Three-Unit Multifamily
New
For Sale
$549,000
18 Cole Street, Westbrook, ME 04092
Multi-Family, Westbrook, ME
Property Size1,548 SF
Lot Size0.08 Acres
Price / SF$354.65
Days on Market2
Property Features for 18 Cole Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 1, Bathroom 3, Bathroom 2
Parking features
Off Street
Interior features
Attic, Storage
Basement
Walk-Out Access, Full, Unfinished
Lot features
Well Landscaped, Open, Sidewalks, Intown, Near Shopping, Near Town, Neighborhood, Near Public Transit
Standard status
Active
Size
1,548 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4352
Utilities
Sewer type
Public Sewer
Heating system
Oil, Natural Gas
Water source
Public
Amenities
coin operated laundry
Building Details
Year built
1920
Number of units
3
Flooring type
Carpet, Laminate, Wood
Building materials
Wood Frame, Wood Siding
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(207) 879-9800
Listed By:
Tyler Hall
(207) 592-3829
Added: Aug 25
Last Checked: Aug 26 at 2:06PM
MLS# 1634969
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,548-square-foot triplex at 18 Cole Street includes two two-bedroom apartments and a renovated studio. One unit is vacant for the sale, while the other units have tenants in place. The property also includes coin-operated laundry, attic and storage space, and off-street parking. Built in 1920, the wood-frame building has wood siding, a shingle roof, and a mix of carpet, laminate, and wood flooring.
The property is served by public water and public sewer and uses oil and natural gas heating. Located in Westbrook, Maine, the building is zoned R1. Professional management is already in place, and the vacant unit may remain unoccupied or be filled by management.
The property is served by public water and public sewer and uses oil and natural gas heating. Located in Westbrook, Maine, the building is zoned R1. Professional management is already in place, and the vacant unit may remain unoccupied or be filled by management.
Key Highlights
- Three‑unit layout with 2 two‑bedroom units and 1 renovated studio
- 1,548 square feet on a 0.08‑acre lot
- One unit vacant for the sale; tenants in place in the remaining units
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
4.98%
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 4.98%
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.
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 - Wood-frame triplex with a renovated studio, on-site laundry, off-street parking, and professional management in place.
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 layout with 2 two‑bedroom units and 1 renovated studio; 1,548 square feet on a 0.08‑acre lot; One unit vacant for the sale; tenants in place in the remaining units
