Renovated Duplex with
For Sale
$799,000
850 Washington Avenue, Portland, ME 04103
Multi-Family, Portland, ME
Property Size2,184 SF
Lot Size0.53 Acres
Price / SF$365.84
Days on Market57
Property Features for 850 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Patio and Porch features
Deck, Porch
Basement
Unfinished, Full
Lot features
Open, Level, Sidewalks, Near Town
Standard status
Active
Size
2,184 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8223
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1864
Floors in Building
2
Number of units
2
Flooring type
Tile, Wood
Building materials
Wood Frame, Shingle Siding, Wood Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Andrea Page
(207) 766-8370
Added: Jul 18
Changed: Sep 11
Last Checked: Sep 12 at 5:06PM
MLS# 1665928
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated duplex contains two spacious 2-bedroom units within 2,184 square feet. Each residence includes updated cabinetry, granite countertops, appliances, bathrooms, and in-unit laundry, with wood and tile flooring throughout the property. Separate gas and electric meters and newer boilers support independent operation. A detached 2-car garage, off-street parking, porch, deck, and expansive backyard add useful amenities. The property is served by public water and public sewer and has RN-3 zoning.
Set on 0.53 acres at 850 Washington Avenue in Portland, the property is near Downtown Portland, Back Cove, Payson Park, Tipo, Monte's Fine Foods, and the Roux Institute. The building dates to 1864 and features wood-frame construction, shingle and wood siding, and a shingle roof. Its two-unit layout accommodates separate residences while retaining shared site improvements and outdoor areas.
Set on 0.53 acres at 850 Washington Avenue in Portland, the property is near Downtown Portland, Back Cove, Payson Park, Tipo, Monte's Fine Foods, and the Roux Institute. The building dates to 1864 and features wood-frame construction, shingle and wood siding, and a shingle roof. Its two-unit layout accommodates separate residences while retaining shared site improvements and outdoor areas.
Key Highlights
- Two 2‑bedroom units totaling 2,184 square feet
- 0.53‑acre lot with detached 2‑car garage and off‑street parking
- Renovated interiors with granite countertops, updated appliances, and in‑unit laundry
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
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Current Use
Lease Details
2
Residential units
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
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit property with separate utilities, off-street parking, and substantial outdoor space.
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: Two 2‑bedroom units totaling 2,184 square feet; 0.53‑acre lot with detached 2‑car garage and off‑street parking; Renovated interiors with granite countertops, updated appliances, and in‑unit laundry
