Updated Two-Unit
New
For Sale
$419,000
118 Gamage Avenue, Auburn, ME 04210
Leased residential income property with separate entrances, renovated kitchens, and recent electrical improvements.
Property Size2,184 SF
Price / SF$191.85
Days on Market7
Property Features for 118 Gamage Avenue
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1952
Listing Agency:
Maine Real Estate Experts
Listed By:
Megan Brown Erling Brown
(603) 866-2942
Source:
Profoundrealestate
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 8 at 7:00AM
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 Maine Real Estate Experts
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,184 square feet and was built in 1952. Each residence has its own entrance, with hardwood floors, large rooms, and abundant natural light. Both units are currently leased, providing established occupancy for a residential income property.
Recent capital improvements include kitchen renovations completed in 2025 with new cabinetry and flooring, updated electrical work, siding installed in 2022, and a new furnace added in 2023. The property is located at 118 Gamage Avenue in Auburn, near public transportation, shopping, schools, and Lake Auburn.
Recent capital improvements include kitchen renovations completed in 2025 with new cabinetry and flooring, updated electrical work, siding installed in 2022, and a new furnace added in 2023. The property is located at 118 Gamage Avenue in Auburn, near public transportation, shopping, schools, and Lake Auburn.
Key Highlights
- Two‑unit duplex with 2,184 square feet
- Both units currently leased
- Separate entrances for each unit
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
$21,541
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
5.14%
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%
$430,820
$430.8K
Cap Rate 7%
$307,729
$307.7K
Cap Rate 9%
$239,344
$239.3K
Market Conditions
NOI Build-Up for 2,184 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
$31.2K $14.28/SF
− Vacancy
−$415 −$0.19/SF
EGI
$30.8K $14.09/SF
− OpEx
−$9.2K −$4.23/SF
NOI
$21.5K $9.86/SF
Area
Androscoggin County, ME
Vacancy
1.33%
Lease Rate
$14.28 /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%
$430,820
Cap Rate 7%
$307,729
Cap Rate 9%
$239,344
Alternative Uses
Best Use
Multifamily LT 5
$307.7K
$269.3K – $359.0K
NOI $21,541 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$292.4K
$255.8K – $341.1K
NOI $20,466 @ 7.0% cap · market cap 4.88%
Theoretical Best
Warehouse
$3.88M
$3.39M – $4.53M
NOI $271,526 @ 7.0% cap · market cap 64.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
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?
Duplex - Leased residential income property with separate entrances, renovated kitchens, and recent electrical improvements.
Where is this duplex located?
The property is located at 118 Gamage Avenue Auburn, ME.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,184 square feet; Both units currently leased; Separate entrances for each unit
