Multifamily Property With Separate
New
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 Market5
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
(603) 866-2942
Source:
Profoundrealestate
Added: Sep 4
Changed: Sep 7
Last Checked: Sep 7 at 9:44AM
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
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 = 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
$29,922
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
3.04%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
