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Three-Unit Property with Unfinished Unit
For Sale
$295,000

12 Spruce Street, Gardiner, ME 04345

Multi-Family, Gardiner, ME

Property Size2,154 SF
Lot Size0.38 Acres
Price / SF$136.95
Days on Market51

Property Features for 12 Spruce Street

General Information

Property type Residential Multi Family
Property subtype Other
Zoning Residential
Bathrooms 4
Full bathrooms 4
Rooms Basement, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3
Patio and Porch features Porch, Deck
Basement Partial, Unfinished
Lot features Open, Level, Sidewalks, Near Shopping, Near Town, Neighborhood
Standard status Active
Size 2,154 SF
Lot size 0.38 Acres

Taxes and HOA fees

Tax Year 2027
Tax Annual Amount 2277

Utilities

Sewer type Public Sewer
Heating system Propane (Heating)
Water source Public

Building Details

Year built 1870
Floors in Building 2
Number of units 3
Flooring type Wood, Carpet, Vinyl, Linoleum
Building materials Wood Frame, Clapboard, Shingle Siding
Roof type Shingle
Architectural style Other
Listing Agency: Tim Dunham Realty
Listed By: Bonnie Hollander
Added: Sep 12 Changed: Oct 27 Last Checked: Nov 1 at 11:06AM
MLS# 1680366

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.

Rey
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Investment Insights

Based on property information with market context.

Located at 12 Spruce Street in Gardiner, this 2,154-square-foot triplex contains three residential units on a 0.38-acre parcel. The first-floor three-bedroom unit has been stripped to the structure, allowing the next owner to plan its interior finish from the beginning. Two additional units remain in place and provide income-producing potential within the property’s three-unit configuration.

Built in 1870, the wood-frame building features clapboard and shingle siding, a shingle roof, wood and carpet flooring, and propane heating. Public water and public sewer serve the property. Exterior features include both a porch and a deck. Residential zoning supports the existing multifamily use. The property is in Gardiner, with access to downtown amenities, restaurants, shopping, the Kennebec River, and major commuting routes.

Key Highlights

  • Three‑unit residential property at 12 Spruce Street in Gardiner
  • 2,154 square feet on a 0.38‑acre lot
  • First‑floor three‑bedroom unit has been fully gutted

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 (±1% cap)
NOI $24,055 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$299.8K
$262.3K – $349.7K (±1% cap)
NOI $20,983 @ 7.0% cap · market cap 7.11%
Theoretical Best
Warehouse
$3.21M
$2.81M – $3.75M (±1% cap)
NOI $224,949 @ 7.0% cap · market cap 76.25%
Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history
Open Analytics

Lease Details

3
Residential units

Location Intelligence

Trade Area within ½ mile

257
Businesses Nearby

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
View Realmo Analytics

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022
4.6% 2023
5.3% 2024
5.6% 2025

Frequently Asked Questions

What type of property is this?
Triplex - Residential triplex with two established units and a first-floor space ready for reconstruction and customization.
Where is this triplex located?
The property is located at 12 Spruce Street 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 residential property at 12 Spruce Street in Gardiner; 2,154 square feet on a 0.38‑acre lot; First‑floor three‑bedroom unit has been fully gutted
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