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    Four-Unit Residential Income Property Title is generated by Realmo AI

    185 Elm Street, Brewer, ME 04412

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    New
    For Sale
    $450,000

    MULTI_FAMILY - Colonial - Brewer, ME

    Property size:
    2,333 SF
    Lot size:
    1.20 Acres
    Price / SF:
    $192/SF
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 4 at 8:06 am

    Property Features for 185 Elm Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MDR-1
    Bathrooms
    4
    Rooms
    Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Basement
    Patio and Porch features
    Deck
    Basement
    Full
    Standard status
    Active
    Size
    2,333 SF
    Lot size
    1.20 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5136

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Propane (Heating), Forced Air
    Water source
    Well

    Building Details

    Year built
    1900
    Number of units
    4
    Flooring type
    Vinyl, Carpet
    Building materials
    Wood Frame, Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Philip Adams Jr

    Listing agent Philip Adams Jr

    Listing office Adams Real Estate 186 State Street, Bangor, ME

    Listing date Jun 2, 2026

    MLS# 1626549 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

    • 4‑unit building with 4 one‑bedroom apartments and 2,333 SF of living space
    • 8' x 34' enclosed porch on the front of the building
    • Each unit has its own electric hot water heater and electric panel; FHA furnace heating
    • Private well water with public sewer
    • Radon tested in 2023 and at acceptable levels; well tested in 2020
    • Oversized heated garage with 832 SF; furnace new in January 2026

    Overview

    This four-unit residential income property features four one-bedroom apartments within a well-constructed building. The front includes an 8' x 34' enclosed porch, adding sheltered entry space and usable area. Each unit is supported by its own electric hot water heater and electric panel. Heating is provided by an FHA furnace, and radon was tested in 2023 with results at acceptable levels. The water service is private while sewer is public. Recent and practical upgrades include a furnace installed in January 2026, with a well tested in 2020. An oversized heated garage provides additional on-site storage or workspace potential.

    Situated on a 1.2-acre lot and identified under MDR-1 zoning, the property is located at 185 Elm Street in Brewer, Maine (Penobscot County). The combination of residential density and on-site building amenities supports long-term operating appeal for an owner-operator or investment group.

    With four separate one-bedroom units and strong utility separation, this setup can appeal to investors looking for straightforward unit configuration and manageable systems. The enclosed porch and heated garage add functional value for residents and can help improve tenant experience. The flexible note that the first floor could be adapted for multigenerational living by removing one door may also be relevant for buyers considering owner-occupancy alongside rental income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Brewer
    County
    Penobscot
    State
    Maine
    Longitude
    -68.769861
    Latitude
    44.767009

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    FAQs

    What type of property is this?
    Quadplex - Well-constructed fourplex with one-bedroom units, private water, and separate electric hot water for each unit.
    Where is this quadplex located?
    The property is located at 185 Elm Street Brewer, ME.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: 4‑unit building with 4 one‑bedroom apartments and 2,333 SF of living space; 8' x 34' enclosed porch on the front of the building; Each unit has its own electric hot water heater and electric panel; FHA furnace heating
    (207) 944-1672
    We can help!
    Listing Contact
    Philip Adams Jr
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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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