Three-Unit Triplex With Separate
For Sale
$649,999
107 Ocean Avenue, Old Orchard Beach, ME 04064
MULTI_FAMILY - Other - Old Orchard Beach, ME
Property Size2,199 SF
Lot Size0.09 Acres
Price / SF$295.59
Days on Market59
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 1, Bathroom 2, Basement, Bathroom 3
Parking features
On Street
Patio and Porch features
Porch
Pets allowed
No
Interior features
Shower
Basement
Partial, Unfinished
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
Natural Gas, Electric (Heating), Baseboard
Water source
Public
Amenities
glass porches
peaceful backyard
basement storage
Building Details
Year built
1880
Number of units
3
Flooring type
Wood, Tile, Vinyl
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: Jun 15
Changed: Aug 1
Last Checked: Aug 12 at 7:06AM
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 three-unit triplex is configured for individual unit operations, with separate electrical metering and systems to support day-to-day management. Each unit has its own electrical panel, dual heating systems, and individual propane tanks, along with an added hybrid water heater setup. Interior updates are paired with significant exterior and mechanical improvements completed in 2022, including a new roof and siding, exterior improvements, updated electrical and plumbing systems, three new heating systems, three new hybrid water heaters, and numerous new windows. The property includes two closed-in glass porches, a backyard, and ample basement storage.
Set on a 0.09-acre lot, the property was built in 1880 and totals 2,199 SF. Water service is public and sewer is public sewer, with a shingle roof and vinyl siding. Heating includes natural gas and electric (baseboard). Parking is on-street, and a driveway has been installed for off-street access.
The layout includes multiple bathrooms plus basement space, and finishes feature wood, tile, and vinyl flooring.
Set on a 0.09-acre lot, the property was built in 1880 and totals 2,199 SF. Water service is public and sewer is public sewer, with a shingle roof and vinyl siding. Heating includes natural gas and electric (baseboard). Parking is on-street, and a driveway has been installed for off-street access.
The layout includes multiple bathrooms plus basement space, and finishes feature wood, tile, and vinyl flooring.
Key Highlights
- Cap rate of 8.4 as stated
- Renovations completed in 2022: new roof and siding, updated electrical and plumbing, new windows
- Three units with separate electrical panels, dual heating systems, and individual propane tanks
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
5.73%
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 5.73%
Second Best
Apartment 5plus
$485.5K
$424.8K – $566.4K
NOI $33,984 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$697.1K
$609.9K – $813.3K
NOI $48,795 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - R2-zoned triplex with three separately metered units and public water and sewer utilities.
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 $649,999.
What are key features of this property?
This property features: Cap rate of 8.4 as stated; Renovations completed in 2022: new roof and siding, updated electrical and plumbing, new windows; Three units with separate electrical panels, dual heating systems, and individual propane tanks
