5-Unit Apartment
New
For Sale
$610,000
127-129 Brunswick Avenue, Gardiner, ME 04345
Multi-Family, Gardiner, ME
Property Size4,596 SF
Lot Size0.22 Acres
Price / SF$132.72
Days on Market3
Property Features for 127-129 Brunswick Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Basement, Bathroom 2, Bathroom 6, Bathroom 1, Bathroom 3, Bathroom 5
Basement
Partial, Unfinished
Lot features
Level, Sidewalks, Intown, Near Shopping
Standard status
Active
Size
4,596 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
4447
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating), Forced Air
Water source
Public
Building Details
Year built
1880
Number of units
6
Flooring type
Wood, Carpet, Vinyl
Building materials
Wood Frame, Wood 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
Changed: Sep 13
Last Checked: Sep 14 at 10:06PM
MLS# 1680365
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.
This 5-unit apartment property at 127-129 Brunswick Avenue contains 4,596 square feet on a 0.22-acre lot. Built in 1880 with wood-frame construction and wood siding, the building includes a basement, six bathrooms, carpet, wood, and vinyl flooring. Heating is provided by forced air with propane, and the property has a shingle roof.
All five units are currently rented, providing an established tenant base. The property is served by public water and public sewer and is zoned Residential. Its Gardiner location places the building minutes from downtown shops, restaurants, services, parks, and the Kennebec River.
All five units are currently rented, providing an established tenant base. The property is served by public water and public sewer and is zoned Residential. Its Gardiner location places the building minutes from downtown shops, restaurants, services, parks, and the Kennebec River.
Key Highlights
- Fully occupied 5‑unit apartment property
- 4,596 square feet on a 0.22‑acre lot
- Six bathrooms and basement included
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
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
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?
Apartment building - Fully occupied residential property with public water, public sewer, and an established tenant base.
Where is this apartment building located?
The property is located at 127-129 Brunswick Avenue 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: Fully occupied 5‑unit apartment property; 4,596 square feet on a 0.22‑acre lot; Six bathrooms and basement included
