Renovated Three-Unit
For Sale
$599,999
107 Ocean Avenue, Old Orchard Beach, ME 04064
Multi-Family, Old Orchard Beach, ME
Property Size2,199 SF
Lot Size0.09 Acres
Price / SF$272.85
Days on Market73
Property Features for 107 Ocean Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bathroom 2, Basement
Parking features
On Street
Patio and Porch features
Porch
Pets allowed
No
Interior features
Shower
Basement
Unfinished, Partial
Lot features
Open, Level, Intown, Near Public Beach, Near Shopping, Near Turnpike/ Interstate, Neighborhood
Standard status
Active
Size
2,199 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4116
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas, Baseboard
Water source
Public
Amenities
closed in glass porches
backyard
basement storage
Building Details
Year built
1880
Number of units
3
Flooring type
Vinyl, Wood, Tile
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Century 21 North East
(800) 844-7653
Listed By:
Mitchell Holman
(207) 831-2518
Added: Jul 7
Changed: Sep 15
Last Checked: Sep 17 at 4:06PM
MLS# 1652589
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 2,199-square-foot triplex dates to 1880 and includes three separately metered units, each with its own electrical panel, dual heating systems, and individual propane tank. Renovations completed in 2022 addressed the roof, vinyl siding, electrical and plumbing systems, heating equipment, water heaters, windows, and interior living areas. The property also includes two enclosed glass porches, basement storage, a backyard, and a driveway. Public water and public sewer serve the building, with tile, vinyl, and wood flooring across the interiors.
Located at 107 Ocean Avenue in Old Orchard Beach, the property is a short distance from the beach. R2 zoning supports the property’s multifamily classification. The stated cap rate is 9.1%, and the configuration may accommodate investment, short-term rental, or owner-occupied use as described in the property information.
Located at 107 Ocean Avenue in Old Orchard Beach, the property is a short distance from the beach. R2 zoning supports the property’s multifamily classification. The stated cap rate is 9.1%, and the configuration may accommodate investment, short-term rental, or owner-occupied use as described in the property information.
Key Highlights
- Three‑unit multifamily property totaling 2,199 square feet
- 2022 renovations included roof, siding, electrical, plumbing, heating, water heaters, windows, and interiors
- Each unit is separately metered with its own electrical panel and individual propane tank
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
$37,225
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
6.20%
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%
$744,500
$744.5K
Cap Rate 7%
$531,786
$531.8K
Cap Rate 9%
$413,611
$413.6K
Market Conditions
NOI Build-Up for 2,199 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
$55.9K $25.44/SF
− Vacancy
−$2.8K −$1.26/SF
EGI
$53.2K $24.18/SF
− OpEx
−$16.0K −$7.25/SF
NOI
$37.2K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /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%
$744,500
Cap Rate 7%
$531,786
Cap Rate 9%
$413,611
Alternative Uses
Best Use
Multifamily LT 5
$531.8K
$465.3K – $620.4K
NOI $37,225 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$485.5K
$424.8K – $566.4K
NOI $33,984 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$697.1K
$609.9K – $813.3K
NOI $48,795 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
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Business Placement
Demographics for 04064, ME
8,452
Population
6,783
Households
1.2
Avg Household Size
53
Median Age
40%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
1,261
Density / Sq Mi
$66,689
Median Household Income
$42,532
Median Earnings
$1,142
Median Rent
$312,700
Median Home Value
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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?
Triplex - Updated triplex with separate utilities, enclosed porches, basement storage, and a backyard near the beach.
Where is this triplex located?
The property is located at 107 Ocean Avenue Old Orchard Beach, ME.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 2,199 square feet; 2022 renovations included roof, siding, electrical, plumbing, heating, water heaters, windows, and interiors; Each unit is separately metered with its own electrical panel and individual propane tank
