3-Unit Triplex with Detached
9 Grasmere Road, Portland, ME 04101
For Sale
$858,000
R3 zoning and a detached garage complement a layout that allows the upper residences to be joined.
Property Size3,119 SF
Price / SF$275.09
Days on Market189
Property Features for 9 Grasmere Road
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Public Transit
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
The Real Estate Store
(207) 883-4327
Listed By:
John Murphy · License #02078670
(207) 329-2047
Source:
Amerorealty
Added: May 5
Changed: Nov 8
Last Checked: Nov 8 at 9:06PM
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 The Real Estate Store
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Investment Insights
Based on property information with market context.
Built in 1930, this Portland triplex contains 3,119 square feet and three residential units. The first- and second-floor apartments retain hardwood flooring, period features and built-in cabinetry. The third unit may be joined with the second-floor residence to form a larger owner’s suite, with views of Back Cove. A detached garage provides covered vehicle parking, and the property is zoned R3.
The property is near the University of Southern Maine, neighborhood retail and cafes, and public transportation. It sits on a tree-lined street in Portland, close to Back Cove.
The property is near the University of Southern Maine, neighborhood retail and cafes, and public transportation. It sits on a tree-lined street in Portland, close to Back Cove.
Key Highlights
- Three‑unit property with 3,119 square feet
- Built in 1930; zoned R3
- Detached garage provides covered parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,117
Cap Rate
6.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,102,340
$1.1M
Cap Rate 7%
$787,386
$787.4K
Cap Rate 9%
$612,411
$612.4K
Market Conditions
NOI Build-Up for 3,119 SF
Gross rent
$84.2K $27.00/SF
− Vacancy
−$5.5K −$1.76/SF
EGI
$78.7K $25.25/SF
− OpEx
−$23.6K −$7.57/SF
NOI
$55.1K $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%
$1,102,340
Cap Rate 7%
$787,386
Cap Rate 9%
$612,411
Alternative Uses
Best Use
Multifamily LT 5
$787.4K
$689.0K – $918.6K
NOI $55,117 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$732.5K
$641.0K – $854.6K
NOI $51,278 @ 7.0% cap · market cap 5.98%
Theoretical Best
Office A
$857.3K
$750.1K – $1.00M
NOI $60,008 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,449
Businesses Nearby
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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
$600,600
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Portland, ME
Properties on Market for Triplexes in Portland
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - R3 zoning and a detached garage complement a layout that allows the upper residences to be joined.
Where is this triplex located?
The property is located at 9 Grasmere Road Portland, ME.
What is the asking price?
The asking price for this property is $858,000.
What are key features of this property?
This property features: Three‑unit property with 3,119 square feet; Built in 1930; zoned R3; Detached garage provides covered parking
