Cape Cod
For Sale
$259,000
2 Central Avenue, Waterville, ME 04901
Multi-Family, Waterville, ME
Property Size1,847 SF
Lot Size0.21 Acres
Price / SF$140.23
Days on Market76
Property Features for 2 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RB
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Parking features
Off Street
Patio and Porch features
Porch
Interior features
Walk-in Closets, 1st Floor Bedroom, Shower, Storage
Basement
Walk-Out Access, Daylight, Full
Appliances
Tankless Water Heater
Lot features
Corner Lot, Intown, Near Shopping, Near Turnpike/ Interstate, Neighborhood
Standard status
Active
Size
1,847 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3154
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Oil, Zoned
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile, Vinyl
Building materials
Wood Frame, Vinyl Siding, Other Exterior
Roof type
Shingle, Fiberglass
Architectural style
Cape Cod
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Deborah Joseph
(207) 491-9179
Added: Jul 13
Changed: Sep 24
Last Checked: Sep 26 at 6:06PM
MLS# 1668039
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 Cape Cod duplex contains 1,847 square feet on a 0.21-acre lot and was built in 1890. The property is occupied by two long-term tenants and includes first-floor bedroom space, walk-in closets, storage, two bathrooms, and a basement. Recent property work includes interior painting, an exterior brick facade, exterior garage painting, and new appliances.
The property is located at 2 Central Avenue in Waterville, Maine, within the 04901 ZIP code. It has RB zoning, public water, and public sewer. Additional features include off-street parking, a porch, wood-frame construction, vinyl siding, fiberglass shingle roofing, and baseboard oil heat with zoned hot-water heating.
The property is located at 2 Central Avenue in Waterville, Maine, within the 04901 ZIP code. It has RB zoning, public water, and public sewer. Additional features include off-street parking, a porch, wood-frame construction, vinyl siding, fiberglass shingle roofing, and baseboard oil heat with zoned hot-water heating.
Key Highlights
- Duplex with 1,847 square feet on a 0.21‑acre lot
- Two long‑term tenants currently occupy the property
- Interior painting, exterior brick facade, and garage exterior painting completed
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
$20,627
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
7.96%
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%
$412,540
$412.5K
Cap Rate 7%
$294,671
$294.7K
Cap Rate 9%
$229,189
$229.2K
Market Conditions
NOI Build-Up for 1,847 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
$29.9K $16.20/SF
− Vacancy
−$455 −$0.25/SF
EGI
$29.5K $15.95/SF
− OpEx
−$8.8K −$4.79/SF
NOI
$20.6K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$412,540
Cap Rate 7%
$294,671
Cap Rate 9%
$229,189
Alternative Uses
Best Use
Multifamily LT 5
$294.7K
$257.8K – $343.8K
NOI $20,627 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$257.0K
$224.9K – $299.9K
NOI $17,993 @ 7.0% cap · market cap 6.95%
Theoretical Best
Warehouse
$2.76M
$2.41M – $3.21M
NOI $192,888 @ 7.0% cap · market cap 74.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
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?
Duplex - The building includes off-street parking, a porch, and a tankless water heater.
Where is this duplex located?
The property is located at 2 Central Avenue Waterville, ME.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Duplex with 1,847 square feet on a 0.21‑acre lot; Two long‑term tenants currently occupy the property; Interior painting, exterior brick facade, and garage exterior painting completed
