1414 State Street Unit 2, Veazie, ME 04401

Building Details

Year Built 1850 More

Buildings 1 More

Listing Agency: Better Homes & Gardens Real Estate/The Masiello Group

Listed By: Elaine Pelletier · License ME BR909757 Show Phone

Source: Profoundrealestate

Added: Oct 17 Changed: Nov 10 Last Checked: Nov 10 at 7:39AM

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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 Better Homes & Gardens Real Estate/The Masiello Group

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Investment Insights

Based on property information with market context.

Built in 1850, this duplex contains two residences totaling 2,450 square feet, with five bedrooms and three full bathrooms. The main-level unit has two bedrooms and two full bathrooms; the upper unit includes three bedrooms and one full bathroom. An updated kitchen and porch add to the property’s physical features. The two units are currently vacant, and the site covers 1.51 acres in Veazie.

The property is near the University of Maine in Orono and Bangor shopping, dining, and other amenities. Its separate unit layouts and substantial outdoor grounds define the configuration of this two-unit home.

Key Highlights

• Two‑unit duplex built in 1850
• 1.51‑acre site in Veazie
• 2,450 square feet with five bedrooms and three full bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,453

Cap Rate

6.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$449,060 $449.1K

Cap Rate 7%

$320,757 $320.8K

Cap Rate 9%

$249,478 $249.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,450 SF

Gross rent

$33.8K $13.80/SF

− Vacancy

−$1.7K −$0.71/SF

EGI

$32.1K $13.09/SF

− OpEx

−$9.6K −$3.93/SF

NOI

$22.5K $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%

$449,060

Cap Rate 7%

$320,757

Cap Rate 9%

$249,478

Alternative Uses

Best Use

Multifamily LT 5

$320.8K

$280.7K – $374.2K (±1% cap)

NOI $22,453 @ 7.0% cap · market cap 6.25%

Second Best

Apartment 5plus

$295.0K

$258.1K – $344.2K (±1% cap)

NOI $20,651 @ 7.0% cap · market cap 5.75%

Theoretical Best

Office A

$791.3K

$692.4K – $923.2K (±1% cap)

NOI $55,390 @ 7.0% cap · market cap 15.43%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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

Average Price Trend$/SF for Duplexes in Penobscot County, ME

$169 Jul

$157 Aug

$149 Sep

$146 Oct

Properties on Market for Duplexes in Penobscot County

Jul

Aug

Sep

Oct

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

See more

Two-Unit Duplex with Updated Kitchen

2-1414 State Street, Veazie, ME 04401

$359,000

2,450 SF

View details

Renovated Colonial Duplex

1409 State Street, Veazie, ME 04401

$439,900

2,240 SF

View details

Frequently Asked Questions

What type of property is this?

Duplex - The vacant residences offer distinct two-bedroom and three-bedroom layouts, with an updated kitchen and a welcoming porch.

Where is this duplex located?

The property is located at 1414 State Street Unit 2 Veazie, ME.

What is the asking price?

The asking price for this property is $359,000.

What are key features of this property?

This property features: Two‑unit duplex built in 1850; 1.51‑acre site in Veazie; 2,450 square feet with five bedrooms and three full bathrooms