Six-Unit Apartment
For Sale
$388,000
47 Zions Hill Road, Dexter, ME 04930
Multi-Family, Dexter, ME
Property Size3,147 SF
Lot Size0.19 Acres
Price / SF$123.29
Days on Market75
Property Features for 47 Zions Hill Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 1, Bathroom 4, Bathroom 5, Bathroom 6, Bathroom 3
Patio and Porch features
Deck
Pets allowed
No
Interior features
1st Floor Bedroom, Bathtub, One-Floor Living, Shower
Basement
Partial, Sump Pump, Dirt Floor, Crawl Space
Lot features
Sidewalks, Intown, Near Shopping
Standard status
Active
Size
3,147 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2470
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating), Oil
Water source
Public
Building Details
Year built
1880
Number of units
6
Flooring type
Linoleum, Laminate, Carpet
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Allied Realty
(207) 474-9553
Listed By:
Kim Mercier
(207) 474-6548
Added: Jun 25
Changed: Sep 2
Last Checked: Sep 7 at 9:06PM
MLS# 1657915
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 six-unit apartment property contains 3,147 square feet on a 0.19-acre parcel. The building dates to 1880 and features wood-frame construction with vinyl siding, shingle roofing, and a deck. Unit interiors include laminate, linoleum, and carpet flooring, along with full kitchens. Unit 4 adds a dishwasher and laundry hookup, while interior layouts include one-floor living and first-floor bedroom options.
Four apartments have tenant-paid utilities and heating. The other two are served by forced hot air. Public water and public sewer support the property. Located at 47 Zions Hill Road in Dexter, the building backs onto Crosby Park and is within walking distance of local schools and the downtown area.
Four apartments have tenant-paid utilities and heating. The other two are served by forced hot air. Public water and public sewer support the property. Located at 47 Zions Hill Road in Dexter, the building backs onto Crosby Park and is within walking distance of local schools and the downtown area.
Key Highlights
- Six‑unit apartment property with 3,147 square feet on 0.19 acres
- Four units include tenant‑paid utilities and heating
- Two units use a forced hot air heating system
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
$26,526
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
6.84%
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%
$530,520
$530.5K
Cap Rate 7%
$378,943
$378.9K
Cap Rate 9%
$294,733
$294.7K
Market Conditions
NOI Build-Up for 3,147 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
$51.0K $16.20/SF
− Vacancy
−$2.8K −$0.87/SF
EGI
$48.2K $15.33/SF
− OpEx
−$21.7K −$6.90/SF
NOI
$26.5K $8.43/SF
Area
Penobscot County, ME
Vacancy
5.40%
Lease Rate
$16.20 /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%
$530,520
Cap Rate 7%
$378,943
Cap Rate 9%
$294,733
Alternative Uses
Best Use
Apartment 5plus
$378.9K
$331.6K – $442.1K
NOI $26,526 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$889.3K – $1.19M
NOI $71,147 @ 7.0% cap · market cap 18.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Explore this area
Business Placement
Demographics for 04930, ME
4,287
Population
2,463
Households
1.7
Avg Household Size
48
Median Age
17%
College-Educated
92%
High-School Grad
60.3 sq mi
ZIP Area
71
Density / Sq Mi
$53,537
Median Household Income
$38,085
Median Earnings
$891
Median Rent
$159,200
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?
Apartment building - Six residential units include full kitchens, with public water and sewer serving the property.
Where is this apartment building located?
The property is located at 47 Zions Hill Road Dexter, ME.
What is the asking price?
The asking price for this property is $388,000.
What are key features of this property?
This property features: Six‑unit apartment property with 3,147 square feet on 0.19 acres; Four units include tenant‑paid utilities and heating; Two units use a forced hot air heating system
