Renovated Colonial
For Sale
$439,900
1409 State Street, Veazie, ME 04401
Multi-Family, Veazie, ME
Property Size2,240 SF
Lot Size0.30 Acres
Price / SF$196.38
Days on Market28
Property Features for 1409 State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1
Patio and Porch features
Porch
Interior features
In-Law Apartment, 1st Floor Bedroom, Shower
Basement
Full, Unfinished, Walk-Out Access
Lot features
Near Country Club, Well Landscaped, Level, Sidewalks, Intown, Near Golf Course, Near Shopping, Near Town, Near Public Transit
Standard status
Active
Size
2,240 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4894
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1880
Number of units
2
Flooring type
Hardwood, Laminate
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
Realty of Maine
(207) 942-6310
Listed By:
Renee Raymond
(207) 992-7410
Added: Oct 5
Changed: Nov 1
Last Checked: Nov 1 at 6:06AM
MLS# 1683225
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.
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Investment Insights
Based on property information with market context.
This 1880 Colonial duplex contains 2,240 square feet across two renovated residences on a 0.3-acre lot. Both units are vacant and have separate entrances, two bedrooms, one bathroom, an eat-in kitchen, a living room, and same-level laundry. The property also includes an attic, a porch, and a basement. Public water and public sewer serve the property.
The property is near Buck Hill Conservation Area, a 64-acre public conservation property, and the 33-acre town forest network, including McPhetres and Davis Forests. Veazie Community School is also identified as a nearby school.
The property is near Buck Hill Conservation Area, a 64-acre public conservation property, and the 33-acre town forest network, including McPhetres and Davis Forests. Veazie Community School is also identified as a nearby school.
Key Highlights
- Two residences, each with two bedrooms and one bathroom
- 2,240 square feet on a 0.3‑acre lot
- Both units are vacant and have separate entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,528
Cap Rate
4.67%
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
NOI $20,528 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$269.7K
$236.0K – $314.7K
NOI $18,881 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$723.5K
$633.0K – $844.0K
NOI $50,642 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Each vacant residence has two bedrooms, one bathroom, an eat-in kitchen, and same-level laundry.
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 $439,900.
What are key features of this property?
This property features: Two residences, each with two bedrooms and one bathroom; 2,240 square feet on a 0.3‑acre lot; Both units are vacant and have separate entrances
