Two-Unit Residential Income
For Sale
$896,400
75 Carleton Street, Portland, ME 04102
Two-unit residence with cathedral ceilings and skylights plus off-street parking and a private courtyard.
Property Size2,634 SF
Price / SF$340.32
Days on Market163
Property Features for 75 Carleton Street
General Information
Standard status
Active
Size
2,634 SF
Property subtype
Multi-family
Additional Details
Business Included
Yes
Multifamily Units
2
Amenities
private deck
private courtyard
city garden
off-street parking
custom kitchen
antique bar
cathedral ceilings
skylights
basement storage
Building Details
Year Built
1874
Stories
3
Tenancy
Multi
Listing Agency:
Maine Real Estate Co
Listed By:
Karen Edgcombe
(207) 523-0198
Source:
Greatislandrealty
Added: May 19
Changed: Oct 27
Last Checked: Oct 26 at 4:54PM
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 Maine Real Estate Co
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Investment Insights
Based on property information with market context.
This two-unit residential income property is currently set up as a two-unit home and includes a full basement for storage. The primary living space features 4 bedrooms plus an office and 3 full bathrooms across three floors, with a custom kitchen and living areas incorporating cathedral ceilings, exposed wood beams, and skylights. Additional highlights include a custom antique bar, wainscoting along the main staircase with a preserved original banister, and a private deck with composite decking. A first-floor bedroom is currently used as a home studio office and includes its own full bathroom. The secondary unit is an oversized one-bedroom, one-bath layout with one-level living on the first floor.
Built in 1874, the property is located in Portland’s West End Historic District and is described as being in-town near shopping, hospitals, and the waterfront. A private courtyard and off-street parking are included, along with the option to use a space for a city garden.
Built in 1874, the property is located in Portland’s West End Historic District and is described as being in-town near shopping, hospitals, and the waterfront. A private courtyard and off-street parking are included, along with the option to use a space for a city garden.
Key Highlights
- Built in 1874, 2,634 SF two‑unit residence in Portland’s West End (Historic District) with proven Airbnb operation
- Primary home offers 4 bedrooms plus an office and 3 full bathrooms across three floors
- Main living space features cathedral ceilings, exposed wood beams, skylights, and a custom kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,547
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$930,940
$930.9K
Cap Rate 7%
$664,957
$665.0K
Cap Rate 9%
$517,189
$517.2K
Market Conditions
NOI Build-Up for 2,634 SF
Gross rent
$71.1K $27.00/SF
− Vacancy
−$4.6K −$1.76/SF
EGI
$66.5K $25.25/SF
− OpEx
−$19.9K −$7.57/SF
NOI
$46.5K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$930,940
Cap Rate 7%
$664,957
Cap Rate 9%
$517,189
Alternative Uses
Best Use
Multifamily LT 5
$665.0K
$581.8K – $775.8K
NOI $46,547 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$618.6K
$541.3K – $721.8K
NOI $43,305 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$724.0K
$633.5K – $844.6K
NOI $50,677 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,626
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Short term rental property - Two-unit residence with cathedral ceilings and skylights plus off-street parking and a private courtyard.
Where is this short term rental property located?
The property is located at 75 Carleton Street Portland, ME.
What is the asking price?
The asking price for this property is $896,400.
What are key features of this property?
This property features: Built in 1874, 2,634 SF two‑unit residence in Portland’s West End (Historic District) with proven Airbnb operation; Primary home offers 4 bedrooms plus an office and 3 full bathrooms across three floors; Main living space features cathedral ceilings, exposed wood beams, skylights, and a custom kitchen
