Updated Two-Unit
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 Market74
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
(207) 544-3523
Source:
Profoundrealestate
Added: Aug 12
Changed: Oct 21
Last Checked: Oct 23 at 11:30AM
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
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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 / Yr
$21,541
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
