Building Details

Year Built 1985

Buildings 1

Tenancy Multi

Listing Agency: Century 21 Barbara Patterson

Listed By: Jerry Tatlock Show Phone

Source: Profoundrealestate

Added: Oct 19 Changed: Oct 23 Last Checked: Oct 23 at 9:04AM

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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 Century 21 Barbara Patterson

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Investment Insights

Based on property information with market context.

Built in 1985, this 1,428-square-foot duplex contains two side-by-side residences. Each has two bedrooms, 1.5 bathrooms, a private basement, a deck, and a one-car garage. Separate forced-hot-water gas heating serves each unit, and the property is connected to town water and sewer. One residence has been fully renovated, and a new roof was installed in 2026.

Leases are in place for both units. The property is located at 161 Elm Street in North Berwick, Maine.

Key Highlights

• Two side‑by‑side units, each with 2 bedrooms and 1.5 baths
• 1,428 square feet; built in 1985
• Private basement, deck, and one‑car garage for each residence

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,174

Cap Rate

4.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$483,480 $483.5K

Cap Rate 7%

$345,343 $345.3K

Cap Rate 9%

$268,600 $268.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,428 SF

Gross rent

$36.3K $25.44/SF

− Vacancy

−$1.8K −$1.26/SF

EGI

$34.5K $24.18/SF

− OpEx

−$10.4K −$7.25/SF

NOI

$24.2K $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 Rate 5%

$483,480

Cap Rate 7%

$345,343

Cap Rate 9%

$268,600

Alternative Uses

Best Use

Multifamily LT 5

$345.3K

$302.2K – $402.9K (±1% cap)

NOI $24,174 @ 7.0% cap · market cap 4.88%

Second Best

Apartment 5plus

$315.3K

$275.9K – $367.8K (±1% cap)

NOI $22,069 @ 7.0% cap · market cap 4.46%

Theoretical Best

Office A

$452.7K

$396.1K – $528.1K (±1% cap)

NOI $31,687 @ 7.0% cap · market cap 6.40%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

58

Businesses Nearby

Explore this area Business Placement

Demographics for 03906, ME

4,990

Population

2,237

Households

2.2

Avg Household Size

44

Median Age

29%

College-Educated

95%

High-School Grad

38.3 sq mi

ZIP Area

130

Density / Sq Mi

$95,762

Median Household Income

$43,272

Median Earnings

$1,019

Median Rent

$385,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Duplex - Both residences have leases in place, with independent heating systems and town water and sewer service.

Where is this duplex located?

The property is located at 161 Elm Street North Berwick, ME.

What is the asking price?

The asking price for this property is $495,000.

What are key features of this property?

This property features: Two side‑by‑side units, each with 2 bedrooms and 1.5 baths; 1,428 square feet; built in 1985; Private basement, deck, and one‑car garage for each residence