Four-Unit Property with Barn
For Sale
$495,000
167 Summer St, Auburn, ME 04210
Separate parking areas, individual utility meters, and laundry facilities serve the occupied apartments.
Property Size3,266 SF
Price / SF$151.56
Days on Market8
Property Features for 167 Summer St
General Information
Standard status
Active
Size
3,266 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$65,400
Utilities to Site
Yes
Multifamily Units
4
Amenities
coin-op laundry
workshop space
Building Details
Year Built
1920
Listed By:
Doug Schauf
(207) 838-5593
Source:
Makemaineyourhome
Added: Oct 4
Last Checked: Oct 11 at 7:35AM
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 Doug Schauf
Investment Insights
Based on property information with market context.
This 1920-built quadplex contains four occupied apartments and totals 3,266 square feet. Each unit has its own electric meter and hot-water tank; the hot-water tanks have recently been replaced. A coin-operated washer and dryer serve most of the building, and Unit 4 includes private washer and dryer hookups. Two driveways provide separate off-street parking areas. An attached barn and garage add storage and workshop space, with conversion to living area subject to town approval.
The property is located at 167 Summer Street in Auburn, Maine. Gross rental income is $65,400 annually, with Units 1, 3, and 4 below market rent. The apartments are currently occupied, and tenants are described as having established payment histories and an interest in remaining long term.
The property is located at 167 Summer Street in Auburn, Maine. Gross rental income is $65,400 annually, with Units 1, 3, and 4 below market rent. The apartments are currently occupied, and tenants are described as having established payment histories and an interest in remaining long term.
Key Highlights
- Four occupied apartments in a 3,266‑square‑foot property built in 1920
- Individual electric meters and hot‑water tanks for each unit; tanks recently replaced
- Coin‑operated laundry serves most units; Unit 4 has private washer/dryer hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,213
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$644,260
$644.3K
Cap Rate 7%
$460,186
$460.2K
Cap Rate 9%
$357,922
$357.9K
Market Conditions
NOI Build-Up for 3,266 SF
Gross rent
$46.6K $14.28/SF
− Vacancy
−$620 −$0.19/SF
EGI
$46.0K $14.09/SF
− OpEx
−$13.8K −$4.23/SF
NOI
$32.2K $9.86/SF
Area
Androscoggin County, ME
Vacancy
1.33%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$644,260
Cap Rate 7%
$460,186
Cap Rate 9%
$357,922
Alternative Uses
Best Use
Multifamily LT 5
$460.2K
$402.7K – $536.9K
NOI $32,213 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$437.2K
$382.6K – $510.1K
NOI $30,606 @ 7.0% cap · market cap 6.18%
Theoretical Best
Warehouse
$5.80M
$5.08M – $6.77M
NOI $406,046 @ 7.0% cap · market cap 82.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
784
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Separate parking areas, individual utility meters, and laundry facilities serve the occupied apartments.
Where is this quadplex located?
The property is located at 167 Summer St Auburn, 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: Four occupied apartments in a 3,266‑square‑foot property built in 1920; Individual electric meters and hot‑water tanks for each unit; tanks recently replaced; Coin‑operated laundry serves most units; Unit 4 has private washer/dryer hookups
