10-Unit Apartment
For Sale
$2,750,000
79 W Cutts Street, Biddeford, ME 04005
Multi-Family, Biddeford, ME
Property Size8,808 SF
Lot Size1.10 Acres
Price / SF$312.22
Days on Market59
Property Features for 79 W Cutts Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
MSRD-2
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 10, Bathroom 8, Bathroom 4, Bathroom 6, Bathroom 7, Bathroom 9, Basement, Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 3
Basement
Unfinished, Full
Lot features
Open, Level, Near Shopping
Standard status
Active
Size
8,808 SF
Lot size
1.10 Acres
Taxes and HOA fees
Tax Year
25
Tax Annual Amount
28747
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Number of units
10
Flooring type
Hardwood, Vinyl, Carpet
Building materials
Wood Frame, Vinyl Siding
Roof type
Composition, Shingle
Architectural style
Colonial, Ranch
Listing Agency:
The Real Estate Store
(207) 883-4327
Listed By:
David Dunn
(207) 807-6038
Added: Jul 20
Changed: Sep 15
Last Checked: Sep 16 at 9:06AM
MLS# 1659566
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 multifamily property comprises three buildings with 10 total units and 18 bedrooms across 8,808 square feet. The buildings include a five-unit structure at 79 W Cutts Street, a three-unit building at 6 Banks Lane constructed in 2003, and a two-unit building at 4 Banks Lane completed in 2023. The improvements feature wood-frame construction, vinyl siding, a mix of vinyl, carpet, and hardwood flooring, and natural-gas hot-water baseboard heat.
The property occupies 1.1 acres in Biddeford, Maine, with public water and public sewer service. Zoning is MSRD-2. Planning board approval may allow development of an additional 13 units, providing a defined expansion path for a future multifamily or condominium project.
The property occupies 1.1 acres in Biddeford, Maine, with public water and public sewer service. Zoning is MSRD-2. Planning board approval may allow development of an additional 13 units, providing a defined expansion path for a future multifamily or condominium project.
Key Highlights
- 10 units and 18 bedrooms across three buildings
- 8,808 square feet of total building area on 1.1 acres
- Two‑unit building at 4 Banks Lane built in 2023
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
$136,121
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
4.95%
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%
$2,722,420
$2.7M
Cap Rate 7%
$1,944,586
$1.9M
Cap Rate 9%
$1,512,456
$1.5M
Market Conditions
NOI Build-Up for 8,808 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
$261.1K $29.64/SF
− Vacancy
−$13.6K −$1.54/SF
EGI
$247.5K $28.10/SF
− OpEx
−$111.4K −$12.64/SF
NOI
$136.1K $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%
$2,722,420
Cap Rate 7%
$1,944,586
Cap Rate 9%
$1,512,456
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.70M – $2.27M
NOI $136,121 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,446 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
888
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-building multifamily property with public water and sewer in Biddeford, Maine.
Where is this apartment building located?
The property is located at 79 W Cutts Street Biddeford, ME.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 10 units and 18 bedrooms across three buildings; 8,808 square feet of total building area on 1.1 acres; Two‑unit building at 4 Banks Lane built in 2023
