Updated Two-Unit
For Sale
$295,000
22 Ash Street, Waterville, ME 04901
Multi-Family, Waterville, ME
Property Size2,395 SF
Lot Size0.13 Acres
Price / SF$123.17
Days on Market66
Property Features for 22 Ash Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RC
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Patio and Porch features
Porch, Deck
Interior features
1st Floor Bedroom, Bathtub, Shower, Storage
Basement
Full, Walk-Out Access, Unfinished
Lot features
Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood
Standard status
Active
Size
2,395 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3164
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating), Baseboard
Cooling system
Heat Pump
Water source
Public
Amenities
in-unit washer/dryer
deck
off-street parking
Building Details
Year built
1890
Number of units
2
Flooring type
Vinyl, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Signature Homes Real Estate Group, LLC
(207) 885-0500
Listed By:
Derek Goff Joseph Tomazin
(207) 749-9905
Added: Jul 13
Changed: Sep 14
Last Checked: Sep 16 at 10:06AM
MLS# 1657213
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 2,395-square-foot duplex contains two residential units, each configured with two bedrooms. Unit 1 includes a spacious front room that can serve as a potential third bedroom, while Unit 2 has a rear deck. Interior improvements include updated kitchens with butcher block countertops, luxury vinyl plank flooring, and heat pumps for heating and cooling. Both units include in-unit washer and dryers. The property also provides off-street parking, public water, public sewer, wood-frame construction, vinyl siding, and a shingle roof.
Unit 1 is vacant, offering flexibility for an owner occupant or a new tenant. The property occupies 0.13 acres at 22 Ash Street in Waterville, approximately one mile from I-95 and downtown Waterville. Colby College and Thomas College are a short drive away. Built in 1890 and zoned RC, the duplex combines established construction with updated interior features and a practical two-unit layout.
Unit 1 is vacant, offering flexibility for an owner occupant or a new tenant. The property occupies 0.13 acres at 22 Ash Street in Waterville, approximately one mile from I-95 and downtown Waterville. Colby College and Thomas College are a short drive away. Built in 1890 and zoned RC, the duplex combines established construction with updated interior features and a practical two-unit layout.
Key Highlights
- 2,395‑square‑foot duplex with two residential units
- Each unit includes two bedrooms; Unit 1 has potential for a third
- Updated kitchens with butcher block countertops and luxury vinyl plank flooring
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
$26,746
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
9.07%
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%
$534,920
$534.9K
Cap Rate 7%
$382,086
$382.1K
Cap Rate 9%
$297,178
$297.2K
Market Conditions
NOI Build-Up for 2,395 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
$38.8K $16.20/SF
− Vacancy
−$590 −$0.25/SF
EGI
$38.2K $15.95/SF
− OpEx
−$11.5K −$4.79/SF
NOI
$26.7K $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%
$534,920
Cap Rate 7%
$382,086
Cap Rate 9%
$297,178
Alternative Uses
Best Use
Multifamily LT 5
$382.1K
$334.3K – $445.8K
NOI $26,746 @ 7.0% cap · market cap 9.07%
Second Best
Apartment 5plus
$333.3K
$291.6K – $388.9K
NOI $23,331 @ 7.0% cap · market cap 7.91%
Theoretical Best
Warehouse
$3.57M
$3.13M – $4.17M
NOI $250,118 @ 7.0% cap · market cap 84.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
479
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units offer heat pumps, in-unit laundry, and tenant-paid heating.
Where is this duplex located?
The property is located at 22 Ash Street Waterville, ME.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2,395‑square‑foot duplex with two residential units; Each unit includes two bedrooms; Unit 1 has potential for a third; Updated kitchens with butcher block countertops and luxury vinyl plank flooring
