Renovated Two-Unit
For Sale
$799,000
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$365.84
Days on Market143
Property Features for 850 Washington Ave
General Information
Standard status
Active
Size
2,184 SF
Lot size
0.50 Acres
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1864
Tenancy
Multi
Listing Agency:
Keller Williams Realty
Listed By:
Andrea Page · License #BR925750
(207) 766-8370
Source:
Soldbymichaelthomas
Added: Jun 17
Changed: Oct 25
Last Checked: Oct 7 at 5:05PM
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 Keller Williams Realty
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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 / Yr
$38,595
Cap Rate
4.83%
Suggested Prices Based on Cap Rates
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
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 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 4.83%
Second Best
Apartment 5plus
$512.9K
$448.8K – $598.4K
NOI $35,906 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$600.3K
$525.2K – $700.3K
NOI $42,019 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
352
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 Duplexes in Portland, ME
Properties on Market for Duplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
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 $799,000.
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
