Updated Duplex with
For Sale
$595,000
154 Seaward Mills Road, Vassalboro, ME 04989
Multi-Family, Vassalboro, ME
Property Size4,000 SF
Lot Size4.64 Acres
Price / SF$148.75
Days on Market47
Property Features for 154 Seaward Mills Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Rural
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Basement, Bathroom 2, Bathroom 4, Bathroom 3
Patio and Porch features
Deck
Interior features
In-Law Apartment, 1st Floor Bedroom, Shower
Basement
Finished, Daylight, Full, Walk-Out Access
Lot features
Well Landscaped, Open, Wooded, Rural
Standard status
Active
Size
4,000 SF
Lot size
4.64 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4919
Utilities
Sewer type
Septic Tank, Private Sewer
Heating system
Other (Heating), Natural Gas, Heat Pump (Heating), Oil, Baseboard, Hot Water(Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Private, Well
Building Details
Year built
2002
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Split Level
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Francois Rodrigue
(207) 873-9013
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 30 at 4:06PM
MLS# 1641340
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 split-level duplex was built in 2002 and provides 4,000 square feet of space across two units. Recent improvements include a new family room, fresh interior paint in several areas, and newly installed heat pumps. Interior features include an in-law apartment, a first-floor bedroom, multiple bathrooms, and a mix of carpet, tile, and wood flooring. A garage, deck, and paved driveway add utility, while wood-frame construction with vinyl siding completes the exterior.
Set on 4.64 acres in a rural setting, the property has private well water and septic infrastructure, with each unit served by its own septic system and leach field. The location offers access to both Waterville and Augusta for commuting and daily needs.
Set on 4.64 acres in a rural setting, the property has private well water and septic infrastructure, with each unit served by its own septic system and leach field. The location offers access to both Waterville and Augusta for commuting and daily needs.
Key Highlights
- Two‑unit duplex with 4,000 square feet of property space
- Set on 4.64 acres in a rural setting
- Built in 2002 with a new family room and fresh interior paint in several areas
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
$44,671
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
7.51%
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%
$893,420
$893.4K
Cap Rate 7%
$638,157
$638.2K
Cap Rate 9%
$496,344
$496.3K
Market Conditions
NOI Build-Up for 4,000 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
$64.8K $16.20/SF
− Vacancy
−$985 −$0.25/SF
EGI
$63.8K $15.95/SF
− OpEx
−$19.1K −$4.79/SF
NOI
$44.7K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$893,420
Cap Rate 7%
$638,157
Cap Rate 9%
$496,344
Alternative Uses
Best Use
Multifamily LT 5
$638.2K
$558.4K – $744.5K
NOI $44,671 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$556.7K
$487.1K – $649.4K
NOI $38,966 @ 7.0% cap · market cap 6.55%
Theoretical Best
Warehouse
$5.97M
$5.22M – $6.96M
NOI $417,733 @ 7.0% cap · market cap 70.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 04989, ME
4,520
Population
2,296
Households
2
Avg Household Size
45
Median Age
31%
College-Educated
94%
High-School Grad
44.3 sq mi
ZIP Area
102
Density / Sq Mi
$74,828
Median Household Income
$47,512
Median Earnings
$1,030
Median Rent
$217,900
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 - Two-unit property with private septic systems, a paved driveway, and flexible interior space.
Where is this duplex located?
The property is located at 154 Seaward Mills Road Vassalboro, ME.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two‑unit duplex with 4,000 square feet of property space; Set on 4.64 acres in a rural setting; Built in 2002 with a new family room and fresh interior paint in several areas
