Updated Two-Unit Duplex with
New
For Sale
$700,000
99 Washburn Avenue, Portland, ME 04102
Multi-Family, Portland, ME
Property Size1,986 SF
Lot Size0.21 Acres
Price / SF$352.47
Days on Market4
Property Features for 99 Washburn Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RN3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Parking features
On Street, Off Street
Patio and Porch features
Porch
Interior features
1st Floor Bedroom, Bathtub, Shower, Storage
Basement
Full
Lot features
Open, Corner Lot, Level, Intown, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood, Near Public Transit
Standard status
Active
Size
1,986 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8242
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Baseboard
Water source
Public
Amenities
In-unit laundry
Hardwood floors
Granite countertops
Open concept living area
Updated kitchen
Updated bath
Washer/dryer
Front porch
Yard
Separate utilities
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Wood Frame, Shingle Siding, Wood Siding
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 773-1990
Listed By:
Christina Farynaz
(207) 310-0463
Added: Sep 18
Last Checked: Sep 21 at 11:06AM
MLS# 1681254
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.
This 1,986-square-foot duplex on a 0.21-acre lot contains two separate residences. The first-floor unit has two bedrooms, hardwood flooring, granite countertops, an open living area, and in-unit laundry. The upper residence includes one bedroom, an updated kitchen and bathroom, abundant natural light, and its own washer and dryer. Separate utilities serve each unit.
An oversized two-car garage with steel I-beams provides substantial enclosed space, while the property also includes a front porch, yard area, freshly painted exterior, wood-frame construction, and public water and sewer. Built in 1900, the home has a shingle roof and a combination of tile and hardwood flooring.
The property is zoned RN3. The source information states that it is not currently subject to Portland’s rent-control ordinance and that zoning may allow up to four units on a lot of this size, subject to municipal requirements and approvals. Deering Oaks, the farmers market, Hadlock Field, USM, playgrounds, and downtown Portland shops and restaurants are described as within walking distance.
An oversized two-car garage with steel I-beams provides substantial enclosed space, while the property also includes a front porch, yard area, freshly painted exterior, wood-frame construction, and public water and sewer. Built in 1900, the home has a shingle roof and a combination of tile and hardwood flooring.
The property is zoned RN3. The source information states that it is not currently subject to Portland’s rent-control ordinance and that zoning may allow up to four units on a lot of this size, subject to municipal requirements and approvals. Deering Oaks, the farmers market, Hadlock Field, USM, playgrounds, and downtown Portland shops and restaurants are described as within walking distance.
Key Highlights
- 1,986‑square‑foot duplex with two separate residences
- First‑floor two‑bedroom unit with hardwood floors, granite countertops, open living area, and in‑unit laundry
- Upper one‑bedroom unit includes an updated kitchen and bathroom plus its own washer and dryer
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
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
Check the figures for this property
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 distinct residences feature separate laundry, utilities, kitchens, and living spaces within a residential income property.
Where is this duplex located?
The property is located at 99 Washburn Avenue 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: 1,986‑square‑foot duplex with two separate residences; First‑floor two‑bedroom unit with hardwood floors, granite countertops, open living area, and in‑unit laundry; Upper one‑bedroom unit includes an updated kitchen and bathroom plus its own washer and dryer
