Triplex with Multiple
For Sale
$749,000
25 Evergreen Avenue, Old Orchard Beach, ME 04064
Multi-Family, Old Orchard Beach, ME
Property Size2,902 SF
Lot Size0.09 Acres
Price / SF$258.10
Days on Market46
Property Features for 25 Evergreen Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bathroom 1, Basement, Bathroom 3
Patio and Porch features
Porch
Interior features
Attic, Shower, Storage
Basement
Unfinished, Full, Walk-Out Access
Lot features
Level, Sidewalks, Intown, Near Public Beach, Near Shopping, Neighborhood
Standard status
Active
Size
2,902 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6380
Utilities
Sewer type
Public Sewer
Heating system
Oil, Hot Water(Heating), Propane (Heating)
Water source
Public
Amenities
multiple decks
Building Details
Year built
1908
Floors in Building
2
Number of units
3
Flooring type
Linoleum, Vinyl, Carpet, Tile, Plank, Softwood
Building materials
Wood Frame, Vinyl Siding
Roof type
Rolled Hot Mop, Shingle
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
Vitalius Real Estate Group, LLC
(207) 541-3755
Listed By:
Carrie Logan
(207) 615-7054
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 29 at 11:06AM
MLS# 1671099
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 Colonial-style triplex at 25 Evergreen Avenue offers a total of 2,902 square feet on a 0.09-acre lot, built in 1908. The property includes a porch and multiple decks, with attic space for storage and a mix of carpet, vinyl, softwood/plank, tile, and linoleum flooring. Public water and public sewer services support the home.
The layout features a spacious 3-bedroom, 2-bath main unit that is vacant as of August 1, along with two additional rentals. Heating includes propane, hot water, and oil service. Exterior and systems updates are a major part of the value, including 56 replacement windows, a Buderus boiler with an oil tank, upgraded basement and attic insulation, updated siding, a roof that includes rolled hot mop and shingles, water heater upgrades, a sealcoated driveway, and a rebuilt back deck.
Set up for easy owner control, the property is described as being about a 7-minute walk to the beach, with ample off-street parking for residents and guests.
The layout features a spacious 3-bedroom, 2-bath main unit that is vacant as of August 1, along with two additional rentals. Heating includes propane, hot water, and oil service. Exterior and systems updates are a major part of the value, including 56 replacement windows, a Buderus boiler with an oil tank, upgraded basement and attic insulation, updated siding, a roof that includes rolled hot mop and shingles, water heater upgrades, a sealcoated driveway, and a rebuilt back deck.
Set up for easy owner control, the property is described as being about a 7-minute walk to the beach, with ample off-street parking for residents and guests.
Key Highlights
- 0.09‑acre triplex lot with 2,902 SF
- Built in 1908 with Colonial architecture, wood frame construction, and vinyl siding
- 3‑bedroom, 2‑bath main unit vacant August 1 plus two additional rentals
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
$49,126
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
6.56%
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%
$982,520
$982.5K
Cap Rate 7%
$701,800
$701.8K
Cap Rate 9%
$545,844
$545.8K
Market Conditions
NOI Build-Up for 2,902 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
$73.8K $25.44/SF
− Vacancy
−$3.6K −$1.26/SF
EGI
$70.2K $24.18/SF
− OpEx
−$21.1K −$7.25/SF
NOI
$49.1K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /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%
$982,520
Cap Rate 7%
$701,800
Cap Rate 9%
$545,844
Alternative Uses
Best Use
Multifamily LT 5
$701.8K
$614.1K – $818.8K
NOI $49,126 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$640.7K
$560.6K – $747.5K
NOI $44,848 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$919.9K
$804.9K – $1.07M
NOI $64,394 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 04064, ME
8,452
Population
6,783
Households
1.2
Avg Household Size
53
Median Age
40%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
1,261
Density / Sq Mi
$66,689
Median Household Income
$42,532
Median Earnings
$1,142
Median Rent
$312,700
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?
Triplex - R-2 zoned triplex with ample off-street parking, multiple decks, and extensive exterior and mechanical upgrades.
Where is this triplex located?
The property is located at 25 Evergreen Avenue Old Orchard Beach, ME.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 0.09‑acre triplex lot with 2,902 SF; Built in 1908 with Colonial architecture, wood frame construction, and vinyl siding; 3‑bedroom, 2‑bath main unit vacant August 1 plus two additional rentals
