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    161 Main Street Newport, ME 04953

    View on Map
    For Sale
    $2,200,000

    MULTI_FAMILY - Newport, ME

    Property size:
    10,500 SF
    Lot size:
    0.53 Acres
    Added:
    Oct 16, 2025
    Days on Market:
    174
    Last Refresh:
    Apr 7 at 6:06 am

    Property Features for 161 Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Village commercial
    Rooms
    Basement
    Basement
    Unfinished, Full
    Standard status
    Active
    Size
    10,500 SF
    Lot size
    0.53 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6356

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating), Heat Pump (Heating), Baseboard
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Year built
    1900
    Number of units
    11
    Building materials
    Brick, Steel Frame
    Roof type
    Membrane

    We can help!

    Listing Contact
    Melissa Bartlett

    Listing agent Melissa Bartlett

    Listing office Better Homes & Gardens Real Estate/The Masiello Group 1162 Union Street, Bedford, ME

    Listing date Oct 16, 2025

    MLS# 1640973

    Copyright © 2025 Maine Real Estate Information System, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Newport Multifamily Renovation Opportunity

    This commercial property in Newport, Maine, presents an opportunity for investors. The 11-unit apartment building has renovations started but not completed. Key features and improvements include a new roof, windows, and electrical entrances, along with upgraded electrical systems. A new boiler has been installed, and substantial plumbing work has been completed. A sprinkler system is already in place. The property includes generous off-street parking. The first floor could be completed and rented out to generate income while finishing the remaining units. The property consists of five 1-bed/1-bath units, five 2-bed/1-bath units, and one 3-bed/2-bath unit. The property is zoned for village commercial use and has a lot size of 0.53 acres. The building has a property size of 10,500 square feet.
    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
    -69.272029
    Latitude
    44.835204

    Nearby Similar for Sale

    • $355,100

      Under Construction Apartment Building Auction

      11-unit apartment building under construction to be sold at auction.
      161 Main St., 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 - Eleven-unit apartment building with renovations underway in Newport, Maine.
    Where is this apartment building located?
    The property is located at 161 Main Street Newport, ME.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: Partially renovated 11‑unit apartment building offering immediate income potential upon completion of the first floor.; Significant infrastructure upgrades completed: new roof, windows, electrical entrances, upgraded electrical systems, new boiler, and substantial plumbing work.; Generous off‑street parking available.
    (207) 487-1704
    We can help!
    Listing Contact
    Melissa Bartlett
    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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