Three-Unit Triplex with Private
New
For Sale
$569,000
20 Elmwood Avenue, Westbrook, ME 04092
Fully rented triplex with separate electrical meters, two driveways, and flexible bonus space.
Property Size2,711 SF
Price / SF$209.89
Days on Market6
Property Features for 20 Elmwood Avenue
General Information
Standard status
Active
Size
2,711 SF
Property subtype
Multi-family
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1930
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Beacon Realty
Listed By:
Laura Burden
(603) 433-3350
Source:
Greatislandrealty
Added: Jul 27
Changed: Jul 31
Last Checked: Aug 1 at 4:12AM
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 Beacon Realty
Investment Insights
Based on property information with market context.
This three-story triplex contains two one-bedroom units and one spacious three-bedroom unit within a 2,711-square-foot building constructed in 1930. The property is fully rented and includes separate electrical meters, propane and oil tanks, public water, and a private sewer system. Two units have private decks, including a new deck completed in 2025. The building also features a new roof from 2024, vinyl siding in good condition, and a large three-bedroom unit that has been completely painted and refreshed.
A rear bonus area identified as Unit D provides storage, studio, guest, or office space, but cannot be used as a fourth unit per the City. The property includes two driveways and minimal lot maintenance. Its history as a Masonic Hall is reflected in the high ceilings and open living area of the three-bedroom unit. Located on an interior lot in Westbrook’s Prides Corner area, the property is near the Turnpike/interstate and town, with Business District designation noted in the property information.
A rear bonus area identified as Unit D provides storage, studio, guest, or office space, but cannot be used as a fourth unit per the City. The property includes two driveways and minimal lot maintenance. Its history as a Masonic Hall is reflected in the high ceilings and open living area of the three-bedroom unit. Located on an interior lot in Westbrook’s Prides Corner area, the property is near the Turnpike/interstate and town, with Business District designation noted in the property information.
Key Highlights
- Fully rented three‑unit triplex with two one‑bedroom units and one three‑bedroom unit
- 2,711‑square‑foot building constructed in 1930
- New roof completed in 2024 and new deck completed in 2025
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.2k | $27.00 |
| − Vacancy | −$4.8k | −$1.76 |
| EGI | $68.4k | $25.25 |
| − OpEx | −$20.5k | −$7.57 |
| NOI | $47.9k | $17.67 |
2,711 SF · lease $27.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$684.4K
$598.8K – $798.5K
NOI $47,907 @ 7.0% cap · market cap 8.42%
Second Best
Apartment 5plus
$636.7K
$557.1K – $742.8K
NOI $44,570 @ 7.0% cap · market cap 7.83%
Theoretical Best
Office A
$745.1K
$652.0K – $869.3K
NOI $52,158 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
119
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
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Frequently Asked Questions
What type of property is this?
Triplex - Fully rented triplex with separate electrical meters, two driveways, and flexible bonus space.
Where is this triplex located?
The property is located at 20 Elmwood Avenue Westbrook, ME.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Fully rented three‑unit triplex with two one‑bedroom units and one three‑bedroom unit; 2,711‑square‑foot building constructed in 1930; New roof completed in 2024 and new deck completed in 2025
