Renovated Two-Unit
For Sale
Contact for pricing
850 WASHINGTON AVE, Portland, ME 04103
Turnkey two-bedroom units with in-unit laundry, updated systems, detached garage, and ample off-street parking on a large lot.
Property Size2,184 SF
Lot Size0.50 Acres
Price / SF$388.74
Days on Market60
Property Features for 850 WASHINGTON AVE
General Information
Standard status
Active
Size
2,184 SF
Lot size
0.50 Acres
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1864
Tenancy
Multi
Listing Agency:
KW Commercial Greater Portland
Listed By:
Andrea Page · License #BR925750
Source:
Crexi
Added: Jun 8
Changed: Jul 10
Last Checked: Aug 5 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 KW Commercial Greater Portland
Investment Insights
Based on property information with market context.
This renovated two-unit duplex offers two spacious 2-bedroom apartments with updated interiors throughout. Each unit features white cabinetry, granite countertops, updated appliances, stylish bathrooms, and in-unit laundry. The property also includes separate gas and electric meters and newer boilers, supporting straightforward ownership and management. Outside, you’ll find a detached 2-car garage, abundant off-street parking, and an expansive backyard.
The duplex is located at 850 Washington Avenue in Portland, Maine, just minutes from Downtown Portland and area destinations including Back Cove, Payson Park, Tipo, and Monte’s Fine Foods. The home’s setting also provides convenient proximity to the Roux Institute, along with surrounding local amenities in an active growth corridor.
With two separate, updated units, the property fits well for buyers seeking rental income while maintaining flexibility to live in one unit and rent the other. The combination of turnkey finishes, in-unit laundry, and garage parking can help support day-to-day tenant satisfaction and reduce friction for an owner-occupant or an investor managing residential income.
The duplex is located at 850 Washington Avenue in Portland, Maine, just minutes from Downtown Portland and area destinations including Back Cove, Payson Park, Tipo, and Monte’s Fine Foods. The home’s setting also provides convenient proximity to the Roux Institute, along with surrounding local amenities in an active growth corridor.
With two separate, updated units, the property fits well for buyers seeking rental income while maintaining flexibility to live in one unit and rent the other. The combination of turnkey finishes, in-unit laundry, and garage parking can help support day-to-day tenant satisfaction and reduce friction for an owner-occupant or an investor managing residential income.
Key Highlights
- Renovated two‑unit property on over half an acre with two 2‑bedroom units
- Each unit features updated interiors, white cabinetry, granite countertops, updated appliances, stylish bathrooms, and in‑unit laundry
- Separate gas and electric meters plus newer boilers for simplified ownership and management
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
$38,595
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
4.55%
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%
$771,900
$771.9K
Cap Rate 7%
$551,357
$551.4K
Cap Rate 9%
$428,833
$428.8K
Market Conditions
NOI Build-Up for 2,184 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
$59.0K $27.00/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$55.1K $25.25/SF
− OpEx
−$16.5K −$7.57/SF
NOI
$38.6K $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%
$771,900
Cap Rate 7%
$551,357
Cap Rate 9%
$428,833
Alternative Uses
Best Use
Multifamily LT 5
$551.4K
$482.4K – $643.3K
NOI $38,595 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$512.9K
$448.8K – $598.4K
NOI $35,906 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$600.3K
$525.2K – $700.3K
NOI $42,019 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Explore this area
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
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 - Turnkey two-bedroom units with in-unit laundry, updated systems, detached garage, and ample off-street parking on a large lot.
Where is this duplex located?
The property is located at 850 WASHINGTON AVE Portland, ME.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Renovated two‑unit property on over half an acre with two 2‑bedroom units; Each unit features updated interiors, white cabinetry, granite countertops, updated appliances, stylish bathrooms, and in‑unit laundry; Separate gas and electric meters plus newer boilers for simplified ownership and management
