Victorian
For Sale
$380,000
31 Drummond Street, Auburn, ME 04210
Multi-Family, Auburn, ME
Property Size3,600 SF
Lot Size0.24 Acres
Price / SF$105.56
Days on Market48
Property Features for 31 Drummond Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Traditional Downtown
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Basement
Partial, Full
Lot features
Level, Sidewalks, Intown, Near Turnpike/ Interstate, Near Town, Neighborhood
Standard status
Active
Size
3,600 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5757
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Propane (Heating), Baseboard
Water source
Public
Building Details
Year built
1888
Number of units
2
Flooring type
Vinyl, Laminate
Building materials
Wood Frame, Vinyl Siding
Roof type
Rolled Hot Mop
Architectural style
Victorian
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Kevin Fletcher · License #BA903663
(207) 754-9311
Added: Jul 23
Changed: Sep 1
Last Checked: Sep 8 at 3:06PM
MLS# 1673177
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 Victorian duplex, built in 1888, contains 3,600 square feet with 12 total rooms, six bedrooms, and two full bathrooms. The wood-frame structure has vinyl siding, laminate and vinyl flooring, baseboard and hot-water heating, and a rolled hot-mop roof. The 0.24-acre parcel also includes a basement.
Located in downtown Auburn, the property carries Traditional Downtown zoning and benefits from public water and public sewer. Local amenities and transit are within walking distance, while turnpike access is nearby. The site is identified as 31 Drummond Street in Auburn, Maine.
Located in downtown Auburn, the property carries Traditional Downtown zoning and benefits from public water and public sewer. Local amenities and transit are within walking distance, while turnpike access is nearby. The site is identified as 31 Drummond Street in Auburn, Maine.
Key Highlights
- Duplex with 3,600 square feet on a 0.24‑acre lot
- 12 total rooms, six bedrooms, and two full bathrooms
- Victorian architectural style with 1888 construction
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
$33,735
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
8.88%
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%
$674,700
$674.7K
Cap Rate 7%
$481,929
$481.9K
Cap Rate 9%
$374,833
$374.8K
Market Conditions
NOI Build-Up for 3,600 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
$62.2K $17.28/SF
− Vacancy
−$871 −$0.24/SF
EGI
$61.3K $17.04/SF
− OpEx
−$27.6K −$7.67/SF
NOI
$33.7K $9.37/SF
Area
Androscoggin County, ME
Vacancy
1.40%
Lease Rate
$17.28 /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%
$674,700
Cap Rate 7%
$481,929
Cap Rate 9%
$374,833
Alternative Uses
Best Use
Multifamily LT 5
$507.2K
$443.8K – $591.8K
NOI $35,507 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$481.9K
$421.7K – $562.3K
NOI $33,735 @ 7.0% cap · market cap 8.88%
Theoretical Best
Warehouse
$6.39M
$5.59M – $7.46M
NOI $447,571 @ 7.0% cap · market cap 117.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,641
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
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 - Downtown duplex with two full baths, flexible room distribution, and public water and sewer service.
Where is this duplex located?
The property is located at 31 Drummond Street Auburn, ME.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Duplex with 3,600 square feet on a 0.24‑acre lot; 12 total rooms, six bedrooms, and two full bathrooms; Victorian architectural style with 1888 construction
