Rehabilitated Duplex with Private
For Sale
$279,900
916 Main St, Old Town, ME 04468
Two residential units offer updated kitchens, refreshed bathrooms, and separate entrances near the University of Maine.
Property Size1,500 SF
Price / SF$186.60
Days on Market190
Property Features for 916 Main St
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
ERA Dawson-Bradford Co.
Listed By:
Augustine Ofili
(207) 947-3363
Source:
Lawanaandcompany
Added: Mar 18
Changed: Sep 15
Last Checked: Sep 22 at 6:32PM
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 ERA Dawson-Bradford Co.
Investment Insights
Based on property information with market context.
This residential duplex was rebuilt from the studs and includes two units with updated kitchens, refreshed bathrooms, and new interior finishes. Each residence has its own entrance, while spray foam insulation and electric baseboard heat provide upgraded building systems. The property was originally built in 1900 and has Residential zoning.
Located at 916 Main Street in Old Town, the property is minutes from the University of Maine. Tenants pay their own electricity, while public water, sewer, and trash service are included. The configuration supports separate occupancy and straightforward utility responsibility across both units.
Located at 916 Main Street in Old Town, the property is minutes from the University of Maine. Tenants pay their own electricity, while public water, sewer, and trash service are included. The configuration supports separate occupancy and straightforward utility responsibility across both units.
Key Highlights
- Two‑unit duplex rebuilt from the studs
- Private entrance serving each unit
- Updated kitchens, bathrooms, and interior finishes
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
$13,747
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
4.91%
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%
$274,940
$274.9K
Cap Rate 7%
$196,386
$196.4K
Cap Rate 9%
$152,744
$152.7K
Market Conditions
NOI Build-Up for 1,500 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
$20.7K $13.80/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$19.6K $13.09/SF
− OpEx
−$5.9K −$3.93/SF
NOI
$13.7K $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%
$274,940
Cap Rate 7%
$196,386
Cap Rate 9%
$152,744
Alternative Uses
Best Use
Multifamily LT 5
$196.4K
$171.8K – $229.1K
NOI $13,747 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$180.6K
$158.0K – $210.7K
NOI $12,643 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$484.5K
$423.9K – $565.2K
NOI $33,912 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 04468, ME
8,801
Population
4,664
Households
1.9
Avg Household Size
38
Median Age
33%
College-Educated
96%
High-School Grad
122.8 sq mi
ZIP Area
72
Density / Sq Mi
$51,063
Median Household Income
$36,005
Median Earnings
$980
Median Rent
$182,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer updated kitchens, refreshed bathrooms, and separate entrances near the University of Maine.
Where is this duplex located?
The property is located at 916 Main St Old Town, ME.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two‑unit duplex rebuilt from the studs; Private entrance serving each unit; Updated kitchens, bathrooms, and interior finishes
