Building Details

Year Built 1880

Construction Colonial

Listing Agency: Realty of Maine

Listed By: Renee Raymond Show Phone

Source: Profoundrealestate

Added: Sep 28 Changed: Oct 15 Last Checked: Oct 14 at 11:47PM

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Investment Insights

Based on property information with market context.

This 2,240-square-foot duplex dates to 1880 and contains two renovated units, both currently vacant. Each residence has its own entrance, two bedrooms, one bathroom, an eat-in kitchen, a living room, and same-level laundry. A sizeable attic may offer room for future finished living area, subject to required approvals.

The property is at 1409 State Street in Veazie, with access to Veazie Community School. Buck Hill Conservation Area, a 64-acre public conservation property, and the town’s 33-acre forest network, including McPhetres and Davis Forests, are nearby. The University of Maine in Orono, hospitals in Bangor, and downtown Bangor and Orono are also identified as convenient destinations.

Key Highlights

• Two‑unit duplex with both residences currently vacant
• 2,240 square feet; built in 1880
• Each unit has two bedrooms, one bathroom, an eat‑in kitchen, and a living room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,528

Cap Rate

4.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$410,560 $410.6K

Cap Rate 7%

$293,257 $293.3K

Cap Rate 9%

$228,089 $228.1K

Market Conditions

NOI Build-Up for 2,240 SF

Gross rent

$30.9K $13.80/SF

− Vacancy

−$1.6K −$0.71/SF

EGI

$29.3K $13.09/SF

− OpEx

−$8.8K −$3.93/SF

NOI

$20.5K $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 Rate 5%

$410,560

Cap Rate 7%

$293,257

Cap Rate 9%

$228,089

Alternative Uses

Best Use

Multifamily LT 5

$293.3K

$256.6K – $342.1K (±1% cap)

NOI $20,528 @ 7.0% cap · market cap 4.56%

Second Best

Apartment 5plus

$269.7K

$236.0K – $314.7K (±1% cap)

NOI $18,881 @ 7.0% cap · market cap 4.20%

Theoretical Best

Office A

$723.5K

$633.0K – $844.0K (±1% cap)

NOI $50,642 @ 7.0% cap · market cap 11.25%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Big Box & Wholesale Store HVAC Service Electrical Service Auto Repair Shop Hair Salon Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Explore this area Business Placement

Demographics for 04401, ME

44,608

Population

20,932

Households

2.1

Avg Household Size

40

Median Age

37%

College-Educated

96%

High-School Grad

100.1 sq mi

ZIP Area

446

Density / Sq Mi

$66,136

Median Household Income

$40,863

Median Earnings

$1,048

Median Rent

$229,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two renovated residences offer separate access, individual laundry, and layouts suited to independent household use.

Where is this duplex located?

The property is located at 1409 State Street Veazie, ME.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: Two‑unit duplex with both residences currently vacant; 2,240 square feet; built in 1880; Each unit has two bedrooms, one bathroom, an eat‑in kitchen, and a living room