Duplex With Off-Street
For Sale
$269,900
3 Park Street, Orono, ME 04473
Multi-Family, Orono, ME
Property Size1,656 SF
Lot Size0.19 Acres
Price / SF$162.98
Days on Market86
Property Features for 3 Park Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MDR
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Parking features
Off Street
Interior features
1st Floor Bedroom, Shower
Basement
Unfinished, Full, Walk-Out Access, Sump Pump
Lot features
Level, Sidewalks, Intown
Standard status
Active
Size
1,656 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3676
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Oil
Water source
Public
Amenities
basement laundry facilities
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Cape Cod
Listing Agency:
Two Rivers Realty, LLC
(207) 469-9930
Listed By:
Daniel Burpee
(207) 735-5337
Added: Jun 11
Changed: Sep 2
Last Checked: Sep 4 at 7:06PM
MLS# 1662057
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 1,656-square-foot Cape Cod duplex contains two residential units: one with 2 bedrooms and another with 3 bedrooms. The 1920 property has wood-frame construction with vinyl siding, vinyl and carpet flooring, oil-fired forced-air heat, shingle roofing, and basement laundry facilities. Off-street parking serves the property, while public water and public sewer support the building. A first-floor bedroom and two bathrooms are among the interior features.
The 0.19-acre property is located in downtown Orono, with the University of Maine, restaurants, shopping, and other downtown amenities nearby. The building is fully occupied and carries MDR zoning, offering an established two-unit residential configuration in a central community setting.
The 0.19-acre property is located in downtown Orono, with the University of Maine, restaurants, shopping, and other downtown amenities nearby. The building is fully occupied and carries MDR zoning, offering an established two-unit residential configuration in a central community setting.
Key Highlights
- Two‑unit duplex with one 2‑bedroom unit and one 3‑bedroom unit
- 1,656 square feet on a 0.19‑acre lot
- Built in 1920 with Cape Cod architectural style
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
$15,176
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
5.62%
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%
$303,520
$303.5K
Cap Rate 7%
$216,800
$216.8K
Cap Rate 9%
$168,622
$168.6K
Market Conditions
NOI Build-Up for 1,656 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
$22.9K $13.80/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$21.7K $13.09/SF
− OpEx
−$6.5K −$3.93/SF
NOI
$15.2K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /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%
$303,520
Cap Rate 7%
$216,800
Cap Rate 9%
$168,622
Alternative Uses
Best Use
Multifamily LT 5
$216.8K
$189.7K – $252.9K
NOI $15,176 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$199.4K
$174.5K – $232.6K
NOI $13,958 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$534.8K
$468.0K – $624.0K
NOI $37,439 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 04473, ME
8,070
Population
3,759
Households
2.1
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
17.3 sq mi
ZIP Area
466
Density / Sq Mi
$58,893
Median Household Income
$27,016
Median Earnings
$1,146
Median Rent
$217,800
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 - Two residential units provide a 2-bedroom layout and a 3-bedroom layout near downtown amenities.
Where is this duplex located?
The property is located at 3 Park Street Orono, ME.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two‑unit duplex with one 2‑bedroom unit and one 3‑bedroom unit; 1,656 square feet on a 0.19‑acre lot; Built in 1920 with Cape Cod architectural style
