Updated Duplex with Oversized
New
For Sale
$700,000
99 Washburn Ave, Portland, ME 04102
Two updated units feature separate utilities, private laundry, and flexible garage space for vehicles, storage, or workshop use.
Property Size1,986 SF
Price / SF$352.47
Days on Market3
Property Features for 99 Washburn Ave
General Information
Standard status
Active
Size
1,986 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
in-unit laundry
front porch
Building Details
Year Built
1900
Buildings
1
Listed By:
Crown Lakes Realty
(207) 436-8889
Source:
Crownlakesrealty
Added: Sep 20
Last Checked: Sep 21 at 6:06AM
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 Crown Lakes Realty
Investment Insights
Based on property information with market context.
This 1,986-square-foot duplex, built in 1900, includes two distinct residential units and an oversized two-car garage supported by steel I-beams. The first-floor apartment has two bedrooms, hardwood flooring, granite countertops, an open living area, and in-unit laundry. The upper unit offers one bedroom, an updated kitchen and bathroom, abundant natural light, and its own washer and dryer. Separate utilities serve the units, while the exterior includes fresh paint, a front porch, and yard space.
Located at 99 Washburn Ave in Portland, the property is within walking distance of Deering Oaks, the farmers market, Hadlock Field, USM, playgrounds, downtown shops, and restaurants. The property is not currently subject to Portland's rent-control ordinance. Zoning allows up to four units on a lot of this size, subject to municipal requirements and approvals.
Located at 99 Washburn Ave in Portland, the property is within walking distance of Deering Oaks, the farmers market, Hadlock Field, USM, playgrounds, downtown shops, and restaurants. The property is not currently subject to Portland's rent-control ordinance. Zoning allows up to four units on a lot of this size, subject to municipal requirements and approvals.
Key Highlights
- Two‑family property with 1,986 square feet of living area
- First‑floor 2‑bedroom unit with hardwood floors, granite countertops, and in‑unit laundry
- Upper 1‑bedroom unit with updated kitchen and bath plus private laundry
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
$35,096
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
5.01%
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%
$701,920
$701.9K
Cap Rate 7%
$501,371
$501.4K
Cap Rate 9%
$389,956
$390.0K
Market Conditions
NOI Build-Up for 1,986 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
$53.6K $27.00/SF
− Vacancy
−$3.5K −$1.76/SF
EGI
$50.1K $25.25/SF
− OpEx
−$15.0K −$7.57/SF
NOI
$35.1K $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%
$701,920
Cap Rate 7%
$501,371
Cap Rate 9%
$389,956
Alternative Uses
Best Use
Multifamily LT 5
$501.4K
$438.7K – $584.9K
NOI $35,096 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$466.4K
$408.1K – $544.2K
NOI $32,651 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$545.9K
$477.6K – $636.8K
NOI $38,210 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,425
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?
Duplex - Two updated units feature separate utilities, private laundry, and flexible garage space for vehicles, storage, or workshop use.
Where is this duplex located?
The property is located at 99 Washburn Ave Portland, ME.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Two‑family property with 1,986 square feet of living area; First‑floor 2‑bedroom unit with hardwood floors, granite countertops, and in‑unit laundry; Upper 1‑bedroom unit with updated kitchen and bath plus private laundry
