Rehabilitated Two-Unit
For Sale
$295,000
21 Laurel Street, Augusta, ME 04330
Two residential units offer three-plus bedrooms per level, a detached garage, and a finished full basement.
Property Size1,996 SF
Price / SF$147.80
Days on Market210
Property Features for 21 Laurel Street
General Information
Standard status
Active
Size
1,996 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
Res
Units
Unit Mix
1 x 3BR, 1 x 3+BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,810
Amenities
Radiator, Baseboard
Interior, Finished, Full
Wood, Vinyl
No
Yes
Concrete Perimeter, Slab
2.00
2
Membrane
Wood Siding, Wood Frame
Building Details
Year Built
1900
Units
2
Listing Agency:
AllMaineHomes
(207) 623-2100
Listed By:
Meghan Gilbert
(207) 623-2100
Source:
Compass
Added: Feb 1
Changed: Aug 30
Last Checked: Aug 30 at 6:35AM
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 AllMaineHomes
Investment Insights
Based on property information with market context.
Built in 1900, this duplex contains 1,996 square feet across two residential units. The upper unit has 3 bedrooms, while the lower unit includes 3+ bedrooms. A detached 1-car garage and full finished basement add useful supporting space. The property also features wood and vinyl finishes, wood siding, and a membrane roof.
A comprehensive rehabilitation was completed 2 years ago, including new electric baseboard heat throughout and a new water heater. Additional heating includes radiator and baseboard systems. The property is zoned Res and located at 21 Laurel Street in Augusta, Maine.
A comprehensive rehabilitation was completed 2 years ago, including new electric baseboard heat throughout and a new water heater. Additional heating includes radiator and baseboard systems. The property is zoned Res and located at 21 Laurel Street in Augusta, Maine.
Key Highlights
- Two‑unit duplex with 1,996 square feet
- 3 bedrooms upstairs and 3+ bedrooms downstairs
- Full rehabilitation completed 2 years ago
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
$22,291
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
7.56%
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%
$445,820
$445.8K
Cap Rate 7%
$318,443
$318.4K
Cap Rate 9%
$247,678
$247.7K
Market Conditions
NOI Build-Up for 1,996 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
$32.3K $16.20/SF
− Vacancy
−$491 −$0.25/SF
EGI
$31.8K $15.95/SF
− OpEx
−$9.6K −$4.79/SF
NOI
$22.3K $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%
$445,820
Cap Rate 7%
$318,443
Cap Rate 9%
$247,678
Alternative Uses
Best Use
Multifamily LT 5
$318.4K
$278.6K – $371.5K
NOI $22,291 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$277.8K
$243.1K – $324.1K
NOI $19,444 @ 7.0% cap · market cap 6.59%
Theoretical Best
Warehouse
$2.98M
$2.61M – $3.47M
NOI $208,449 @ 7.0% cap · market cap 70.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,228
Businesses Nearby
Explore this area
Business Placement
Demographics for 04330, ME
26,322
Population
13,017
Households
2
Avg Household Size
44
Median Age
28%
College-Educated
95%
High-School Grad
116.9 sq mi
ZIP Area
225
Density / Sq Mi
$55,158
Median Household Income
$43,177
Median Earnings
$912
Median Rent
$197,600
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?
Duplex - Two residential units offer three-plus bedrooms per level, a detached garage, and a finished full basement.
Where is this duplex located?
The property is located at 21 Laurel Street Augusta, ME.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,996 square feet; 3 bedrooms upstairs and 3+ bedrooms downstairs; Full rehabilitation completed 2 years ago
