9-Unit Apartment
For Sale
$1,050,000
15-17 Pleasant Street, Auburn, ME 04210
Two adjacent buildings feature coin-operated laundry and recently refreshed units ready for occupancy.
Property Size5,596 SF
Price / SF$187.63
Days on Market124
Property Features for 15-17 Pleasant Street
General Information
Standard status
Active
Size
5,596 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
9
Amenities
on-site coin-operated laundry
Building Details
Year Built
1938
Buildings
2
Listing Agency:
EXP Realty
Listed By:
Garret Getch
(207) 607-5965
Source:
Portsiderealestategroup
Added: Apr 30
Changed: Aug 30
Last Checked: Aug 30 at 5:30PM
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 EXP Realty
Investment Insights
Based on property information with market context.
Located at 15-17 Pleasant Street in Auburn, Maine, this multifamily property includes two adjacent apartment buildings with a combined 5,596 square feet. Built in 1938, the asset contains nine units and offers on-site coin-operated laundry for resident convenience.
Four units have been recently refreshed and are ready for occupancy. The property sits behind the courthouse in a walkable setting near local shops, dining, and everyday services, providing residents with convenient access to nearby amenities.
Four units have been recently refreshed and are ready for occupancy. The property sits behind the courthouse in a walkable setting near local shops, dining, and everyday services, providing residents with convenient access to nearby amenities.
Key Highlights
- Nine‑unit multifamily property across two adjacent buildings
- 5,596 square feet of apartment space
- Four recently refreshed units ready for occupancy
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
$52,440
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
4.99%
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%
$1,048,800
$1.0M
Cap Rate 7%
$749,143
$749.1K
Cap Rate 9%
$582,667
$582.7K
Market Conditions
NOI Build-Up for 5,596 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
$96.7K $17.28/SF
− Vacancy
−$1.4K −$0.24/SF
EGI
$95.3K $17.04/SF
− OpEx
−$42.9K −$7.67/SF
NOI
$52.4K $9.37/SF
Area
Androscoggin County, ME
Vacancy
1.40%
Lease Rate
$17.28 /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%
$1,048,800
Cap Rate 7%
$749,143
Cap Rate 9%
$582,667
Alternative Uses
Best Use
Apartment 5plus
$749.1K
$655.5K – $874.0K
NOI $52,440 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$9.94M
$8.70M – $11.60M
NOI $695,724 @ 7.0% cap · market cap 66.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,674
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
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?
Apartment building - Two adjacent buildings feature coin-operated laundry and recently refreshed units ready for occupancy.
Where is this apartment building located?
The property is located at 15-17 Pleasant Street Auburn, ME.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Nine‑unit multifamily property across two adjacent buildings; 5,596 square feet of apartment space; Four recently refreshed units ready for occupancy
