5-Unit Apartment
New
For Sale
$610,000
127-129 Brunswick Ave, Gardiner, ME 04345
Fully occupied multifamily property with five rented units and an established tenant base.
Property Size4,596 SF
Price / SF$132.72
Days on Market1
Property Features for 127-129 Brunswick Ave
General Information
Standard status
Active
Size
4,596 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
5
Building Details
Year Built
1880
Tenancy
Multi
Listed By:
Doug Schauf · License #BA917314
(207) 838-5593
Source:
Makemaineyourhome
Added: Sep 14
Last Checked: Sep 14 at 2:20PM
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 Doug Schauf
Investment Insights
Based on property information with market context.
This 4,596-square-foot apartment building contains five units and was built in 1880. All units are currently rented, providing an established occupancy profile for a multifamily owner.
Located at 127-129 Brunswick Avenue in Gardiner, the property is minutes from downtown and nearby shops, restaurants, services, parks, and the Kennebec River. The five-unit configuration offers a clear residential income property format in a central Gardiner setting.
Located at 127-129 Brunswick Avenue in Gardiner, the property is minutes from downtown and nearby shops, restaurants, services, parks, and the Kennebec River. The five-unit configuration offers a clear residential income property format in a central Gardiner setting.
Key Highlights
- Five‑unit apartment building with all units currently rented
- 4,596 square feet of building area
- Built in 1880
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
$44,772
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
7.34%
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%
$895,440
$895.4K
Cap Rate 7%
$639,600
$639.6K
Cap Rate 9%
$497,467
$497.5K
Market Conditions
NOI Build-Up for 4,596 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
$82.7K $18.00/SF
− Vacancy
−$1.3K −$0.29/SF
EGI
$81.4K $17.71/SF
− OpEx
−$36.6K −$7.97/SF
NOI
$44.8K $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 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%
$895,440
Cap Rate 7%
$639,600
Cap Rate 9%
$497,467
Alternative Uses
Best Use
Apartment 5plus
$639.6K
$559.7K – $746.2K
NOI $44,772 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$6.86M
$6.00M – $8.00M
NOI $479,975 @ 7.0% cap · market cap 78.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
415
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with five rented units and an established tenant base.
Where is this apartment building located?
The property is located at 127-129 Brunswick Ave Gardiner, ME.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Five‑unit apartment building with all units currently rented; 4,596 square feet of building area; Built in 1880
