Triplex with Gutted First-Floor
For Sale
$295,000
12 Spruce St, Gardiner, ME 04345
Three-unit property with two additional units offering income-producing potential.
Property Size2,154 SF
Price / SF$136.95
Days on Market49
Property Features for 12 Spruce St
General Information
Standard status
Active
Size
2,154 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
you can design and finish the space
Additional Details
Multifamily Units
3
Building Details
Year Built
1870
Listed By:
Crown Lakes Realty
(207) 436-8889
Source:
Crownlakesrealty
Added: Sep 14
Changed: Oct 26
Last Checked: Nov 1 at 4:48AM
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 Crown Lakes Realty
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Investment Insights
Based on property information with market context.
Built in 1870, this 2,154-square-foot triplex at 12 Spruce St includes three residential units. The first-floor three-bedroom apartment has been fully gutted, leaving the interior ready for design and completion. Two additional units are part of the property and provide income-producing potential.
The property is located in Gardiner, with access to downtown amenities, restaurants, shopping, the Kennebec River, and major commuting routes. Its three-unit configuration and partially cleared first-floor layout provide a defined framework for completing a multifamily property.
The property is located in Gardiner, with access to downtown amenities, restaurants, shopping, the Kennebec River, and major commuting routes. Its three-unit configuration and partially cleared first-floor layout provide a defined framework for completing a multifamily property.
Key Highlights
- Three‑unit multifamily property
- 2,154 square feet on 12 Spruce St
- Built in 1870
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,055
Cap Rate
8.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,100
$481.1K
Cap Rate 7%
$343,643
$343.6K
Cap Rate 9%
$267,278
$267.3K
Market Conditions
NOI Build-Up for 2,154 SF
Gross rent
$34.9K $16.20/SF
− Vacancy
−$530 −$0.25/SF
EGI
$34.4K $15.95/SF
− OpEx
−$10.3K −$4.79/SF
NOI
$24.1K $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%
$481,100
Cap Rate 7%
$343,643
Cap Rate 9%
$267,278
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.7K – $400.9K
NOI $24,055 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$299.8K
$262.3K – $349.7K
NOI $20,983 @ 7.0% cap · market cap 7.11%
Theoretical Best
Warehouse
$3.21M
$2.81M – $3.75M
NOI $224,949 @ 7.0% cap · market cap 76.25%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
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Business Placement
Demographics for 04345, ME
12,052
Population
5,562
Households
2.2
Avg Household Size
43
Median Age
29%
College-Educated
97%
High-School Grad
71.7 sq mi
ZIP Area
168
Density / Sq Mi
$68,844
Median Household Income
$42,559
Median Earnings
$956
Median Rent
$208,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with two additional units offering income-producing potential.
Where is this triplex located?
The property is located at 12 Spruce St Gardiner, ME.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Three‑unit multifamily property; 2,154 square feet on 12 Spruce St; Built in 1870
