Duplex with Attached Barn
For Sale
$275,000
124 College Ave, Waterville, ME 04901
Two-family duplex offering a 3-bedroom owner unit with side porch and an upstairs 3-bedroom apartment with two baths.
Property Size2,458 SF
Price / SF$111.88
Days on Market226
Property Features for 124 College Ave
General Information
Standard status
Active
Size
2,458 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Plourde Real Estate
Listed By:
Rachel Anderson
(207) 649-2156
Source:
Aroostookrealestate
Added: Mar 13
Changed: Oct 10
Last Checked: Oct 23 at 1:01PM
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 Coldwell Banker Plourde Real Estate
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Investment Insights
Based on property information with market context.
Located on College Avenue in Waterville, ME, this duplex offers a practical setup for owner-occupancy with rental income. The first-floor owner’s unit features three bedrooms, including a main suite, along with a welcoming side porch.
Upstairs, there is a three-bedroom apartment with two bathrooms. A full basement provides additional space, and the attached barn/garage offers substantial storage capacity for both residents.
Overall, the property is configured as a two-unit residential income duplex with dedicated interior living space on two levels and strong on-site storage through the basement and attached barn/garage.
Upstairs, there is a three-bedroom apartment with two bathrooms. A full basement provides additional space, and the attached barn/garage offers substantial storage capacity for both residents.
Overall, the property is configured as a two-unit residential income duplex with dedicated interior living space on two levels and strong on-site storage through the basement and attached barn/garage.
Key Highlights
- Two‑family duplex with a 3‑bedroom owner unit on the first floor and a 3‑bedroom apartment upstairs
- First‑floor unit features a primary bedroom with bath and a side porch
- Upstairs apartment includes 2 baths and a 3‑bedroom layout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,945
Cap Rate
8.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$478,900
$478.9K
Cap Rate 7%
$342,071
$342.1K
Cap Rate 9%
$266,056
$266.1K
Market Conditions
NOI Build-Up for 2,458 SF
Gross rent
$44.2K $18.00/SF
− Vacancy
−$708 −$0.29/SF
EGI
$43.5K $17.71/SF
− OpEx
−$19.6K −$7.97/SF
NOI
$23.9K $9.74/SF
Area
Kennebec County, ME
Vacancy
1.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$478,900
Cap Rate 7%
$342,071
Cap Rate 9%
$266,056
Alternative Uses
Best Use
Multifamily LT 5
$392.1K
$343.1K – $457.5K
NOI $27,450 @ 7.0% cap · market cap 9.98%
Second Best
Apartment 5plus
$342.1K
$299.3K – $399.1K
NOI $23,945 @ 7.0% cap · market cap 8.71%
Theoretical Best
Warehouse
$3.67M
$3.21M – $4.28M
NOI $256,697 @ 7.0% cap · market cap 93.34%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
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Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-family duplex offering a 3-bedroom owner unit with side porch and an upstairs 3-bedroom apartment with two baths.
Where is this duplex located?
The property is located at 124 College Ave Waterville, ME.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑family duplex with a 3‑bedroom owner unit on the first floor and a 3‑bedroom apartment upstairs; First‑floor unit features a primary bedroom with bath and a side porch; Upstairs apartment includes 2 baths and a 3‑bedroom layout
