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850 Washington Avenue | Renovated Duplex Near 850 Washington Ave 2 Unit Apartment Building $849,000 ($424,500/Unit) 6.49% Cap Rate Portland, ME 04103
Investment Highlights
- Renovated two-unit multifamily property
- Situated on over 0.50 acres in Portland
- Ample off-street parking
- Two spacious 2-bedroom apartments
- Detached 2-car garage
- Large backyard with future potential
Executive Summary
Opportunity, flexibility, and location come together at 850 Washington Avenue, a beautifully renovated two-unit property in one of Portland's most exciting growth corridors. Situated on over half an acre, this turnkey investment features two spacious 2-bedroom units, a detached 2-car garage, abundant off-street parking, and an expansive backyard, an increasingly rare find within the city. Both units have been thoughtfully updated with timeless finishes including white cabinetry, granite countertops, updated appliances, stylish bathrooms, and in-unit laundry. Separate gas and electric meters, along with newer boilers, make ownership and management simple and efficient. Whether you're an investor seeking a strong addition to your portfolio, an owner-occupant looking to offset your mortgage with rental income, or a parent searching for housing near Portland's rapidly growing educational and innovation district, this property offers exceptional versatility. Located just minutes from Downtown Portland, Back Cove, Payson Park, Tipo, Monte's Fine Foods, and countless local amenities, the property also benefits from its proximity to the Roux Institute and the transformative investment occurring throughout the surrounding neighborhood. As Portland continues to emerge as a hub for technology, research, education, and entrepreneurship, demand for housing in this area is expected to remain strong. Live in one unit and rent the other. Add a turnkey asset to your investment portfolio. Secure housing for a student, researcher, or professional while building equity in one of Portland's most desirable markets. With updated interiors, strong rental appeal, a large lot, garage parking, and an unbeatable location, 850 Washington Avenue presents an opportunity that is becoming increasingly difficult to find in Portland. A smart investment today--and an exciting opportunity for tomorrow! GROUP SHOWINGS TUES/THURS 1-2 PM
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$55,106
|
$25.23
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$55,106
|
$25.23
|
| Taxes |
-
|
-
|
| Operating Expenses |
$5,927
|
$2.71
|
| Total Expenses |
$5,927
|
$2.71
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $55,106 |
| Annual Per SF | $25.23 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $55,106 |
| Annual Per SF | $25.23 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | $5,927 |
| Annual Per SF | $2.71 |
| Total Expenses | |
|---|---|
| Annual | $5,927 |
| Annual Per SF | $2.71 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $849,000 | Apartment Style | Low-Rise |
| Price Per Unit | $424,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.53 AC |
| Cap Rate | 6.49% | Building Size | 2,184 SF |
| No. Units | 2 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1864/2023 |
| Property Subtype | Apartment | ||
| Zoning | RN-3 - RN-3 | ||
| Price | $849,000 |
| Price Per Unit | $424,500 |
| Sale Type | Investment |
| Cap Rate | 6.49% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.53 AC |
| Building Size | 2,184 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1864/2023 |
| Zoning | RN-3 - RN-3 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | PTLD-000170-000000-B018001 | Improvements Assessment | $519,500 |
| Land Assessment | $166,900 | Total Assessment | $686,400 |
Property Taxes
Parcel Number
PTLD-000170-000000-B018001
Land Assessment
$166,900
Improvements Assessment
$519,500
Total Assessment
$686,400
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850 Washington Avenue | Renovated Duplex Near | 850 Washington Ave
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