Multifamily Property With Separate
For Sale
$985,000
137 Avenue Road Extension, Exeter, ME 04435
Two independent residences support multigenerational living, guest accommodations, extended-family housing, or rental use.
Property Size3,550 SF
Price / SF$277.46
Days on Market71
Property Features for 137 Avenue Road Extension
General Information
Standard status
Active
Size
3,550 SF
Property subtype
Multi-family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Amenities
solarium
wood stove
wood cookstove
hand-pump water
large powered barn
chicken/goat area
double root cellar
cedar sauna
oversized multi-vehicle garage
potting shed
fenced gardens
apple trees
established berries
stream-fed farm pond
screened entertaining space
extensive trails
solar array
Starlink
Building Details
Year Built
1981
Listing Agency:
Realty of Maine
Listed By:
Susan Roberts
(207) 989-4229
Source:
Profoundrealestate
Added: Aug 14
Changed: Oct 21
Last Checked: Oct 23 at 11:18AM
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 Realty of Maine
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Investment Insights
Based on property information with market context.
Built in 1981, this multifamily property includes a primary residence and a separate cabin, each served by its own well and septic system. The main home offers an open living arrangement, handcrafted cabinetry, formal dining, an eat-in kitchen, and a solarium with radiant heat and a wood stove. A tall basement adds a bonus room and tiki bar. The cabin includes a full bath, laundry, propane cooktop, hot-water heat, wood cookstove, and deck.
The property also includes a powered barn with running water, chicken and goat areas, a double root cellar, cedar sauna, oversized garage with an unfinished second floor, and a potting shed with water and power. Fenced gardens, 13 apple trees, established berry plantings, a stream-fed pond, screened outdoor space, and trails for horses, ATVs, and hiking extend the improvements beyond the residences. An 11 kW grid-tied solar array and Starlink service are also installed.
The property also includes a powered barn with running water, chicken and goat areas, a double root cellar, cedar sauna, oversized garage with an unfinished second floor, and a potting shed with water and power. Fenced gardens, 13 apple trees, established berry plantings, a stream-fed pond, screened outdoor space, and trails for horses, ATVs, and hiking extend the improvements beyond the residences. An 11 kW grid-tied solar array and Starlink service are also installed.
Key Highlights
- Two separate residences, each with its own well and septic system
- Primary residence includes a solarium, radiant heat, wood stove, and tall basement
- Separate cabin has a full bath, laundry, deck, and independent utility systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,922
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$598,440
$598.4K
Cap Rate 7%
$427,457
$427.5K
Cap Rate 9%
$332,467
$332.5K
Market Conditions
NOI Build-Up for 3,550 SF
Gross rent
$57.5K $16.20/SF
− Vacancy
−$3.1K −$0.87/SF
EGI
$54.4K $15.33/SF
− OpEx
−$24.5K −$6.90/SF
NOI
$29.9K $8.43/SF
Area
Penobscot County, ME
Vacancy
5.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$598,440
Cap Rate 7%
$427,457
Cap Rate 9%
$332,467
Alternative Uses
Best Use
Apartment 5plus
$427.5K
$374.0K – $498.7K
NOI $29,922 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,258 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 04435, ME
963
Population
520
Households
1.9
Avg Household Size
50
Median Age
14%
College-Educated
90%
High-School Grad
38.6 sq mi
ZIP Area
25
Density / Sq Mi
$76,875
Median Household Income
$41,402
Median Earnings
$850
Median Rent
$155,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two independent residences support multigenerational living, guest accommodations, extended-family housing, or rental use.
Where is this multifamily property located?
The property is located at 137 Avenue Road Extension Exeter, ME.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Two separate residences, each with its own well and septic system; Primary residence includes a solarium, radiant heat, wood stove, and tall basement; Separate cabin has a full bath, laundry, deck, and independent utility systems
