Apartment Building with Heated
For Sale
$2,295,000
276 Hill Street, Biddeford, ME 04005
MULTI_FAMILY - Colonial - Biddeford, ME
Property Size11,374 SF
Lot Size0.75 Acres
Price / SF$201.78
Days on Market117
Property Features for 276 Hill Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 2, Bathroom 6, Bathroom 4, Bathroom 5, Basement, Bathroom 3, Bathroom 8, Bathroom 1, Bathroom 7
Parking features
Heated, Open
Patio and Porch features
Deck, Porch
Pets allowed
No
Interior features
1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath, Bathtub, One-Floor Living
Basement
Unfinished, Full
Lot features
Near Country Club, Well Landscaped, Open, Level, Sidewalks, Intown, Near Golf Course, Near Shopping, Near Turnpike/ Interstate, Near Town, Neighborhood, Near Public Transit
Standard status
Active
Size
11,374 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
17780
Utilities
Sewer type
Public Sewer
Heating system
Oil, Zoned, Hot Water(Heating), Baseboard
Water source
Public
Amenities
fireplace
heated warehouse
oversized overhead bay doors
professionally landscaped
paved parking
Building Details
Year built
1970
Floors in Building
3
Number of units
8
Flooring type
Wood, Tile, Carpet, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Composition, Shingle
Architectural style
Colonial
Listing Agency:
Spectrum Real Estate
(207) 805-3707
Listed By:
Fred Andrews
(207) 233-6699
Added: May 7
Changed: Aug 3
Last Checked: Aug 31 at 12:06AM
MLS# 1627070
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 two-building Biddeford, ME compound combines an eight-unit residential setup with a heated warehouse. The residential component includes a 1st-floor bedroom and a 1st-floor primary bedroom with bath, supporting one-floor living. Interior finishes include wood, tile, carpet, and vinyl, and the home has oil heat with zoned hot water baseboard. The property was built in 1970 and features wood frame construction with vinyl siding, along with a composition shingle roof. Outdoor space includes a deck and porch, and parking is described as heated and open.
The warehouse is a key feature, offered with four oversized overhead bay doors and heated space for contractor, trade, collector, or small business use. Utilities are provided via public water and public sewer.
Set on a 0.75-acre lot, the compound totals 11,374 square feet and presents a mixed-use configuration suited to owner-occupancy, vacation-type rental use, or other flexible live/work arrangements.
The warehouse is a key feature, offered with four oversized overhead bay doors and heated space for contractor, trade, collector, or small business use. Utilities are provided via public water and public sewer.
Set on a 0.75-acre lot, the compound totals 11,374 square feet and presents a mixed-use configuration suited to owner-occupancy, vacation-type rental use, or other flexible live/work arrangements.
Key Highlights
- 8 residential units
- Heated warehouse with four oversized overhead bay doors
- 0.75‑acre lot
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
$175,777
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
7.66%
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%
$3,515,540
$3.5M
Cap Rate 7%
$2,511,100
$2.5M
Cap Rate 9%
$1,953,078
$2.0M
Market Conditions
NOI Build-Up for 11,374 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
$337.1K $29.64/SF
− Vacancy
−$17.5K −$1.54/SF
EGI
$319.6K $28.10/SF
− OpEx
−$143.8K −$12.64/SF
NOI
$175.8K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
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%
$3,515,540
Cap Rate 7%
$2,511,100
Cap Rate 9%
$1,953,078
Alternative Uses
Best Use
Apartment 5plus
$2.51M
$2.20M – $2.93M
NOI $175,777 @ 7.0% cap · market cap 7.66%
Second Best
Warehouse
$2.03M
$1.78M – $2.37M
NOI $142,423 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$3.61M
$3.15M – $4.21M
NOI $252,385 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - R2-zoned 8-unit colonial compound with a heated warehouse featuring four oversized overhead bay doors and public utilities.
Where is this apartment building located?
The property is located at 276 Hill Street Biddeford, ME.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 8 residential units; Heated warehouse with four oversized overhead bay doors; 0.75‑acre lot
