Historic Triplex with
For Sale
$839,000
94 Emery Street, Portland, ME 04102
Multi-Family, Portland, ME
Property Size2,413 SF
Lot Size0.07 Acres
Price / SF$347.70
Days on Market48
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
Basement, Bathroom 1, Bathroom 3, Bathroom 2
Parking features
Off Street
Basement
Full, Unfinished, Walk-Out Access
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
Baseboard, Natural Gas, Steam, Electric (Heating)
Water source
Public
Amenities
on-site laundry
off-street parking
Building Details
Year built
1866
Number of units
3
Flooring type
Vinyl, Carpet, 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 2
Last Checked: Sep 2 at 3:06PM
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 apartments within a multilevel wood-frame building. The property includes a basement, on-site laundry, and a spacious parking area with designated off-street spaces for each tenant. Heating, roofing, and unit-specific utility systems have been updated, while wood, vinyl, and carpet flooring are present throughout.
The property is located at 94 Emery Street in Portland’s West End, near shops, dining, and other local amenities. Public water and sewer serve the building, and the property is zoned RN-4. The first-floor apartment is vacant, creating an existing owner-occupant option or an opportunity to place an additional unit into rental service.
The property is located at 94 Emery Street in Portland’s West End, near shops, dining, and other local amenities. Public water and sewer serve the building, and the property is zoned RN-4. The first-floor apartment is vacant, creating an existing owner-occupant option or an opportunity to place an additional unit into rental service.
Key Highlights
- 2,413 square feet on 0.07 acres
- Three one‑bedroom units
- Built in 1866
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
5.08%
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 5.08%
Second Best
Apartment 5plus
$566.7K
$495.9K – $661.2K
NOI $39,671 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$663.2K
$580.3K – $773.8K
NOI $46,425 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three one-bedroom units offer on-site laundry, designated off-street parking, and a vacant first-floor apartment.
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 $839,000.
What are key features of this property?
This property features: 2,413 square feet on 0.07 acres; Three one‑bedroom units; Built in 1866
