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    Versatile Old Orchard Beach Property Title is generated by Realmo AI

    62 Evergreen Avenue, Old Orchard Beach, ME 04064

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    For Sale
    $850,000

    MULTI_FAMILY - Old Orchard Beach, ME

    Property size:
    3,931 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $216/SF
    Added:
    May 15, 2026
    Days on Market:
    1
    Last Refresh:
    May 15 at 4:06 pm

    Property Features for 62 Evergreen Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-2
    Bathrooms
    4
    Rooms
    Bathroom 2, Bathroom 1, Bathroom 4, Bathroom 3, Basement
    Patio and Porch features
    Porch
    Interior features
    Bathtub
    Basement
    Full
    Standard status
    Active
    Size
    3,931 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    5602

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Forced Air, Propane (Heating), Heat Pump (Heating), Oil, Space Heater
    Cooling system
    Heat Pump
    Water source
    Public
    Water front features
    Ocean Front
    Water front
    1

    Building Details

    Year built
    1900
    Number of units
    3
    Flooring type
    Tile, Wood
    Building materials
    Wood Frame, Clapboard, Shingle Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Sonja Nielsen

    Listing agent Sonja Nielsen

    Listing office EXP Realty 41 Hutchins Drive Building 3, Rangeley, ME

    Listing date May 15, 2026

    MLS# 1660635 Listing URL

    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.

    HighLights

    • Multiple income streams from duplex and separate cottage.
    • Prime location in the heart of Old Orchard Beach, moments from the beach and attractions.
    • Two updated 2‑bedroom units in the front duplex with rental income potential.
    • Detached cottage with proven short‑term and winter rental history.
    • Enjoy outdoor space with fenced yard, patio, outdoor fireplace, and hot tub.
    • Flexible use options: owner‑occupied investment, multi‑generational living, or turnkey rental.

    Overview

    Located in the heart of Old Orchard Beach, this property presents an investment and lifestyle opportunity. The property at 62 Evergreen Ave features a duplex and a separate rear cottage, offering multiple income streams and flexible use options. The front duplex includes two updated 2-bedroom units. One unit is currently owner-occupied, while the second is rented annually, providing immediate, stable income with the potential to convert to a short-term rental or seasonal/winter rental model. Both units have been renovated with newer kitchens, modern appliances, and living spaces. The detached cottage operates as a short-term vacation rental during peak season and transitions to a winter rental from October through May. The outdoor space features a fenced yard, spacious patio, outdoor fireplace, and hot tub. The property, zoned R-2, is situated on a 0.12-acre lot. The property's location is moments from the beach and local attractions. The property offers flexibility, comfort, and location.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $739.4K
    NOI $66,545 @ 9.00% cap · cautious / downside scenario
    Moderate
    $950.6K
    NOI $66,545 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.33M
    NOI $66,545 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $100.0k $25.44
    − Vacancy −$4.9k −$1.26
    EGI $95.1k $24.18
    − OpEx −$28.5k −$7.25
    NOI $66.5k $16.93
    3,931 SF · lease $25.44/SF/yr · vacancy 4.94% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $950.6K
    $831.8K – $1.11M (±1% cap)
    NOI $66,545 @ 7.0% cap · market cap 7.83%
    Second Best
    Apartment 5plus
    $867.9K
    $759.4K – $1.01M (±1% cap)
    NOI $60,751 @ 7.0% cap · market cap 7.15%
    Theoretical Best
    Office A
    $1.25M
    $1.09M – $1.45M (±1% cap)
    NOI $87,228 @ 7.0% cap · market cap 10.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Old Orchard Beach
    County
    York
    State
    Maine
    Longitude
    -70.386984
    Latitude
    43.513647

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    FAQs

    What type of property is this?
    Multifamily property - Duplex plus cottage near the beach with income potential.
    Where is this multifamily property located?
    The property is located at 62 Evergreen Avenue Old Orchard Beach, ME.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: Multiple income streams from duplex and separate cottage.; Prime location in the heart of Old Orchard Beach, moments from the beach and attractions.; Two updated 2‑bedroom units in the front duplex with rental income potential.
    (207) 650-2729
    We can help!
    Listing Contact
    Sonja Nielsen
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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