Six-Unit Apartment
For Sale
$1,150,000
8 Spring Street, Westbrook, ME 04092
Multi-Family, Westbrook, ME
Property Size4,102 SF
Lot Size0.18 Acres
Price / SF$280.35
Days on Market42
Property Features for 8 Spring Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CCD
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 6, Bathroom 2, Bathroom 4, Bathroom 5
Parking features
Assigned, Off Street
Pets allowed
No
Interior features
Bathtub, Shower, Storage
Basement
Full, Unfinished
Lot features
Open, Level, Sidewalks, Intown, Near Shopping, Near Turnpike/ Interstate, Near Town, Near Public Transit
Standard status
Active
Size
4,102 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10428
Utilities
Sewer type
Public Sewer
Heating system
Steam, Other (Heating), Natural Gas
Water source
Public
Amenities
dedicated off-street parking
two-car detached garage
double-pane windows
coin-operated laundry
tenant storage
Building Details
Year built
1900
Floors in Building
3
Number of units
6
Flooring type
Vinyl, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Additional Structures
Outbuilding, Storage
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Kirk Butterfield · License #MAINEBR918896
(207) 205-4007
Added: Aug 7
Changed: Sep 11
Last Checked: Sep 17 at 10:06PM
MLS# 1675209
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 fully occupied apartment building contains six units arranged across three levels, with a mix of two two-bedroom residences and four one-bedroom residences. The 4,102-square-foot structure was built in 1900 and features wood-frame construction with vinyl siding, wood and vinyl flooring, double-pane windows, and steam heat supplied by natural gas. Tenant amenities include coin-operated laundry and individual storage areas.
The property occupies 0.18 acres in downtown Westbrook and includes assigned off-street parking plus a detached two-car garage. Public water and public sewer serve the building, while the roof is finished with shingles. The property is identified with CCD zoning and includes a basement along with six bathrooms.
The property occupies 0.18 acres in downtown Westbrook and includes assigned off-street parking plus a detached two-car garage. Public water and public sewer serve the building, while the roof is finished with shingles. The property is identified with CCD zoning and includes a basement along with six bathrooms.
Key Highlights
- Six‑unit apartment building with two two‑bedroom units and four one‑bedroom units
- Fully occupied property arranged across three levels
- 4,102 Square Feet on 0.18 acres
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
$67,439
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
5.86%
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%
$1,348,780
$1.3M
Cap Rate 7%
$963,414
$963.4K
Cap Rate 9%
$749,322
$749.3K
Market Conditions
NOI Build-Up for 4,102 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
$130.4K $31.80/SF
− Vacancy
−$7.8K −$1.91/SF
EGI
$122.6K $29.89/SF
− OpEx
−$55.2K −$13.45/SF
NOI
$67.4K $16.44/SF
Area
Cumberland County, ME
Vacancy
6.00%
Lease Rate
$31.80 /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%
$1,348,780
Cap Rate 7%
$963,414
Cap Rate 9%
$749,322
Alternative Uses
Best Use
Apartment 5plus
$963.4K
$843.0K – $1.12M
NOI $67,439 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$986.5K – $1.32M
NOI $78,921 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
705
Businesses Nearby
Explore this area
Business Placement
Demographics for 04092, ME
20,400
Population
9,404
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
96%
High-School Grad
17.2 sq mi
ZIP Area
1,186
Density / Sq Mi
$85,868
Median Household Income
$49,922
Median Earnings
$1,373
Median Rent
$341,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Fully occupied apartment property with assigned off-street parking, tenant storage, and a detached two-car garage.
Where is this apartment building located?
The property is located at 8 Spring Street Westbrook, ME.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Six‑unit apartment building with two two‑bedroom units and four one‑bedroom units; Fully occupied property arranged across three levels; 4,102 Square Feet on 0.18 acres
