Updated Three-Unit Multifamily
766 Ocean Avenue, Portland, ME 04103
For Sale
New
$799,000
A wooded setting, separate electric meters, and public water and sewer support the property's three-unit configuration.
Property Size2,928 SF
Lot Size0.75 Acres
Price / SF$272.88
Days on Market6
Property Features for 766 Ocean Avenue
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Public Transit
Utilities to Site
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Gardner Real Estate Group
Listed By:
Nathan Rossignol
(207) 329-9792
Source:
Heathershieldsmaine
Added: Nov 4
Changed: Nov 8
Last Checked: Nov 8 at 1:14PM
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 Gardner Real Estate Group
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Investment Insights
Based on property information with market context.
This 2,928-square-foot multifamily property contains three units: one with two bedrooms and two with one bedroom each. Updates have been completed in every unit, and the building dates to 1986. Interior finishes include white kitchen cabinets, neutral tones, and updated flooring.
The property occupies a 0.75-acre lot on Ocean Avenue in Portland, Maine. Shopping, public transportation, and major commuter routes are accessible from the property. Public water and sewer serve the building, and electricity is separately metered for each unit. On-site parking and a wooded setting round out the property's features.
The property occupies a 0.75-acre lot on Ocean Avenue in Portland, Maine. Shopping, public transportation, and major commuter routes are accessible from the property. Public water and sewer serve the building, and electricity is separately metered for each unit. On-site parking and a wooded setting round out the property's features.
Key Highlights
- Three units: one two‑bedroom and two one‑bedroom residences
- 2,928 square feet on a 0.75‑acre lot
- Updates completed in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,742
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,034,840
$1.0M
Cap Rate 7%
$739,171
$739.2K
Cap Rate 9%
$574,911
$574.9K
Market Conditions
NOI Build-Up for 2,928 SF
Gross rent
$79.1K $27.00/SF
− Vacancy
−$5.1K −$1.76/SF
EGI
$73.9K $25.25/SF
− OpEx
−$22.2K −$7.57/SF
NOI
$51.7K $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%
$1,034,840
Cap Rate 7%
$739,171
Cap Rate 9%
$574,911
Alternative Uses
Best Use
Multifamily LT 5
$739.2K
$646.8K – $862.4K
NOI $51,742 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$687.7K
$601.7K – $802.3K
NOI $48,138 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$804.8K
$704.2K – $938.9K
NOI $56,333 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
303
Businesses Nearby
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Business Placement
Demographics for 04103, ME
31,185
Population
14,336
Households
2.2
Avg Household Size
40
Median Age
58%
College-Educated
97%
High-School Grad
10.2 sq mi
ZIP Area
3,057
Density / Sq Mi
$90,682
Median Household Income
$48,640
Median Earnings
$1,571
Median Rent
$421,800
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Portland, ME
Properties on Market for Triplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - A wooded setting, separate electric meters, and public water and sewer support the property's three-unit configuration.
Where is this triplex located?
The property is located at 766 Ocean Avenue Portland, ME.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three units: one two‑bedroom and two one‑bedroom residences; 2,928 square feet on a 0.75‑acre lot; Updates completed in each unit
