Updated Triplex with Detached
New
For Sale
$669,900
120 Central Street, Westbrook, ME 04092
Three separate utilities and a vacant apartment give the next owner flexibility in occupancy and leasing.
Property Size2,522 SF
Price / SF$265.62
Days on Market7
Property Features for 120 Central Street
General Information
Standard status
Active
Size
2,522 SF
Total Parking Spaces
2
Property subtype
MULTI_FAMILY
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,596
Building Details
Building Size
2,522 SF
Year Built
1900
Listing Agency:
Maine Community Real Estate
Listed By:
Joshua Caron
(207) 408-3879
Source:
Heathershieldsmaine
Added: Oct 5
Changed: Oct 10
Last Checked: Oct 10 at 1:46AM
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 Community Real Estate
Investment Insights
Based on property information with market context.
This 2,522-square-foot triplex in Westbrook was built in 1900 and has received updates across all three units. Two apartments are occupied, while the third is vacant. Each unit has separate utilities, and the property includes two detached garages for storage.
Located at 120 Central St, the building offers a three-unit configuration with a mix of occupied and vacant space.
Located at 120 Central St, the building offers a three-unit configuration with a mix of occupied and vacant space.
Key Highlights
- Three‑unit property with two apartments occupied and one vacant
- 2,522 square feet; built in 1900
- Updates completed in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,568
Cap Rate
6.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$891,360
$891.4K
Cap Rate 7%
$636,686
$636.7K
Cap Rate 9%
$495,200
$495.2K
Market Conditions
NOI Build-Up for 2,522 SF
Gross rent
$68.1K $27.00/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$63.7K $25.25/SF
− OpEx
−$19.1K −$7.57/SF
NOI
$44.6K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$891,360
Cap Rate 7%
$636,686
Cap Rate 9%
$495,200
Alternative Uses
Best Use
Multifamily LT 5
$636.7K
$557.1K – $742.8K
NOI $44,568 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$592.3K
$518.3K – $691.1K
NOI $41,463 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$693.2K
$606.5K – $808.7K
NOI $48,522 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
Explore this area
Business Placement
Demographics for 04092, ME
20,400
Population
9,404
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
96%
High-School Grad
17.2 sq mi
ZIP Area
1,186
Density / Sq Mi
$85,868
Median Household Income
$49,922
Median Earnings
$1,373
Median Rent
$341,800
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 separate utilities and a vacant apartment give the next owner flexibility in occupancy and leasing.
Where is this triplex located?
The property is located at 120 Central Street Westbrook, ME.
What is the asking price?
The asking price for this property is $669,900.
What are key features of this property?
This property features: Three‑unit property with two apartments occupied and one vacant; 2,522 square feet; built in 1900; Updates completed in each unit
