds, new ceilings, a bathroom window replacement, and appliance upgrades in one apartment. The property also has two new washers, two new dryers, and keyless entry in six apartments.
Parking includes nine total spaces, with four garage bays and additional off-street spaces. The property is near Maine Medical Center, Thompson's Point, downtown Portland, and major transportation routes. R6 zoning applies.
Recent work includes PVC replacement of original cast-iron plumbing, boiler servicing, membrane-roof repairs, interior painting, updated blinds, new ceilings, a bathroom window replacement, and appliance upgrades in one apartment. The property also has two new washers, two new dryers, and keyless entry in six apartments.
Parking includes nine total spaces, with four garage bays and additional off-street spaces. The property is near Maine Medical Center, Thompson's Point, downtown Portland, and major transportation routes. R6 zoning applies.
Key Highlights
- 10‑unit apartment building with 9,980 square feet on 0.24 acres
- Nine total parking spaces, including four garage bays
- R6 zoning with public water and public sewer
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
$164,077
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
7.48%
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%
$3,281,540
$3.3M
Cap Rate 7%
$2,343,957
$2.3M
Cap Rate 9%
$1,823,078
$1.8M
Market Conditions
NOI Build-Up for 9,980 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
$317.4K $31.80/SF
− Vacancy
−$19.0K −$1.91/SF
EGI
$298.3K $29.89/SF
− OpEx
−$134.2K −$13.45/SF
NOI
$164.1K $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%
$3,281,540
Cap Rate 7%
$2,343,957
Cap Rate 9%
$1,823,078
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 authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - R6-zoned apartment property with garage parking and recent capital improvements.
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 apartment building with 9,980 square feet on 0.24 acres; Nine total parking spaces, including four garage bays; R6 zoning with public water and public sewer
