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    Multifamily Investment Opportunity in Skowhegan Title is generated by Realmo AI

    164 Madison Avenue, Skowhegan, ME 04976

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    For Sale
    $1,900,000

    MULTI_FAMILY - Colonial - Skowhegan, ME

    Property size:
    17,870 SF
    Lot size:
    1.46 Acres
    Price / SF:
    $106/SF
    Added:
    May 21, 2026
    Days on Market:
    17
    Last Refresh:
    Jun 6 at 4:06 pm

    Property Features for 164 Madison Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Residential
    Bathrooms
    21
    Rooms
    Bathroom 19, Bathroom 17, Bathroom 20, Bathroom 1, Bathroom 3, Bathroom 14, Bathroom 7, Bathroom 10, Bathroom 8, Bathroom 6, Bathroom 9, Bathroom 16, Bathroom 18, Bathroom 12, Bathroom 21, Bathroom 4, Bathroom 5, Bathroom 11, Bathroom 15, Basement, Bathroom 2, Bathroom 13
    Parking features
    Heated
    Security features
    Security System
    Patio and Porch features
    Deck, Porch
    Pets allowed
    No
    Interior features
    Storage
    Basement
    Full, Finished
    Accessibility
    Accessible Elevator Installed
    Standard status
    Active
    Size
    17,870 SF
    Lot size
    1.46 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    17778

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Oil, Heat Pump (Heating), Baseboard, Other (Heating), Hot Water(Heating), Radiant
    Cooling system
    Central Air, Heat Pump
    Water source
    Public
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1880
    Floors in Building
    3
    Number of units
    15
    Flooring type
    Laminate, Hardwood, Carpet, Vinyl
    Building materials
    Wood Frame, Brick, Vinyl Siding
    Roof type
    Metal
    Architectural style
    Colonial
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Aaron Bolster

    Listing agent Aaron Bolster

    Listing office Allied Realty 187 Madison Avenue, Suite 1, Skowhegan, ME

    Listing date May 21, 2026

    MLS# 1658643 Listing URL

    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.

    HighLights

    • Portfolio opportunity: 15 units across two buildings offered for sale.
    • Income potential: Includes a 13‑unit building and a 2‑unit building, with established rent roll.
    • Owner‑occupied potential: The 2‑unit building features a large 4‑bedroom unit with a 4‑bay heated garage and a 1‑bedroom apartment, suitable for owner occupancy with in‑law suite potential.
    • Renovated 13‑unit building: The 13‑unit structure (12,553 sqft) has undergone renovations by the long‑term seller.
    • Waterfront property: Includes lake access.
    • Desirable features: Includes heated parking, deck, porch, storage, and accessible elevator.

    Overview

    This offering presents an opportunity to expand a real estate portfolio with the acquisition of 164 Madison Avenue and 9 Walton Court, totaling 15 units. The properties are situated on well-landscaped grounds. One building features two units: a large four-bedroom apartment with a four-bay heated garage, and a spacious one-bedroom apartment. The total living space for this structure is 4,417 square feet. This building could serve as an owner-occupied residence with an attached in-law suite or as a source of additional income. The second building is a 12,553-square-foot structure comprising 13 units, with renovations completed by the seller over time. The combined properties are located in Skowhegan, Maine, within Somerset County, and the total lot size is 1.46 acres. The properties are zoned for residential use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Graf Plumbing & Heating Plumbing Service Walton Court Apartment Complex

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Skowhegan
    County
    Somerset
    State
    Maine
    Longitude
    -69.723558
    Latitude
    44.772516

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    FAQs

    What type of property is this?
    Apartment building - Two buildings totaling 15 units for sale in Skowhegan.
    Where is this apartment building located?
    The property is located at 164 Madison Avenue Skowhegan, ME.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: Portfolio opportunity: 15 units across two buildings offered for sale.; Income potential: Includes a 13‑unit building and a 2‑unit building, with established rent roll.; Owner‑occupied potential: The 2‑unit building features a large 4‑bedroom unit with a 4‑bay heated garage and a 1‑bedroom apartment, suitable for owner occupancy with in‑law suite potential.
    (207) 474-9553
    We can help!
    Listing Contact
    Aaron Bolster
    Request Owner's contact information
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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.

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