Four-Unit Multifamily
For Sale
$1,499,900
94 Pleasant Avenue, Portland, ME 04103
Owner-occupant layout with a three-bedroom, two-bath first-floor apartment and tenant-paid heat and hot water.
Property Size3,846 SF
Price / SF$389.99
Days on Market8
Property Features for 94 Pleasant Avenue
General Information
Standard status
Active
Size
3,846 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR, 1 x 2BR
Multifamily Units
4
Amenities
front porch
rear porches
Building Details
Year Built
1910
Listing Agency:
Portside Real Estate Group
Listed By:
Veronica Schneider
(207) 838-4034
Source:
Portsiderealestategroup
Added: Sep 5
Changed: Sep 11
Last Checked: Sep 11 at 1:37PM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
This 3,846-square-foot multifamily property contains four residential units in a 1910 building. The unit mix includes one three-bedroom, two-bath apartment on the first floor, one two-bedroom apartment, and two one-bedroom apartments. The first-floor residence includes hardwood flooring, separate living and dining areas, a spacious kitchen, and period architectural details. Front and rear porches add usable exterior space to the property.
Tenants are responsible for their own heat and hot water. The four-unit configuration combines a larger owner-occupant-style apartment with three additional units, creating a varied residential layout within the building. The property is located at 94 Pleasant Avenue in Portland, Maine.
Tenants are responsible for their own heat and hot water. The four-unit configuration combines a larger owner-occupant-style apartment with three additional units, creating a varied residential layout within the building. The property is located at 94 Pleasant Avenue in Portland, Maine.
Key Highlights
- Four‑unit multifamily property totaling 3,846 square feet
- Unit mix includes one 3‑bedroom, 2‑bath unit, one 2‑bedroom unit, and two 1‑bedroom units
- First‑floor apartment features hardwood floors, separate living and dining areas, and a spacious kitchen
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
$67,965
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
4.53%
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%
$1,359,300
$1.4M
Cap Rate 7%
$970,929
$970.9K
Cap Rate 9%
$755,167
$755.2K
Market Conditions
NOI Build-Up for 3,846 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
$103.8K $27.00/SF
− Vacancy
−$6.7K −$1.76/SF
EGI
$97.1K $25.25/SF
− OpEx
−$29.1K −$7.57/SF
NOI
$68.0K $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%
$1,359,300
Cap Rate 7%
$970,929
Cap Rate 9%
$755,167
Alternative Uses
Best Use
Multifamily LT 5
$970.9K
$849.6K – $1.13M
NOI $67,965 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$903.3K
$790.4K – $1.05M
NOI $63,231 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$1.06M
$924.9K – $1.23M
NOI $73,995 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
355
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
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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?
Quadplex - Owner-occupant layout with a three-bedroom, two-bath first-floor apartment and tenant-paid heat and hot water.
Where is this quadplex located?
The property is located at 94 Pleasant Avenue Portland, ME.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: Four‑unit multifamily property totaling 3,846 square feet; Unit mix includes one 3‑bedroom, 2‑bath unit, one 2‑bedroom unit, and two 1‑bedroom units; First‑floor apartment features hardwood floors, separate living and dining areas, and a spacious kitchen
