Turnkey Renovated Duplex
For Sale
$950,000
83 Capisic Street, Portland, ME 04102
Completely renovated two-unit duplex with new kitchens, updated flooring, and major system upgrades, plus a brand-new driveway.
Property Size2,432 SF
Lot Size0.48 Acres
Price / SF$390.63
Days on Market87
Property Features for 83 Capisic Street
General Information
Standard status
Active
Size
2,432 SF
Lot size
0.48 Acres
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1945
Tenancy
Multi
Listing Agency:
Landmark Realty
Listed By:
Edward Dickhaut IV
(603) 433-3350
Source:
Greatislandrealty
Added: Jun 18
Changed: Sep 11
Last Checked: Sep 12 at 10:58AM
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 Landmark Realty
Investment Insights
Based on property information with market context.
Completely renovated two-unit duplex featuring two townhome-style units. Each unit offers 3 bedrooms and 1.5 bathrooms with bright, open living spaces. Interior improvements include brand-new kitchens with updated cabinetry, countertops, and fixtures, updated bathrooms, new tile flooring, and refinished hardwood floors throughout.
Significant exterior and systems work has been completed, including new heat pumps, plumbing, electrical, insulation, windows, siding, trim, and a new roof. The property sits on an oversized lot and includes a brand-new driveway, providing an unusually large yard for an in-town Portland location.
This turnkey residential income property is offered for sale as a duplex at 83/85 Capisic Street, providing an owner with two updated units and an opportunity to manage the property with flexibility for future rental management, including not being subject to Portland’s rent control ordinance.
Significant exterior and systems work has been completed, including new heat pumps, plumbing, electrical, insulation, windows, siding, trim, and a new roof. The property sits on an oversized lot and includes a brand-new driveway, providing an unusually large yard for an in-town Portland location.
This turnkey residential income property is offered for sale as a duplex at 83/85 Capisic Street, providing an owner with two updated units and an opportunity to manage the property with flexibility for future rental management, including not being subject to Portland’s rent control ordinance.
Key Highlights
- Completely renovated two‑unit duplex built in 1945 (83/85 Capisic Street).
- Each townhome‑style unit offers 3 bedrooms and 1.5 bathrooms with bright, open living areas.
- Brand‑new kitchens and updated bathrooms in both units, plus new tile flooring and refinished hardwood floors.
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
$42,977
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
4.52%
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%
$859,540
$859.5K
Cap Rate 7%
$613,957
$614.0K
Cap Rate 9%
$477,522
$477.5K
Market Conditions
NOI Build-Up for 2,432 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
$65.7K $27.00/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$61.4K $25.25/SF
− OpEx
−$18.4K −$7.57/SF
NOI
$43.0K $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%
$859,540
Cap Rate 7%
$613,957
Cap Rate 9%
$477,522
Alternative Uses
Best Use
Multifamily LT 5
$614.0K
$537.2K – $716.3K
NOI $42,977 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$571.2K
$499.8K – $666.4K
NOI $39,984 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$668.4K
$584.9K – $779.9K
NOI $46,791 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,008
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Completely renovated two-unit duplex with new kitchens, updated flooring, and major system upgrades, plus a brand-new driveway.
Where is this duplex located?
The property is located at 83 Capisic Street Portland, ME.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Completely renovated two‑unit duplex built in 1945 (83/85 Capisic Street).; Each townhome‑style unit offers 3 bedrooms and 1.5 bathrooms with bright, open living areas.; Brand‑new kitchens and updated bathrooms in both units, plus new tile flooring and refinished hardwood floors.
