Three-Unit Residential Income
For Sale
$844,000
94 Emery Street, Portland, ME 04102
Three one-bedroom units in a multi-level New Englander with on-site laundry and off-street designated parking for tenants.
Property Size2,413 SF
Price / SF$349.77
Days on Market117
Property Features for 94 Emery Street
General Information
Standard status
Active
Size
2,413 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1866
Tenancy
Multi
Listing Agency:
The Real Estate Store
Listed By:
Elizabeth Marks
(603) 866-2942
Source:
Profoundrealestate
Added: May 4
Changed: Aug 28
Last Checked: Aug 26 at 9:19AM
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
Investment Insights
Based on property information with market context.
Built circa 1866, this multi-level New Englander offers three one-bedroom units. The building includes on-site laundry and a spacious parking area with off-street designated parking for all tenants.
The first-floor unit is vacant, which may appeal to an owner-occupant or an investor seeking rental income to help offset expenses. The property has been updated with improvements including heating, a new roof, and utilities split for each unit.
The arrangement provides separate utility setups for the individual units while retaining the building’s historic character.
The first-floor unit is vacant, which may appeal to an owner-occupant or an investor seeking rental income to help offset expenses. The property has been updated with improvements including heating, a new roof, and utilities split for each unit.
The arrangement provides separate utility setups for the individual units while retaining the building’s historic character.
Key Highlights
- Circa 1866 multi‑level New Englander with three 1‑bedroom units on a quiet, tree‑lined street in Portland’s West End
- Updated improvements include heating, roof, and utilities split for each unit
- On‑site laundry for residents
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
$42,641
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
5.05%
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%
$852,820
$852.8K
Cap Rate 7%
$609,157
$609.2K
Cap Rate 9%
$473,789
$473.8K
Market Conditions
NOI Build-Up for 2,413 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
$65.2K $27.00/SF
− Vacancy
−$4.2K −$1.76/SF
EGI
$60.9K $25.25/SF
− OpEx
−$18.3K −$7.57/SF
NOI
$42.6K $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%
$852,820
Cap Rate 7%
$609,157
Cap Rate 9%
$473,789
Alternative Uses
Best Use
Multifamily LT 5
$609.2K
$533.0K – $710.7K
NOI $42,641 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$566.7K
$495.9K – $661.2K
NOI $39,671 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$663.2K
$580.3K – $773.8K
NOI $46,425 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,991
Businesses Nearby
Explore this area
Business Placement
Demographics for 04102, ME
18,002
Population
8,633
Households
2.1
Avg Household Size
38
Median Age
62%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,000
Density / Sq Mi
$79,631
Median Household Income
$47,898
Median Earnings
$1,435
Median Rent
$464,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three one-bedroom units in a multi-level New Englander with on-site laundry and off-street designated parking for tenants.
Where is this triplex located?
The property is located at 94 Emery Street Portland, ME.
What is the asking price?
The asking price for this property is $844,000.
What are key features of this property?
This property features: Circa 1866 multi‑level New Englander with three 1‑bedroom units on a quiet, tree‑lined street in Portland’s West End; Updated improvements include heating, roof, and utilities split for each unit; On‑site laundry for residents
