Historic Three-Unit
For Sale
$819,000
94 Emery Street, Portland, ME 04102
Multi-Family, Portland, ME
Property Size2,413 SF
Lot Size0.07 Acres
Price / SF$339.41
Days on Market67
Property Features for 94 Emery Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN-4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 2, Bathroom 1
Parking features
Off Street
Basement
Unfinished, Walk-Out Access, Full
Lot features
Open, Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Neighborhood
Standard status
Active
Size
2,413 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10087
Utilities
Sewer type
Public Sewer
Heating system
Steam, Natural Gas, Baseboard, Electric (Heating)
Water source
Public
Amenities
on-site laundry
off-street parking
Building Details
Year built
1866
Number of units
3
Flooring type
Carpet, Vinyl, Wood
Building materials
Wood Frame, Asbestos
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Real Estate Store
(207) 883-4327
Listed By:
Elizabeth Marks
(207) 332-6210
Added: Jul 17
Changed: Sep 12
Last Checked: Sep 21 at 11:06AM
MLS# 1660716
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.
Built in 1866, this 2,413-square-foot triplex contains three one-bedroom units within a multilevel wood-frame building. The property retains period character while incorporating updates to the heating, roof, and separately metered utilities. Each unit is supported by public water and public sewer, with a shingle roof and a mix of carpet, wood, and vinyl flooring.
The 0.07-acre property includes a spacious parking area with designated off-street spaces for all tenants, plus on-site laundry. Located on a tree-lined street in Portland’s West End, the building offers access to nearby shops, dining, and local amenities. RN-4 zoning and the existing three-unit configuration provide a clear framework for continued multifamily use.
The 0.07-acre property includes a spacious parking area with designated off-street spaces for all tenants, plus on-site laundry. Located on a tree-lined street in Portland’s West End, the building offers access to nearby shops, dining, and local amenities. RN-4 zoning and the existing three-unit configuration provide a clear framework for continued multifamily use.
Key Highlights
- Three one‑bedroom units in a 2,413‑square‑foot triplex
- Built in 1866 with wood‑frame construction
- 0.07‑acre lot with designated off‑street parking for all tenants
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
5.21%
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 5.21%
Second Best
Apartment 5plus
$566.7K
$495.9K – $661.2K
NOI $39,671 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$663.2K
$580.3K – $773.8K
NOI $46,425 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
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
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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 one-bedroom apartments with on-site laundry and designated off-street parking for residents.
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 $819,000.
What are key features of this property?
This property features: Three one‑bedroom units in a 2,413‑square‑foot triplex; Built in 1866 with wood‑frame construction; 0.07‑acre lot with designated off‑street parking for all tenants
