Triplex with Gutted First-Floor
New
For Sale
$310,000
12 Spruce St, Gardiner, ME 04345
Three-unit property with two additional units offering income-producing potential.
Property Size2,154 SF
Price / SF$143.92
Days on Market1
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
Last Checked: Sep 14 at 7:50AM
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
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 = 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
$24,055
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
7.76%
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%
$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
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
$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 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%
$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 7.76%
Second Best
Apartment 5plus
$299.8K
$262.3K – $349.7K
NOI $20,983 @ 7.0% cap · market cap 6.77%
Theoretical Best
Warehouse
$3.21M
$2.81M – $3.75M
NOI $224,949 @ 7.0% cap · market cap 72.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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 $310,000.
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
