9-Unit Multifamily
For Sale
$1,050,000
15-17 Pleasant Street, Auburn, ME 04210
Multi-Family, Auburn, ME
Property Size5,596 SF
Lot Size0.17 Acres
Price / SF$187.63
Days on Market64
Property Features for 15-17 Pleasant Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 4, Basement, Bathroom 2, Bathroom 7, Bathroom 1, Bathroom 8, Bathroom 5, Bathroom 6, Bathroom 9, Bathroom 3
Parking features
On Street
Pets allowed
No
Basement
Walk-Out Access, Full, Unfinished
Lot features
Rolling/ Sloping, Level, Sidewalks, Intown, Near Turnpike/ Interstate
Standard status
Active
Size
5,596 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10349
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Baseboard, Hot Water(Heating)
Water source
Public
Amenities
on-site coin-operated laundry
Building Details
Year built
1938
Number of units
9
Flooring type
Carpet, Wood, Linoleum, Vinyl
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Garret Getch
(207) 841-9433
Added: Jul 14
Changed: Sep 14
Last Checked: Sep 15 at 1:06AM
MLS# 1659802
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.
Investment Insights
Based on property information with market context.
This 9-unit multifamily property comprises two adjacent wood-frame buildings at 15-17 Pleasant Street. The improvements total 5,596 square feet on a 0.17-acre parcel and were constructed in 1938. Four units have been recently refreshed and are ready for occupancy. Building features include coin-operated laundry, basements, shingle roofing, vinyl siding, and a mix of linoleum, carpet, wood, and vinyl flooring. Heating is provided through natural gas systems that include baseboard, forced-air, and hot-water components.
The property is located in Auburn, Maine, directly behind the courthouse and within a walkable area near local shops, dining, and everyday services. Public water and public sewer serve the buildings, while parking is available on the street. Residential zoning supports the property's multifamily use.
The property is located in Auburn, Maine, directly behind the courthouse and within a walkable area near local shops, dining, and everyday services. Public water and public sewer serve the buildings, while parking is available on the street. Residential zoning supports the property's multifamily use.
Key Highlights
- 9‑unit multifamily property in two adjacent buildings
- 5,596 square feet on a 0.17‑acre parcel
- Four units recently refreshed and 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
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Open Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
910
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
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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 with coin-operated laundry, refreshed units, and public water and sewer service.
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: 9‑unit multifamily property in two adjacent buildings; 5,596 square feet on a 0.17‑acre parcel; Four units recently refreshed and ready for occupancy
