Three-Unit Property with Unfinished
New
For Sale
$310,000
12 Spruce Street, Gardiner, ME 04345
Multi-Family, Gardiner, ME
Property Size2,154 SF
Lot Size0.38 Acres
Price / SF$143.92
Days on Market3
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 3, Bathroom 4, Bathroom 1, Bathroom 2
Patio and Porch features
Deck, Porch
Basement
Unfinished, Partial
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
Carpet, Wood, Linoleum, Vinyl
Building materials
Wood Frame, Clapboard, Shingle Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Tim Dunham Realty
(207) 729-7297
Listed By:
Bonnie Hollander
(207) 380-9599
Added: Sep 12
Last Checked: Sep 14 at 9:06PM
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.
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.
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 = 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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Open Analytics
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
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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 - 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 $310,000.
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
