Two-Home Multifamily
For Sale
$895,000
116 Rogers Road, Kittery, ME 03904
Multi-Family, Kittery, ME
Property Size4,159 SF
Lot Size1.08 Acres
Price / SF$215.20
Days on Market46
Property Features for 116 Rogers Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R-U
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 2
Parking features
Underground/Basement, Open
Patio and Porch features
Patio, Porch, Deck
Interior features
1st Floor Bedroom, Shower
Fencing
Fenced
Basement
Full, Finished, Walk-Out Access
Lot features
Level, Intown, Near Public Beach, Near Shopping, Near Turnpike/ Interstate, Shopping Mall, Near Public Transit
Standard status
Active
Size
4,159 SF
Lot size
1.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8558
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Propane (Heating), Baseboard, Radiant
Cooling system
Wall Unit(s)
Water source
Public
Amenities
sauna
porches
fire pit area
Building Details
Year built
1996
Number of units
2
Flooring type
Vinyl, Hardwood, Tile
Building materials
Wood Frame, Vertical Siding, Wood Siding
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Keller Williams Coastal and Lakes & Mountains Realty · Keller Williams Realty
(603) 610-8500
Listed By:
Cornelius Hobbs III
(603) 842-0490
Added: Jul 9
Changed: Aug 23
Last Checked: Aug 23 at 2:06PM
MLS# 1670337
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 multifamily property comprises two residences on a 1.08-acre parcel with 4,159 square feet of total property size. The front home, built in 1996, offers two bedrooms, two bathrooms, a finished basement, an attached one-car garage, and a combination of baseboard, propane, heat-pump, and radiant heating. The rear residence was custom built in 2016 and includes radiant floors, a recently installed boiler, a built-in sauna, and side and rear porches oriented toward a fire-pit area. Mini-split systems serve both homes, while hardwood, vinyl, and tile flooring are found across the property.
Key Highlights
- Two residences on one 1.08‑acre parcel
- 4,159 square feet of total property size
- Front home built in 1996 with 2 bedrooms, 2 bathrooms, finished basement, and attached one‑car garage
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
$64,274
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
7.18%
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%
$1,285,480
$1.3M
Cap Rate 7%
$918,200
$918.2K
Cap Rate 9%
$714,156
$714.2K
Market Conditions
NOI Build-Up for 4,159 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
$123.3K $29.64/SF
− Vacancy
−$6.4K −$1.54/SF
EGI
$116.9K $28.10/SF
− OpEx
−$52.6K −$12.64/SF
NOI
$64.3K $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%
$1,285,480
Cap Rate 7%
$918,200
Cap Rate 9%
$714,156
Alternative Uses
Best Use
Apartment 5plus
$918.2K
$803.4K – $1.07M
NOI $64,274 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,287 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Explore this area
Business Placement
Demographics for 03904, ME
8,148
Population
4,375
Households
1.9
Avg Household Size
42
Median Age
40%
College-Educated
96%
High-School Grad
10.9 sq mi
ZIP Area
748
Density / Sq Mi
$74,551
Median Household Income
$50,752
Median Earnings
$1,458
Median Rent
$415,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Two residences share a fenced coastal parcel with public utilities, separate living options, and multiple heating systems.
Where is this multifamily property located?
The property is located at 116 Rogers Road Kittery, ME.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two residences on one 1.08‑acre parcel; 4,159 square feet of total property size; Front home built in 1996 with 2 bedrooms, 2 bathrooms, finished basement, and attached one‑car garage
