Two-Unit Residential Income
For Sale
$1,100,000
15 Casey Lane, Kennebunk, ME 04043
New construction duplex-style home with three-bedroom main residence and a fully equipped two-bedroom apartment above a two-car garage.
Property Size2,826 SF
Price / SF$389.24
Days on Market70
Property Features for 15 Casey Lane
General Information
Standard status
Active
Size
2,826 SF
Total Parking Spaces
2
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
2025
Listing Agency:
Legacy Properties Sotheby's International Realty
Listed By:
Marissa Hyland
(603) 866-2942
Source:
Profoundrealestate
Added: Jun 23
Changed: Aug 31
Last Checked: Aug 30 at 5:27PM
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 Legacy Properties Sotheby's International Realty
Investment Insights
Based on property information with market context.
New construction residential income property offering a three-bedroom main residence with an open-concept first floor connecting living, dining, and kitchen areas. Upstairs, the main home includes three bedrooms, featuring a spacious primary suite. The property is equipped with forced hot air heating and central air conditioning for year-round comfort.
An attached two-car garage is topped by a fully equipped two-bedroom apartment, providing flexibility for extended family, guests, a private home office, or rental use. Located in a small, private neighborhood, the home is described as being moments from local schools, within a short stroll to downtown amenities, and offering quick access to the Maine Turnpike for commuting.
With its multi-level layout and dedicated apartment configuration, the property is designed to support both everyday living and supplemental income potential.
An attached two-car garage is topped by a fully equipped two-bedroom apartment, providing flexibility for extended family, guests, a private home office, or rental use. Located in a small, private neighborhood, the home is described as being moments from local schools, within a short stroll to downtown amenities, and offering quick access to the Maine Turnpike for commuting.
With its multi-level layout and dedicated apartment configuration, the property is designed to support both everyday living and supplemental income potential.
Key Highlights
- New construction home (built 2025) featuring a three‑bedroom main residence with an open‑concept living, dining, and kitchen layout
- Primary suite on the upper level, plus two additional bedrooms in the main residence
- Forced hot air heating and central air conditioning for year‑round comfort
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
$47,839
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
4.35%
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%
$956,780
$956.8K
Cap Rate 7%
$683,414
$683.4K
Cap Rate 9%
$531,544
$531.5K
Market Conditions
NOI Build-Up for 2,826 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
$71.9K $25.44/SF
− Vacancy
−$3.6K −$1.26/SF
EGI
$68.3K $24.18/SF
− OpEx
−$20.5K −$7.25/SF
NOI
$47.8K $16.93/SF
Area
York County, ME
Vacancy
4.94%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
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%
$956,780
Cap Rate 7%
$683,414
Cap Rate 9%
$531,544
Alternative Uses
Best Use
Multifamily LT 5
$683.4K
$598.0K – $797.3K
NOI $47,839 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$623.9K
$545.9K – $727.9K
NOI $43,674 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,708 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 04043, ME
11,536
Population
6,243
Households
1.8
Avg Household Size
52
Median Age
50%
College-Educated
97%
High-School Grad
35.1 sq mi
ZIP Area
329
Density / Sq Mi
$101,204
Median Household Income
$53,283
Median Earnings
$1,405
Median Rent
$460,600
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?
Duplex - New construction duplex-style home with three-bedroom main residence and a fully equipped two-bedroom apartment above a two-car garage.
Where is this duplex located?
The property is located at 15 Casey Lane Kennebunk, ME.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: New construction home (built 2025) featuring a three‑bedroom main residence with an open‑concept living, dining, and kitchen layout; Primary suite on the upper level, plus two additional bedrooms in the main residence; Forced hot air heating and central air conditioning for year‑round comfort
