Two-Unit Property with Expansion
For Sale
$750,000
429 Deering Ave, Portland, ME 04103
Two-unit property with expansion potential and off-street parking.
Property Size2,764 SF
Price / SF$271.35
Days on Market196
Property Features for 429 Deering Ave
General Information
Standard status
Active
Size
2,764 SF
Building Details
Year Built
1916
Listing Agency:
The Dunham Group
Listed By:
Francis O'Connor
(207) 773-7100
Source:
Aroostookrealestate
Added: Mar 26
Changed: Oct 2
Last Checked: Oct 5 at 9:37PM
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 Dunham Group
Investment Insights
Based on property information with market context.
This two-unit property presents an opportunity for both owner-users and investors. The building offers the potential to build out the third floor for expanded space or additional units. The property features expansive off-street parking, which is an asset for both owners and tenants. The property size is 2764 square feet.
Key Highlights
- Large two‑unit property.
- Excellent location.
- Expansive off‑street parking.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,844
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$976,880
$976.9K
Cap Rate 7%
$697,771
$697.8K
Cap Rate 9%
$542,711
$542.7K
Market Conditions
NOI Build-Up for 2,764 SF
Gross rent
$74.6K $27.00/SF
− Vacancy
−$4.9K −$1.76/SF
EGI
$69.8K $25.25/SF
− OpEx
−$20.9K −$7.57/SF
NOI
$48.8K $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%
$976,880
Cap Rate 7%
$697,771
Cap Rate 9%
$542,711
Alternative Uses
Best Use
Multifamily LT 5
$697.8K
$610.6K – $814.1K
NOI $48,844 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$649.2K
$568.0K – $757.4K
NOI $45,442 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$759.7K
$664.7K – $886.3K
NOI $53,178 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
999
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two-unit property with expansion potential and off-street parking.
Where is this duplex located?
The property is located at 429 Deering Ave Portland, ME.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Large two‑unit property.; Excellent location.; Expansive off‑street parking.
