Four-Unit Multifamily
New
For Sale
$249,000
135 North Road, Patten, ME 04765
Multi-Family, Patten, ME
Property Size2,297 SF
Lot Size0.92 Acres
Price / SF$108.40
Days on Market3
Property Features for 135 North Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
See town
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 1
Patio and Porch features
Patio
Interior features
1st Floor Bedroom, 1st Floor Primary Bedroom w/Bath
Lot features
Well Landscaped, Open, Level, Near Shopping, Near Town, Rural
Standard status
Active
Size
2,297 SF
Lot size
0.92 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3356
Utilities
Sewer type
Septic Tank, Private Sewer
Heating system
Electric (Heating), Oil, Wood, Baseboard, Zoned, Hot Water(Heating)
Cooling system
Heat Pump
Water source
Well, Private
Water front features
Lake, Stream
Water front
1
Amenities
screened-in patio
outdoor patio
Building Details
Year built
1990
Number of units
4
Flooring type
Carpet, Vinyl, Laminate
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Contemporary
Listing Agency:
Acres Away, Inc.
(207) 794-2700
Listed By:
Alan Staples · License #924109
(239) 398-0261
Added: Aug 23
Last Checked: Aug 25 at 2:06AM
MLS# 1677394
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.
Built in 1990, this 2,297-square-foot contemporary multifamily property contains four separate residences with a mix of one- and two-bedroom layouts. The first floor includes a one-bedroom unit with a full kitchen and laundry, plus a separate two-bedroom residence with its own entrance, kitchen, and laundry area. Upstairs are another two-bedroom unit with a full kitchen, bath, laundry area, and heat pump, along with a one-bedroom efficiency featuring a full bath, laundry hookups, and heat pump. The efficiency does not include a full kitchen.
The property occupies 0.92 acres at 135 North Road in Patten, with year-round access, a private well, and private septic service. A two-car garage includes a screened patio conversion in one bay, connecting to an additional outdoor patio. Waterfront features include a lake and stream. The property has supported owner occupancy as well as monthly, weekly, and long-term rentals, and is located near Shin Pond Village, Mount Katahdin, and Mount Chase.
The property occupies 0.92 acres at 135 North Road in Patten, with year-round access, a private well, and private septic service. A two-car garage includes a screened patio conversion in one bay, connecting to an additional outdoor patio. Waterfront features include a lake and stream. The property has supported owner occupancy as well as monthly, weekly, and long-term rentals, and is located near Shin Pond Village, Mount Katahdin, and Mount Chase.
Key Highlights
- Four residential units within a 2,297‑square‑foot building
- 0.92‑acre property at 135 North Road, Patten, ME 04765
- Unit mix includes one- and two‑bedroom residences plus a one‑bedroom efficiency
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 - Flexible four-residence layout with private utilities, on-site laundry, and a two-car garage with screened patio conversion.
Where is this quadplex located?
The property is located at 135 North Road 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 residential units within a 2,297‑square‑foot building; 0.92‑acre property at 135 North Road, Patten, ME 04765; Unit mix includes one- and two‑bedroom residences plus a one‑bedroom efficiency
