Triplex with Off-Street
For Sale
$719,000
88-90 Forest Avenue, Portland, ME 04101
Multi-Family, Portland, ME
Property Size2,165 SF
Lot Size0.06 Acres
Price / SF$332.10
Days on Market10
Property Features for 88-90 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN 6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1, Basement
Parking features
Off Street
Patio and Porch features
Deck
Interior features
Other Amenities, 1st Floor Bedroom, Bathtub, Shower, Storage
Fencing
Fenced
Basement
Full, Unfinished
Lot features
Near Country Club, Open, Level, Sidewalks, Interior Lot, Intown, Near Golf Course, Near Public Beach, Near Shopping, Near Turnpike/ Interstate, Near Public Transit, Near Railroad
Standard status
Active
Size
2,165 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7812
Utilities
Sewer type
Public Sewer
Heating system
Steam, Electric (Heating), Natural Gas, Forced Air
Water source
Public
Amenities
private yard
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Flooring type
Tile, Vinyl, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage, Other
Listing Agency:
Benchmark Real Estate
(207) 775-0248
Listed By:
Thomas Landry
(317) 774-6321
Added: Oct 6
Changed: Oct 13
Last Checked: Oct 15 at 5:06AM
MLS# 1683407
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 2,165-square-foot triplex, built in 1920, contains three apartments, each with separate heat, hot water, and electricity. Two updated units are vacant; the first-floor apartment has a long-term at-will tenant. The top-floor unit has also been used for short-term rental. A daylight basement is unfinished, and the property includes a fenced yard, deck, and three off-street parking spaces. Public water and sewer serve the building, which is zoned RN 6.
At 88-90 Forest Avenue in Portland, the property has a 95 Walk Score. Deering Oaks Park, restaurants, shops, trails, and the Bayside area are within walking distance.
At 88-90 Forest Avenue in Portland, the property has a 95 Walk Score. Deering Oaks Park, restaurants, shops, trails, and the Bayside area are within walking distance.
Key Highlights
- Three‑family property with 2,165 square feet of building area
- Two updated apartments are vacant; the first‑floor unit has a long‑term at‑will tenant
- Three off‑street parking spaces
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.
How Realmo checks its estimates
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Current Use
Lease Details
3
Residential units
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
Check the figures for this property
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 independent apartments include separate heat, hot water, and electricity, with two units vacant and one occupied.
Where is this triplex located?
The property is located at 88-90 Forest Avenue 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 with 2,165 square feet of building area; Two updated apartments are vacant; the first‑floor unit has a long‑term at‑will tenant; Three off‑street parking spaces
