Cape Cod Duplex With
For Sale
$270,000
2 Central Avenue, Waterville, ME 04901
MULTI_FAMILY - Cape Cod - Waterville, ME
Property Size1,847 SF
Lot Size0.21 Acres
Price / SF$146.18
Days on Market43
Property Features for 2 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RB
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Parking features
Off Street
Patio and Porch features
Porch
Interior features
Walk-in Closets, 1st Floor Bedroom, Shower, Storage
Basement
Full, Walk-Out Access, Daylight
Appliances
Tankless Water Heater
Lot features
Corner Lot, Intown, Near Shopping, Near Turnpike/ Interstate, Neighborhood
Standard status
Active
Size
1,847 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3154
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil, Zoned, Hot Water(Heating)
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl, Tile
Building materials
Wood Frame, Vinyl Siding, Other Exterior
Roof type
Fiberglass, Shingle
Architectural style
Cape Cod
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Deborah Joseph
(207) 491-9179
Added: Jul 13
Changed: Aug 10
Last Checked: Aug 24 at 6:06PM
MLS# 1668039
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 Cape Cod duplex includes 1st floor bedroom space and walk-in closets, with interior storage and shower features. The unit configuration includes bedrooms and bathrooms, and the home has a porch for outdoor entry. Flooring options include carpet, tile, and vinyl. A tankless water heater supports domestic hot water.
The property sits on a 0.21-acre lot and is zoned RB. Construction is wood frame with vinyl siding and other exterior materials, under a fiberglass shingle roof. Heating is oil-fired with zoned hot-water/baseboard heating.
The home is served by public water and public sewer, and offers off-street parking. Built in 1890, the duplex presents a historic Cape Cod style with functional interior amenities and practical utilities for long-term occupancy.
The property sits on a 0.21-acre lot and is zoned RB. Construction is wood frame with vinyl siding and other exterior materials, under a fiberglass shingle roof. Heating is oil-fired with zoned hot-water/baseboard heating.
The home is served by public water and public sewer, and offers off-street parking. Built in 1890, the duplex presents a historic Cape Cod style with functional interior amenities and practical utilities for long-term occupancy.
Key Highlights
- Cape Cod duplex style with porch
- 0.21‑acre lot and RB zoning
- 1st floor bedroom plus walk‑in closets
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
$20,627
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
7.64%
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%
$412,540
$412.5K
Cap Rate 7%
$294,671
$294.7K
Cap Rate 9%
$229,189
$229.2K
Market Conditions
NOI Build-Up for 1,847 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
$29.9K $16.20/SF
− Vacancy
−$455 −$0.25/SF
EGI
$29.5K $15.95/SF
− OpEx
−$8.8K −$4.79/SF
NOI
$20.6K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$412,540
Cap Rate 7%
$294,671
Cap Rate 9%
$229,189
Alternative Uses
Best Use
Multifamily LT 5
$294.7K
$257.8K – $343.8K
NOI $20,627 @ 7.0% cap · market cap 7.64%
Second Best
Apartment 5plus
$257.0K
$224.9K – $299.9K
NOI $17,993 @ 7.0% cap · market cap 6.66%
Theoretical Best
Warehouse
$2.76M
$2.41M – $3.21M
NOI $192,888 @ 7.0% cap · market cap 71.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
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 - Cape Cod duplex on a 0.21-acre lot with a porch, off-street parking, and RB zoning with public water and sewer.
Where is this duplex located?
The property is located at 2 Central Avenue Waterville, ME.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Cape Cod duplex style with porch; 0.21‑acre lot and RB zoning; 1st floor bedroom plus walk‑in closets
