10-Unit Multifamily Apartment
For Sale
$2,195,000
7 Huntress Street, Portland, ME 04102
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 Market101
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: May 27
Changed: Sep 3
Last Checked: Sep 2 at 8:08PM
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
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
Property Profile
Current Use
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
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 - 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.
