Three-Unit Triplex with Coin
For Sale
$599,000
18 Cole Street, Westbrook, ME 04092
R1-zoned residential property with professional management, off-street parking, and a renovated studio apartment.
Property Size1,548 SF
Price / SF$386.95
Days on Market380
Property Features for 18 Cole Street
General Information
Standard status
Active
Size
1,548 SF
Property subtype
Multi-Family
Zoning
R1
Units
Unit Mix
2 x 2BR, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,352
Amenities
coin operated laundry
off street parking
Direct Vent Heater
Interior, Walk-Out Access, Full, Unfinished
Wood, Laminate, Carpet
No
Yes
Laundry - Coin
Attic, Storage
Brick/Mortar
3.00
3
Shingle
Wood Siding, Wood Frame
Building Details
Year Built
1920
Units
3
Listing Agency:
Keller Williams Realty
(207) 592-3829
Listed By:
Tyler Hall
(207) 592-3829
Source:
Compass
Added: Aug 17, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:46PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This three-unit triplex at 18 Cole Street includes two two-bedroom apartments and a renovated studio. One unit is vacant, while the other apartments have tenants in place. Professional management is already established for the property, and the unit configuration provides flexibility for an owner or operator. The building dates to 1920 and includes wood, laminate, and carpet flooring, along with direct-vent heating.
A coin-operated laundry area adds an on-site amenity, while off-street parking supports the three-unit layout. Additional features include attic storage and a full, unfinished walk-out basement. The property is zoned R1 and located in Westbrook, Maine.
A coin-operated laundry area adds an on-site amenity, while off-street parking supports the three-unit layout. Additional features include attic storage and a full, unfinished walk-out basement. The property is zoned R1 and located in Westbrook, Maine.
Key Highlights
- Three‑unit configuration with two two‑bedroom apartments and one renovated studio
- One unit is vacant; tenants occupy the remaining units
- Professional property management is in place
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
$27,355
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
4.57%
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%
$547,100
$547.1K
Cap Rate 7%
$390,786
$390.8K
Cap Rate 9%
$303,944
$303.9K
Market Conditions
NOI Build-Up for 1,548 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
$41.8K $27.00/SF
− Vacancy
−$2.7K −$1.76/SF
EGI
$39.1K $25.25/SF
− OpEx
−$11.7K −$7.57/SF
NOI
$27.4K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /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%
$547,100
Cap Rate 7%
$390,786
Cap Rate 9%
$303,944
Alternative Uses
Best Use
Multifamily LT 5
$390.8K
$341.9K – $455.9K
NOI $27,355 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$363.6K
$318.1K – $424.2K
NOI $25,450 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$425.5K
$372.3K – $496.4K
NOI $29,783 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
Explore this area
Business Placement
Demographics for 04092, ME
20,400
Population
9,404
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
96%
High-School Grad
17.2 sq mi
ZIP Area
1,186
Density / Sq Mi
$85,868
Median Household Income
$49,922
Median Earnings
$1,373
Median Rent
$341,800
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?
Triplex - R1-zoned residential property with professional management, off-street parking, and a renovated studio apartment.
Where is this triplex located?
The property is located at 18 Cole Street Westbrook, ME.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Three‑unit configuration with two two‑bedroom apartments and one renovated studio; One unit is vacant; tenants occupy the remaining units; Professional property management is in place
