5-Unit Apartment
For Sale
$894,900
11 King Street, Biddeford, ME 04005
Fully leased multifamily property with updates completed over the last several years near downtown amenities.
Property Size3,853 SF
Price / SF$232.26
Days on Market329
Property Features for 11 King Street
General Information
Standard status
Active
Size
3,853 SF
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1920
Listing Agency:
Kre Brokerage Group
Listed By:
Danielle Lape
(207) 536-4222
Source:
Portsiderealestategroup
Added: Oct 8, 2025
Changed: Aug 31
Last Checked: Aug 31 at 8:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kre Brokerage Group
Investment Insights
Based on property information with market context.
This 5-unit apartment building at 11 King Street contains 3,853 square feet and was built in 1920. Updates have been completed throughout the property over the last several years, and all five units are currently leased.
The property is located minutes from Biddeford’s revitalized downtown area, a renovated mill building, and a range of restaurants and bars. Its existing apartment configuration and full occupancy provide a straightforward multifamily asset in an active downtown setting.
The property is located minutes from Biddeford’s revitalized downtown area, a renovated mill building, and a range of restaurants and bars. Its existing apartment configuration and full occupancy provide a straightforward multifamily asset in an active downtown setting.
Key Highlights
- Five‑unit apartment building with 3,853 square feet
- 100% leased across all five units
- Updates completed over the last several years
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
$59,545
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
6.65%
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%
$1,190,900
$1.2M
Cap Rate 7%
$850,643
$850.6K
Cap Rate 9%
$661,611
$661.6K
Market Conditions
NOI Build-Up for 3,853 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
$114.2K $29.64/SF
− Vacancy
−$5.9K −$1.54/SF
EGI
$108.3K $28.10/SF
− OpEx
−$48.7K −$12.64/SF
NOI
$59.5K $15.45/SF
Area
York County, ME
Vacancy
5.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,190,900
Cap Rate 7%
$850,643
Cap Rate 9%
$661,611
Alternative Uses
Best Use
Apartment 5plus
$850.6K
$744.3K – $992.4K
NOI $59,545 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,497 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,356
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
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?
Apartment building - Fully leased multifamily property with updates completed over the last several years near downtown amenities.
Where is this apartment building located?
The property is located at 11 King Street Biddeford, ME.
What is the asking price?
The asking price for this property is $894,900.
What are key features of this property?
This property features: Five‑unit apartment building with 3,853 square feet; 100% leased across all five units; Updates completed over the last several years
