Three-Unit Triplex with Coin
For Sale
$549,000
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$354.65
Days on Market467
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
Gas Natural, Oil, Direct Vent Heater
Interior Entry, Walk-Out Access, Full, Unfinished
Carpet, Laminate, Wood
Attic, Laundry - Coin, Storage
Cable, Internet Access Available
No
Yes
3
Laundry - Coin
Attic, Storage
3.0
Shingle
Paved
Wood Siding
Building Details
Year Built
1920
Listing Agency:
Keller Williams Realty
Listed By:
Tyler Hall
(207) 592-3829
Source:
Compass
Added: Jul 6, 2025
Changed: Oct 10
Last Checked: Oct 15 at 12:58AM
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 / Yr
$27,355
Cap Rate
4.98%
Suggested Prices Based on Cap Rates
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
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 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 4.98%
Second Best
Apartment 5plus
$363.6K
$318.1K – $424.2K
NOI $25,450 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$425.5K
$372.3K – $496.4K
NOI $29,783 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
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 $549,000.
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
