2-Unit Duplex with Full
New
For Sale
$465,000
15 Westfield Street, Biddeford, ME 04005
Multi-Family, Biddeford, ME
Property Size1,776 SF
Lot Size0.14 Acres
Price / SF$261.82
Days on Market1
Property Features for 15 Westfield Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Parking features
Off Street
Patio and Porch features
Deck, Porch
Interior features
1st Floor Bedroom, Attic, Bathtub
Basement
Unfinished, Walk-Out Access, Full
Lot features
Well Landscaped, Level, Near Shopping, Neighborhood
Standard status
Active
Size
1,776 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4651
Utilities
Sewer type
Public Sewer
Heating system
Oil, Hot Water(Heating), Baseboard
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Flooring type
Wood, Linoleum
Building materials
Wood Frame, Vinyl Siding
Roof type
Flat
Architectural style
Colonial, Modern
Listing Agency:
Regency Realty Group
(207) 253-1500
Listed By:
Carol Rico
(207) 615-2273
Added: Oct 2
Last Checked: Oct 2 at 10:06PM
MLS# 1679851
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 1,776-square-foot duplex contains two residences, each with two bedrooms and one full bathroom. A full basement provides storage, and the property also includes a deck, porch, and off-street parking. The 0.14-acre parcel has space for gardening. Built in 1940, the building is served by public water and sewer and is zoned R2.
The property is near downtown Biddeford, UNE, the turnpike, and beaches.
The property is near downtown Biddeford, UNE, the turnpike, and beaches.
Key Highlights
- Two residences, each with 2 bedrooms and 1 full bathroom
- 1,776 square feet on a 0.14‑acre lot
- Full basement provides storage
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
$30,065
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
6.47%
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%
$601,300
$601.3K
Cap Rate 7%
$429,500
$429.5K
Cap Rate 9%
$334,056
$334.1K
Market Conditions
NOI Build-Up for 1,776 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
$45.2K $25.44/SF
− Vacancy
−$2.2K −$1.26/SF
EGI
$42.9K $24.18/SF
− OpEx
−$12.9K −$7.25/SF
NOI
$30.1K $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%
$601,300
Cap Rate 7%
$429,500
Cap Rate 9%
$334,056
Alternative Uses
Best Use
Multifamily LT 5
$429.5K
$375.8K – $501.1K
NOI $30,065 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$392.1K
$343.1K – $457.5K
NOI $27,447 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$563.0K
$492.6K – $656.8K
NOI $39,409 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Explore this area
Business Placement
Demographics for 04005, ME
24,581
Population
11,001
Households
2.2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
47.9 sq mi
ZIP Area
513
Density / Sq Mi
$71,268
Median Household Income
$39,176
Median Earnings
$1,186
Median Rent
$351,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Both residences offer two bedrooms and one full bathroom, with additional basement storage.
Where is this duplex located?
The property is located at 15 Westfield Street Biddeford, ME.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 1 full bathroom; 1,776 square feet on a 0.14‑acre lot; Full basement provides storage
