Four-Unit Recreational
New
For Sale
$249,000
135 North Rd, Patten, ME 04765
Four distinct units support owner occupancy alongside monthly, weekly, or longer-term rental arrangements.
Property Size2,297 SF
Lot Size1.00 Acre
Price / SF$108.40
Days on Market5
Property Features for 135 North Rd
General Information
Standard status
Active
Size
2,297 SF
Lot size
1.00 Acre
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 2 x 2BR, 1 x 1BR efficiency
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
screened-in patio
outdoor patio space
heat pump
laundry
Building Details
Year Built
1990
Listing Agency:
(207) 436-8889
Listed By:
Crown Lakes Realty
(207) 436-8889
Source:
Crownlakesrealty
Added: Aug 25
Changed: Aug 27
Last Checked: Aug 28 at 10:18AM
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 Crown Lakes Realty
Investment Insights
Based on property information with market context.
This 2,297-square-foot quadplex was built in 1990 and sits on approximately one acre with year-round access. The property includes four residential units: a one-bedroom owner’s unit with a full kitchen and laundry, a separate two-bedroom unit with private entry and its own kitchen and laundry, an upstairs two-bedroom unit, and a one-bedroom efficiency. The efficiency includes a full bathroom, laundry hookups, and a heat pump but does not have a full kitchen. Private water, septic, and power serve the property.
A two-car garage provides additional utility, with one bay configured as a screened-in patio connected to another outdoor patio area. The property is located at 135 North Rd in Patten, near Shin Pond Village and within proximity to Mount Katahdin and Mount Chase. The surrounding area supports year-round outdoor recreation, including hunting, fishing, snowmobiling, ATVing, hiking, kayaking, and camping.
A two-car garage provides additional utility, with one bay configured as a screened-in patio connected to another outdoor patio area. The property is located at 135 North Rd in Patten, near Shin Pond Village and within proximity to Mount Katahdin and Mount Chase. The surrounding area supports year-round outdoor recreation, including hunting, fishing, snowmobiling, ATVing, hiking, kayaking, and camping.
Key Highlights
- Four‑unit multifamily property totaling 2,297 SF
- Built in 1990 on approximately one acre
- Unit mix includes two one‑bedroom units and two two‑bedroom units
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
$21,051
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
8.45%
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%
$421,020
$421.0K
Cap Rate 7%
$300,729
$300.7K
Cap Rate 9%
$233,900
$233.9K
Market Conditions
NOI Build-Up for 2,297 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
$31.7K $13.80/SF
− Vacancy
−$1.6K −$0.71/SF
EGI
$30.1K $13.09/SF
− OpEx
−$9.0K −$3.93/SF
NOI
$21.1K $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%
$421,020
Cap Rate 7%
$300,729
Cap Rate 9%
$233,900
Alternative Uses
Best Use
Multifamily LT 5
$300.7K
$263.1K – $350.9K
NOI $21,051 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$276.6K
$242.0K – $322.7K
NOI $19,361 @ 7.0% cap · market cap 7.78%
Theoretical Best
Office A
$741.9K
$649.1K – $865.5K
NOI $51,931 @ 7.0% cap · market cap 20.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 04765, ME
1,122
Population
1,073
Households
1
Avg Household Size
52
Median Age
25%
College-Educated
90%
High-School Grad
750.6 sq mi
ZIP Area
1
Density / Sq Mi
$47,269
Median Household Income
$33,631
Median Earnings
$347
Median Rent
$120,400
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?
Quadplex - Four distinct units support owner occupancy alongside monthly, weekly, or longer-term rental arrangements.
Where is this quadplex located?
The property is located at 135 North Rd Patten, ME.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Four‑unit multifamily property totaling 2,297 SF; Built in 1990 on approximately one acre; Unit mix includes two one‑bedroom units and two two‑bedroom units
