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    161 Main St. Newport, ME 04953

    View on Map
    New
    For Sale
    $355,100

    Multi-Unit (5+) - Newport, ME

    Lot size:
    0.26 Acres
    Added:
    Apr 6, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 7 at 3:06 am

    Property Features for 161 Main St.

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    Lot size
    0.26 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Richard Keenan

    Listing agent Richard Keenan

    Listing office Keenan Auction Company, Inc. 2063 Congress St, South Portland, ME

    Listing date Apr 6, 2026

    MLS# 11686300 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Under Construction Apartment Building Auction

    An 11-unit apartment building under construction is scheduled for auction on Wednesday, May 6, 2026, at 11 AM. The property, located at 161 Main St. in Newport, Maine, is situated on a 0.26+/- acre parcel with approximately 45 feet of frontage on Main St. and 157 feet on Mill St. The three-story building, constructed with a brick and metal frame, is designed to include five 1-bedroom, 1-bath units, five 2-bedroom, 1-bath units, and one additional 1-bedroom, 1-bath unit. The offering also includes a separate 0.27+/- acre lot currently used as public parking. A preview date is scheduled for Monday, April 20, 2026, from 2:30-3:30 PM, pending access. Buyer broker participation is available; contact the auctioneer to qualify. A $25,000 deposit in cash or certified U.S. funds is required to bid, which will be increased to 10% of the purchase price within 5 business days of the sale, with the balance due within 30 days. The property will be sold subject to all outstanding municipal assessments. Additional terms will be announced at the public sale. Request the Property Information Package by auction #26-38.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sail-in Corner Cafe ... Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Penobscot
    State
    Maine
    Longitude
    -69.273655
    Latitude
    44.835093

    Nearby Similar for Sale

    • $2,200,000
      10,500 SF

      Newport Multifamily Renovation Opportunity

      Eleven-unit apartment building with renovations underway in Newport, Maine.
      161 Main Street, Newport, ME 04953
      View Details
    • $459,900

      Newport Commercial Buildings on Route 11

      Three commercial buildings on an oversized lot with leases in place.
      262 Moosehead Trail, Newport, ME 04953
      View Details
    • $2,200,000
      10,500 SF

      Newport Multifamily Investment Opportunity

      Partially renovated 11-unit apartment building with income potential.
      161 Main Street, Newport, ME 04953
      View Details

    FAQs

    What type of property is this?
    Apartment building - 11-unit apartment building under construction to be sold at auction.
    Where is this apartment building located?
    The property is located at 161 Main St. Newport, ME.
    What is the asking price?
    The asking price for this property is $355,100.
    What are key features of this property?
    This property features: 11‑unit apartment building under construction; Mix of unit types: (5) 1‑bedroom 1‑bath, (5) 2‑bedroom 1‑bath, and (1) 1‑bedroom 1‑bath; Located on Main St., Newport, Maine
    (207) 885-5100
    We can help!
    Listing Contact
    Richard Keenan
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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