Updated Duplex with 2BR
For Sale
$210,000
68 Prospect Street, Millinocket, ME 04462
Well-maintained duplex with two 2-bedroom, one-bath apartments and spacious living areas, presented in good condition.
Property Size2,000 SF
Price / SF$105
Days on Market512
Property Features for 68 Prospect Street
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Zoning
Residential
Taxes and HOA fees
Annual Taxes
$1,938
Amenities
Heat Pump
Hot Water, Heat Pump, Baseboard
Interior, Dirt Floor, Doghouse
Vinyl, Laminate, Carpet
Yes
Concrete Perimeter
2.00
2
Shingle
Vinyl Siding, Wood Frame
Building Details
Year Built
1900
Units
2
Listing Agency:
Twin Rivers Realty
(207) 732-4376
Listed By:
Christopher Thompson
(207) 732-4376
Source:
Compass
Added: Mar 19, 2025
Changed: Aug 8
Last Checked: Mar 25 at 7:15PM
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 Twin Rivers Realty
Investment Insights
Based on property information with market context.
This updated duplex features two separate apartments, each offering two bedrooms and one bath with spacious living areas. The building is described as well maintained, structurally sound, and in good overall condition.
Located in Millinocket in an in-town setting, the property is positioned close to schools, shopping, and trails. A quiet, desirable neighborhood is also noted in the remarks.
In addition to the duplex, the seller will include an additional buildable house lot next door.
Located in Millinocket in an in-town setting, the property is positioned close to schools, shopping, and trails. A quiet, desirable neighborhood is also noted in the remarks.
In addition to the duplex, the seller will include an additional buildable house lot next door.
Key Highlights
- Updated duplex with two 2‑bedroom, 1‑bath apartments
- Each unit includes spacious living areas
- Heat pump and hot water heating; cooling is heat pump
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
$18,329
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
8.73%
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%
$366,580
$366.6K
Cap Rate 7%
$261,843
$261.8K
Cap Rate 9%
$203,656
$203.7K
Market Conditions
NOI Build-Up for 2,000 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
$27.6K $13.80/SF
− Vacancy
−$1.4K −$0.71/SF
EGI
$26.2K $13.09/SF
− OpEx
−$7.9K −$3.93/SF
NOI
$18.3K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /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%
$366,580
Cap Rate 7%
$261,843
Cap Rate 9%
$203,656
Alternative Uses
Best Use
Multifamily LT 5
$261.8K
$229.1K – $305.5K
NOI $18,329 @ 7.0% cap · market cap 8.73%
Second Best
Apartment 5plus
$240.8K
$210.7K – $281.0K
NOI $16,858 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$645.9K
$565.2K – $753.6K
NOI $45,216 @ 7.0% cap · market cap 21.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
Explore this area
Business Placement
Demographics for 04462, ME
4,411
Population
3,302
Households
1.3
Avg Household Size
56
Median Age
20%
College-Educated
96%
High-School Grad
702.8 sq mi
ZIP Area
6
Density / Sq Mi
$44,167
Median Household Income
$23,295
Median Earnings
$553
Median Rent
$89,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with two 2-bedroom, one-bath apartments and spacious living areas, presented in good condition.
Where is this duplex located?
The property is located at 68 Prospect Street Millinocket, ME.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Updated duplex with two 2‑bedroom, 1‑bath apartments; Each unit includes spacious living areas; Heat pump and hot water heating; cooling is heat pump
