Renovated Duplex with In-Unit
For Sale
$799,000
850 Washington Avenue, Portland, ME 04103
Turnkey two-unit duplex featuring updated interiors, in-unit laundry, separate utilities, and a detached 2-car garage.
Property Size2,184 SF
Price / SF$365.84
Days on Market87
Property Features for 850 Washington Avenue
General Information
Standard status
Active
Size
2,184 SF
Total Parking Spaces
2
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1864
Tenancy
Multi
Listing Agency:
Keller Williams Realty
Listed By:
Andrea Page
(603) 433-3350
Source:
Greatislandrealty
Added: Jun 3
Changed: Aug 27
Last Checked: Aug 26 at 9:26AM
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
Investment Insights
Based on property information with market context.
This beautifully renovated two-unit duplex offers two spacious 2-bedroom apartments, each updated with white cabinetry, granite countertops, updated appliances, stylish bathrooms, and in-unit laundry. The property includes a detached 2-car garage, abundant off-street parking, and an expansive backyard on a lot measuring over half an acre. Separate gas and electric meters support straightforward individual unit management, and newer boilers are in place.
Located at 850 Washington Avenue, the home is positioned just minutes from Downtown Portland and several nearby amenities, including Back Cove, Payson Park, Tipo, and Monte’s Fine Foods. It also benefits from proximity to the Roux Institute and ongoing investment in the surrounding area.
The configuration suits a variety of ownership goals, including owner-occupancy with rental income or adding a renovated income property to an investment portfolio. With both units independently metered and updated for comfortable day-to-day living, the property presents a practical, turnkey option for tenants seeking modern finishes and in-unit laundry within close reach of the education and innovation-focused activity near the Roux Institute.
Located at 850 Washington Avenue, the home is positioned just minutes from Downtown Portland and several nearby amenities, including Back Cove, Payson Park, Tipo, and Monte’s Fine Foods. It also benefits from proximity to the Roux Institute and ongoing investment in the surrounding area.
The configuration suits a variety of ownership goals, including owner-occupancy with rental income or adding a renovated income property to an investment portfolio. With both units independently metered and updated for comfortable day-to-day living, the property presents a practical, turnkey option for tenants seeking modern finishes and in-unit laundry within close reach of the education and innovation-focused activity near the Roux Institute.
Key Highlights
- 1864‑built, renovated two‑unit duplex with two 2‑bedroom units and updated interiors
- Each unit includes in‑unit laundry plus updated kitchen finishes with white cabinetry and granite countertops
- Separate gas and electric meters and newer boilers support simple 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
4.83%
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 4.83%
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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,493
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-unit duplex featuring updated interiors, in-unit laundry, separate utilities, and a detached 2-car garage.
Where is this duplex located?
The property is located at 850 Washington 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: 1864‑built, renovated two‑unit duplex with two 2‑bedroom units and updated interiors; Each unit includes in‑unit laundry plus updated kitchen finishes with white cabinetry and granite countertops; Separate gas and electric meters and newer boilers support simple ownership and management
