Rehabbed Duplex with Private
For Sale
$284,900
916 Main Street, Old Town, ME 04468
MULTI_FAMILY - Contemporary - Old Town, ME
Property Size1,500 SF
Lot Size0.14 Acres
Price / SF$189.93
Days on Market28
Property Features for 916 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Lot features
Open, Near Shopping
Standard status
Active
Size
1,500 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2239
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1900
Number of units
2
Flooring type
Vinyl
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Architectural style
Contemporary
Listing Agency:
ERA Dawson-Bradford Co. · ERA Real Estate
(207) 947-6788
Listed By:
Augustine Ofili
(207) 947-3363
Added: Jul 10
Changed: Jul 29
Last Checked: Aug 6 at 1:06PM
MLS# 1670360
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.
Welcome to 916 Main Street, a fully rehabbed duplex completely taken down to the studs and thoughtfully rebuilt. The property features updated kitchens and stylish bathrooms with fresh finishes throughout. Upgrades include spray foam insulation and electric baseboard heat, supporting efficient year-round comfort. Both units also have private entrances.
The duplex is located in Old Town, Maine within Residential zoning, and the seller notes it is just minutes from the University of Maine. According to the public remarks, tenants pay their own electricity, while public water, sewer, and trash are included for more predictable operating costs.
This is a duplex configured as two separate units, with private access for each occupant and separate responsibility for electricity. The listing remarks also state the property may qualify for FHA/CONV/VA financing.
The duplex is located in Old Town, Maine within Residential zoning, and the seller notes it is just minutes from the University of Maine. According to the public remarks, tenants pay their own electricity, while public water, sewer, and trash are included for more predictable operating costs.
This is a duplex configured as two separate units, with private access for each occupant and separate responsibility for electricity. The listing remarks also state the property may qualify for FHA/CONV/VA financing.
Key Highlights
- Fully rehabbed duplex completely taken down to the studs and rebuilt
- Year built 1900 with contemporary architectural style
- Both units have updated kitchens, stylish bathrooms, and fresh finishes throughout
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
$13,747
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
4.83%
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%
$274,940
$274.9K
Cap Rate 7%
$196,386
$196.4K
Cap Rate 9%
$152,744
$152.7K
Market Conditions
NOI Build-Up for 1,500 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
$20.7K $13.80/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$19.6K $13.09/SF
− OpEx
−$5.9K −$3.93/SF
NOI
$13.7K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$274,940
Cap Rate 7%
$196,386
Cap Rate 9%
$152,744
Alternative Uses
Best Use
Multifamily LT 5
$196.4K
$171.8K – $229.1K
NOI $13,747 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$180.6K
$158.0K – $210.7K
NOI $12,643 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$484.5K
$423.9K – $565.2K
NOI $33,912 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Explore this area
Business Placement
Demographics for 04468, ME
8,801
Population
4,664
Households
1.9
Avg Household Size
38
Median Age
33%
College-Educated
96%
High-School Grad
122.8 sq mi
ZIP Area
72
Density / Sq Mi
$51,063
Median Household Income
$36,005
Median Earnings
$980
Median Rent
$182,200
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?
Duplex - Fully rehabbed duplex with private entrances, updated kitchens and bathrooms, and electric baseboard heat.
Where is this duplex located?
The property is located at 916 Main Street Old Town, ME.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: Fully rehabbed duplex completely taken down to the studs and rebuilt; Year built 1900 with contemporary architectural style; Both units have updated kitchens, stylish bathrooms, and fresh finishes throughout
