11-Unit Apartment Building
Newport, ME 04953 Newport, ME 04953
Newport, ME, 04953
$2,200,000
For Sale
$2,200,000
COMMERCIAL - Newport, ME
Property Size10,500 SF
Price / SF$209.52
Days on Market279
Property Features
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- Size
- 10,500 SF
Building Details
- Year built
- 1900
Listing Agency
Bangor, Maine
(207) 942-6711
1162 Union Street, Keene, ME
Listed by
Melissa Bartlett
(207) 942-6711
Added: Oct 16, 2025 Updated: Jul 20 at 4:09 pm Checked: Jul 21 at 3:06 am
MLS# 1640973
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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.
For sale: an 11-unit apartment building in Newport with renovations started but not completed. The property includes updates such as a new roof, new windows, and electrical entrance work, along with upgraded electrical systems. Substantial plumbing work has been completed and a new boiler has been installed, with a sprinkler system already in place.
The unit mix provides five 1-bed/1-bath units, five 2-bed/1-bath units, and one 3-bed/2-bath unit. The property also offers generous off-street parking, supporting practical everyday access for residents.
With much of the major infrastructure work already done, the building is positioned for continued interior completion across the remaining units.
The unit mix provides five 1-bed/1-bath units, five 2-bed/1-bath units, and one 3-bed/2-bath unit. The property also offers generous off-street parking, supporting practical everyday access for residents.
With much of the major infrastructure work already done, the building is positioned for continued interior completion across the remaining units.
Key Highlights
- 11‑unit apartment building built in 1900 in Newport
- Renovations include new roof, windows, and upgraded electrical entrances plus electrical system upgrades
- Major utilities work completed: new boiler and substantial plumbing improvements
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $170.1k | $16.20 |
| − Vacancy | −$9.2k | −$0.87 |
| EGI | $160.9k | $15.33 |
| − OpEx | −$72.4k | −$6.90 |
| NOI | $88.5k | $8.43 |
10,500 SF · lease $16.20/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.11M – $1.48M
NOI $88,503 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.39M
$2.97M – $3.96M
NOI $237,384 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovations are underway at an 11-unit apartment building with a new roof, windows, electrical, boiler, and sprinkler system.
Where is this apartment building located?
The property is located at Newport, ME.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 11‑unit apartment building built in 1900 in Newport; Renovations include new roof, windows, and upgraded electrical entrances plus electrical system upgrades; Major utilities work completed: new boiler and substantial plumbing improvements
