Renovation-Ready 11-Unit
161 Main Street Newport, ME 04953
161 Main Street, Newport, ME, 04953
$2,200,000
For Sale
$2,200,000
An 11-unit apartment building with renovations underway, including roof, windows, electrical, boiler, plumbing, and a sprinkler system.
Property Size10,500 SF
Price / SF$209.52
Days on Market407
Property Features for 161 Main Street
General Information
- Standard status
- Active
- Size
- 10,500 SF
- Property subtype
- Commercial / Multi Family
Building Details
- Year Built
- 1900
Listing agency
Better Homes & Gardens Real Estate/The Masiello Group
(207) 487-1704
Listed by
Melissa Bartlett
(207) 487-1704
Source
Compass
Added: Jun 11, 2025 Updated: Jul 22 at 10:01AM Checked: Jul 22 at 10:01AM
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 Better Homes & Gardens Real Estate/The Masiello Group
Investment Insights
Based on property information with market context.
This 11-unit apartment building is being renovated but has not yet reached completion. Renovation work already completed includes a new roof, new windows, upgraded electrical systems, new electrical entrances, a new boiler, and substantial plumbing work. A sprinkler system is already installed, and the building includes generous off-street parking.
The property is located at 161 Main Street in Newport, Maine.
Unit mix is described as five 1-bedroom units and five 2-bedroom units, plus one 3-bedroom/2-bath unit. The first-floor portion could be completed to support early occupancy while the remaining units continue through to completion, as described in the property remarks.
The property is located at 161 Main Street in Newport, Maine.
Unit mix is described as five 1-bedroom units and five 2-bedroom units, plus one 3-bedroom/2-bath unit. The first-floor portion could be completed to support early occupancy while the remaining units continue through to completion, as described in the property remarks.
Key Highlights
- 11‑unit apartment building with renovations underway
- Renovations started include new roof and new windows
- Upgraded electrical systems with new boiler and substantial plumbing work completed
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $170.1k | $16.20 |
| − Vacancy | −$9.2k | −$0.87 |
| EGI | $160.9k | $15.33 |
| − OpEx | −$72.4k | −$6.90 |
| NOI | $88.5k | $8.43 |
10,500 SF · lease $16.20/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.11M – $1.48M
NOI $88,503 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.39M
$2.97M – $3.96M
NOI $237,384 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Sail-in Corner Cafe ...
Restaurant
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FAQs
What type of property is this?
Apartment building - An 11-unit apartment building with renovations underway, including roof, windows, electrical, boiler, plumbing, and a sprinkler system.
Where is this apartment building located?
The property is located at 161 Main Street Newport, ME.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 11‑unit apartment building with renovations underway; Renovations started include new roof and new windows; Upgraded electrical systems with new boiler and substantial plumbing work completed
