Two-Unit
11 Gray Street, Waterville, ME 04901
For Sale
New
$249,900
Multi-Family, Waterville, ME
Property Size1,602 SF
Lot Size0.08 Acres
Price / SF$155.99
Days on Market1
Property Features for 11 Gray Street
General Information
Property type
Property subtype
Zoning
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Interior features
Basement
Lot features
Standard status
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Listing Agency:
Coldwell Banker Plourde Real Estate · Coldwell Banker Real Estate
(207) 872-7650
Listed By:
Michael Bard · License ME BR925090
(207) 441-9196
Added: Nov 13
Last Checked: Nov 13 at 11:06PM
MLS# 1687647
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.
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Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,602 square feet on a 0.08-acre lot. Each residence has two bedrooms, one full bathroom, and a kitchen. Improvements include new kitchens and bathrooms, updated plumbing and electrical systems, and three heat pumps per unit. A porch and metal roof are also part of the property.
At 11 Gray Street in Waterville, the building is served by public water and public sewer. One unit is currently vacant; the other is occupied, offering a mix of immediate use and rental income potential.
At 11 Gray Street in Waterville, the building is served by public water and public sewer. One unit is currently vacant; the other is occupied, offering a mix of immediate use and rental income potential.
Key Highlights
- Two units, each with two bedrooms and one full bathroom
- 1,602 square feet on a 0.08‑acre lot
- Three heat pumps installed in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,891
Cap Rate
7.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$357,820
$357.8K
Cap Rate 7%
$255,586
$255.6K
Cap Rate 9%
$198,789
$198.8K
Market Conditions
NOI Build-Up for 1,602 SF
Gross rent
$26.0K $16.20/SF
− Vacancy
−$394 −$0.25/SF
EGI
$25.6K $15.95/SF
− OpEx
−$7.7K −$4.79/SF
NOI
$17.9K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$357,820
Cap Rate 7%
$255,586
Cap Rate 9%
$198,789
Alternative Uses
Best Use
Multifamily LT 5
$255.6K
$223.6K – $298.2K
NOI $17,891 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$222.9K
$195.1K – $260.1K
NOI $15,606 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$455.3K
$398.4K – $531.2K
NOI $31,872 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
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Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Waterville, ME
Properties on Market for Duplexes in Waterville
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is vacant, while the other provides rental income potential.
Where is this duplex located?
The property is located at 11 Gray Street Waterville, ME.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two units, each with two bedrooms and one full bathroom; 1,602 square feet on a 0.08‑acre lot; Three heat pumps installed in each unit
