Quadplex With Heated
For Sale
$450,000
185 Elm Street, Brewer, ME 04412
Four one-bedroom apartments with enclosed porch space and an oversized heated garage.
Property Size2,333 SF
Price / SF$192.88
Days on Market317
Property Features for 185 Elm Street
General Information
Standard status
Active
Size
2,333 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
enclosed porch
heated garage
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Adams Real Estate
Listed By:
Philip Adams Jr
(207) 680-3667
Source:
Portsiderealestategroup
Added: Oct 19, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:46PM
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 Adams Real Estate
Investment Insights
Based on property information with market context.
This four-unit residential income property contains four one-bedroom apartments within a 2,333-square-foot building constructed in 1900. The first floor may support multigenerational use if one door is removed. An enclosed porch measuring 8 feet by 34 feet extends across the front, while an oversized heated garage adds 832 square feet of auxiliary space.
Building systems include an FHA furnace, individual electric hot water heaters, and separate electric panels for each apartment. The furnace was replaced in January 2026. Water is supplied privately and sewer service is public. Radon testing completed in 2023 found acceptable levels, and the well was tested in 2020.
Building systems include an FHA furnace, individual electric hot water heaters, and separate electric panels for each apartment. The furnace was replaced in January 2026. Water is supplied privately and sewer service is public. Radon testing completed in 2023 found acceptable levels, and the well was tested in 2020.
Key Highlights
- Four one‑bedroom apartments in a 2,333 SF quadplex
- Oversized heated garage with 832 SF
- Enclosed front porch measuring 8' x 34'
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
$21,381
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
4.75%
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%
$427,620
$427.6K
Cap Rate 7%
$305,443
$305.4K
Cap Rate 9%
$237,567
$237.6K
Market Conditions
NOI Build-Up for 2,333 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
$32.2K $13.80/SF
− Vacancy
−$1.7K −$0.71/SF
EGI
$30.5K $13.09/SF
− OpEx
−$9.2K −$3.93/SF
NOI
$21.4K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /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%
$427,620
Cap Rate 7%
$305,443
Cap Rate 9%
$237,567
Alternative Uses
Best Use
Multifamily LT 5
$305.4K
$267.3K – $356.4K
NOI $21,381 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$280.9K
$245.8K – $327.8K
NOI $19,665 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$753.5K
$659.3K – $879.1K
NOI $52,744 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 04412, ME
9,672
Population
4,565
Households
2.1
Avg Household Size
43
Median Age
31%
College-Educated
95%
High-School Grad
15.2 sq mi
ZIP Area
636
Density / Sq Mi
$51,490
Median Household Income
$35,700
Median Earnings
$984
Median Rent
$218,100
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?
Quadplex - Four one-bedroom apartments with enclosed porch space and an oversized heated garage.
Where is this quadplex located?
The property is located at 185 Elm Street Brewer, ME.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four one‑bedroom apartments in a 2,333 SF quadplex; Oversized heated garage with 832 SF; Enclosed front porch measuring 8' x 34'
