Triplex with Private
For Sale
$719,000
88-90 Forest Ave, Portland, ME 04101
Three separately serviced apartments include two vacant, updated units and a first-floor unit occupied by an at-will tenant.
Property Size2,165 SF
Price / SF$332.10
Days on Market9
Property Features for 88-90 Forest Ave
General Information
Standard status
Active
Size
2,165 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Amenities
private yard
Building Details
Year Built
1920
Listed By:
Signature Homes Real Estate Group
(207) 885-0500
Source:
Signaturehomesmaine
Added: Oct 7
Changed: Oct 15
Last Checked: Oct 14 at 11:10PM
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 Signature Homes Real Estate Group
Investment Insights
Based on property information with market context.
This 1920-built, three-family property has two updated apartments currently vacant and a first-floor unit occupied by an at-will tenant who would like to remain. The top-floor apartment has been used for short-term rentals. Each unit has separate heat, hot water, and electricity. A daylight basement remains unfinished, and the property also includes a private yard and three off-street parking spaces.
The home has a 95 Walk Score and is near Deering Oaks Park, restaurants, shops, trails, and the Bayside area. The location places these destinations within walking distance, while the on-site parking provides another transportation option.
The home has a 95 Walk Score and is near Deering Oaks Park, restaurants, shops, trails, and the Bayside area. The location places these destinations within walking distance, while the on-site parking provides another transportation option.
Key Highlights
- Three‑family property built in 1920
- Two updated apartments are vacant; the first‑floor unit is occupied by an at‑will tenant who would like to stay
- Separate heat, hot water, and electricity for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,259
Cap Rate
5.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$765,180
$765.2K
Cap Rate 7%
$546,557
$546.6K
Cap Rate 9%
$425,100
$425.1K
Market Conditions
NOI Build-Up for 2,165 SF
Gross rent
$58.5K $27.00/SF
− Vacancy
−$3.8K −$1.76/SF
EGI
$54.7K $25.25/SF
− OpEx
−$16.4K −$7.57/SF
NOI
$38.3K $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%
$765,180
Cap Rate 7%
$546,557
Cap Rate 9%
$425,100
Alternative Uses
Best Use
Multifamily LT 5
$546.6K
$478.2K – $637.7K
NOI $38,259 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$508.5K
$444.9K – $593.2K
NOI $35,594 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$595.1K
$520.7K – $694.2K
NOI $41,654 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,022
Businesses Nearby
Explore this area
Business Placement
Demographics for 04101, ME
18,109
Population
11,510
Households
1.6
Avg Household Size
36
Median Age
57%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
9,055
Density / Sq Mi
$60,726
Median Household Income
$45,009
Median Earnings
$1,457
Median Rent
$600,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Three separately serviced apartments include two vacant, updated units and a first-floor unit occupied by an at-will tenant.
Where is this triplex located?
The property is located at 88-90 Forest Ave Portland, ME.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: Three‑family property built in 1920; Two updated apartments are vacant; the first‑floor unit is occupied by an at‑will tenant who would like to stay; Separate heat, hot water, and electricity for each unit
