Duplex With Separate
New
For Sale
$985,000
137 Avenue Road Extension, Exeter, ME 04435
Multi-Family, Exeter, ME
Property Size3,550 SF
Lot Size90.00 Acres
Price / SF$277.46
Days on Market4
Property Features for 137 Avenue Road Extension
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Parking features
On Street, Open, Off Street, Heated
Patio and Porch features
Deck, Porch
Pets allowed
No
Interior features
Other Amenities, In-Law Apartment, 1st Floor Bedroom, Bathtub, Shower, Storage
Basement
Finished, Full, Unfinished, Walk-Out Access
Appliances
Tankless Water Heater
Lot features
Well Landscaped, Open, Farm, Level, Wooded, Rural
Standard status
Active
Size
3,550 SF
Lot size
90.00 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7623
Utilities
Sewer type
Septic Tank, Private Sewer
Heating system
Solar (Heating), Baseboard, Oil, Wood Stove, Hot Water(Heating), Steam, Wood, Space Heater, Zoned, Electric (Heating), Other (Heating)
Water source
Well, Private
Water front features
Lake
Water front
1
Amenities
large powered barn
chicken/goat area
double root cellar
cedar sauna
oversized multi-vehicle garage
potting shed
fenced gardens
13 apple trees
established berries
stream-fed farm pond
screened entertaining space
extensive trails
11 kW grid-tied solar array
Starlink connectivity
Building Details
Year built
1981
Floors in Building
2
Number of units
2
Flooring type
Tile, Wood, Carpet
Building materials
Log, Wood Frame, Shingle Siding
Roof type
Shingle, Metal
Architectural style
Cottage, Cape Cod
Additional Structures
Storage, Outbuilding, Other
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Susan Roberts
(207) 989-4229
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 8 at 11:06AM
MLS# 1679487
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 3,550-square-foot duplex property includes a primary residence and a separate cabin, creating two independent living spaces on 90 acres. The main home offers an open-concept design, handcrafted kitchen cabinetry, formal dining room, eat-in kitchen, solarium, basement, and multiple heating sources. The cabin includes a full bath, laundry, propane cooktop, wood cookstove, deck, and its own well and septic system.
Additional improvements include a powered barn with running water, an oversized multi-vehicle garage with unfinished second floor, potting shed, fenced gardens, root cellar, cedar sauna, screened entertaining area, and trails. The property also includes an 11 kW grid-tied solar array, 13 apple trees, established berry plantings, and a stream-fed farm pond. Built in 1981, the buildings feature log, wood-frame, and shingle-siding construction, with private well water and septic systems.
Additional improvements include a powered barn with running water, an oversized multi-vehicle garage with unfinished second floor, potting shed, fenced gardens, root cellar, cedar sauna, screened entertaining area, and trails. The property also includes an 11 kW grid-tied solar array, 13 apple trees, established berry plantings, and a stream-fed farm pond. Built in 1981, the buildings feature log, wood-frame, and shingle-siding construction, with private well water and septic systems.
Key Highlights
- 90 acres with 3,550 square feet of residential space
- Two separate residences, each with its own well and septic system
- 11 kW grid‑tied solar array with utility credits through Versant Power
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
$32,534
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
3.30%
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%
$650,680
$650.7K
Cap Rate 7%
$464,771
$464.8K
Cap Rate 9%
$361,489
$361.5K
Market Conditions
NOI Build-Up for 3,550 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
$49.0K $13.80/SF
− Vacancy
−$2.5K −$0.71/SF
EGI
$46.5K $13.09/SF
− OpEx
−$13.9K −$3.93/SF
NOI
$32.5K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /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%
$650,680
Cap Rate 7%
$464,771
Cap Rate 9%
$361,489
Alternative Uses
Best Use
Multifamily LT 5
$464.8K
$406.7K – $542.2K
NOI $32,534 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$427.5K
$374.0K – $498.7K
NOI $29,922 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,258 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 04435, ME
963
Population
520
Households
1.9
Avg Household Size
50
Median Age
14%
College-Educated
90%
High-School Grad
38.6 sq mi
ZIP Area
25
Density / Sq Mi
$76,875
Median Household Income
$41,402
Median Earnings
$850
Median Rent
$155,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent living spaces are supported by private wells, septic systems, and extensive accessory improvements.
Where is this duplex located?
The property is located at 137 Avenue Road Extension Exeter, ME.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: 90 acres with 3,550 square feet of residential space; Two separate residences, each with its own well and septic system; 11 kW grid‑tied solar array with utility credits through Versant Power
