Duplex with Private
For Sale
$970,000
75 Carleton Street, Portland, ME 04102
Multi-Family, Portland, ME
Property Size2,634 SF
Lot Size0.05 Acres
Price / SF$368.26
Days on Market48
Property Features for 75 Carleton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 3, Basement, Bathroom 4, Bathroom 2
Parking features
Off Street
Patio and Porch features
Deck
Interior features
1st Floor Bedroom, Bathtub, Shower
Fencing
Fenced
Basement
Unfinished, Full
Lot features
Sidewalks, Historic District, Intown, Near Shopping, Neighborhood, Near Public Transit
Standard status
Active
Size
2,634 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11197
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Natural Gas, Zoned
Water source
Public
Amenities
private courtyard
garden
off-street parking
Building Details
Year built
1874
Number of units
2
Flooring type
Carpet, Tile, Wood
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Maine Real Estate Co
(207) 292-1030
Listed By:
Karen Edgcombe
(207) 523-0198
Added: Jul 12
Changed: Aug 28
Last Checked: Aug 28 at 6:06PM
MLS# 1663851
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.
Built in 1874, this duplex contains 2,634 square feet of living space across a primary residence and a separate one-bedroom unit. The larger residence spans three floors with four bedrooms, an office, and three full bathrooms. Its interior includes a custom kitchen, cathedral ceilings, exposed wood beams, skylights, a custom antique bar, wainscoting, and an original banister. A first-floor bedroom is currently configured as a studio office and includes a full bathroom.
The second unit offers one bedroom and one bathroom on a single level, while the full basement provides additional storage. Outdoor features include a private deck with composite decking, a fenced courtyard, room for a city garden, and off-street parking. The property is currently operated as an Airbnb and is located near Portland restaurants, shops, hospitals, and the waterfront. Public water and public sewer serve the property, which is zoned RN-4.
The second unit offers one bedroom and one bathroom on a single level, while the full basement provides additional storage. Outdoor features include a private deck with composite decking, a fenced courtyard, room for a city garden, and off-street parking. The property is currently operated as an Airbnb and is located near Portland restaurants, shops, hospitals, and the waterfront. Public water and public sewer serve the property, which is zoned RN-4.
Key Highlights
- Two‑unit duplex with 2,634 square feet of living space
- Primary residence includes 4 bedrooms, an office, and 3 full bathrooms
- Secondary unit offers an oversized 1‑bedroom, 1‑bath layout on one level
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
$46,547
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
4.80%
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%
$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
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
$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 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%
$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 4.80%
Second Best
Apartment 5plus
$618.6K
$541.3K – $721.8K
NOI $43,305 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$724.0K
$633.5K – $844.6K
NOI $50,677 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,626
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?
Duplex - Two-unit property with flexible living arrangements, off-street parking, and a fenced outdoor area in Portland’s West End.
Where is this duplex located?
The property is located at 75 Carleton Street Portland, ME.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,634 square feet of living space; Primary residence includes 4 bedrooms, an office, and 3 full bathrooms; Secondary unit offers an oversized 1‑bedroom, 1‑bath layout on one level
