Duplex with Potential Third
753 Main Street South Portland, ME 04106
For Sale
$425,000
Duplex property with newer furnace and monitor heater, currently occupied by long-term tenants and awaiting updates.
Property Size1,372 SF
Price / SF$309.77
Days on Market366
Property Features for 753 Main Street
General Information
- Standard status
- Active
- Size
- 1,372 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1920
Listing Agency:
Verrill Real Estate, Inc
(207) 756-0649
Listed By:
Philip Verrill
(207) 756-0649
Source:
Compass
Added: Jul 23, 2025
Changed: Jul 23
Last Checked: Jul 23 at 12:34PM
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 Verrill Real Estate, Inc
Investment Insights
Based on property information with market context.
This duplex residential income property is occupied by long-term tenants and is currently in need of updating. The home includes a newer furnace and a monitor heater. The current zoning and lot size are described as allowing for the addition of a third unit per code office.
Located at 753 Main Street in South Portland, Maine, the property offers easy access to public transportation.
Located at 753 Main Street in South Portland, Maine, the property offers easy access to public transportation.
Key Highlights
- Duplex built in 1920, currently occupied by long‑term tenants and awaiting updates
- 2 total bathrooms; interior features include wood, tile, and laminate flooring
- Heating includes direct vent heater and baseboard; furnace and monitor heater noted as newer
Financial Insights For Multifamily LT 5
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 | $37.0k | $27.00 |
| − Vacancy | −$2.4k | −$1.76 |
| EGI | $34.6k | $25.25 |
| − OpEx | −$10.4k | −$7.57 |
| NOI | $24.2k | $17.67 |
1,372 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$346.4K
$303.1K – $404.1K
NOI $24,245 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$322.2K
$282.0K – $376.0K
NOI $22,557 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$377.1K
$330.0K – $440.0K
NOI $26,397 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Duplex property with newer furnace and monitor heater, currently occupied by long-term tenants and awaiting updates.
Where is this duplex located?
The property is located at 753 Main Street South Portland, ME.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Duplex built in 1920, currently occupied by long‑term tenants and awaiting updates; 2 total bathrooms; interior features include wood, tile, and laminate flooring; Heating includes direct vent heater and baseboard; furnace and monitor heater noted as newer
