Duplex with Enclosed
For Sale
Under Contract
$329,900
215 Cook Street, Auburn, ME 04210
Auburn, ME
Property Size1,904 SF
Price / SF$173.27
Days on Market140
Property Features for 215 Cook Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bathrooms
2
Full bathrooms
2
Standard status
Active Under Contract
Size
1,904 SF
Building Details
Year built
1947
Listing Agency:
Auburn, Maine · Better Homes and Gardens Real Estate
(207) 782-8311
Listed By:
Linda Davis
(207) 782-8311
Added: Apr 14
Changed: Aug 24
Last Checked: Aug 31 at 5:06AM
MLS# 1657698
Copyright © 2026 Better Homes and Gardens-The Masiello Group. 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.
Built in 1947, this 1,904-square-foot duplex contains two residential units, each arranged with 2 bedrooms, 1 full bath, and bright living areas. Enclosed porches on both the first and second floors add usable space beyond the primary interiors. Recent work to the roof and heating system contributes to the property’s current functionality.
The building occupies a 0.30-acre level lot with a large, flat yard that provides outdoor space for recreation or gardening. Its Auburn setting offers convenient access to schools, hospitals, and the turnpike. The two-unit layout may suit an owner-occupant seeking rental income from the second unit or an investor pursuing a multifamily property.
The building occupies a 0.30-acre level lot with a large, flat yard that provides outdoor space for recreation or gardening. Its Auburn setting offers convenient access to schools, hospitals, and the turnpike. The two-unit layout may suit an owner-occupant seeking rental income from the second unit or an investor pursuing a multifamily property.
Key Highlights
- Two‑unit duplex with 1,904 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Enclosed porches serve both the first and second floors
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
$18,779
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
5.69%
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%
$375,580
$375.6K
Cap Rate 7%
$268,271
$268.3K
Cap Rate 9%
$208,656
$208.7K
Market Conditions
NOI Build-Up for 1,904 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
$27.2K $14.28/SF
− Vacancy
−$362 −$0.19/SF
EGI
$26.8K $14.09/SF
− OpEx
−$8.0K −$4.23/SF
NOI
$18.8K $9.86/SF
Area
Androscoggin County, ME
Vacancy
1.33%
Lease Rate
$14.28 /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%
$375,580
Cap Rate 7%
$268,271
Cap Rate 9%
$208,656
Alternative Uses
Best Use
Multifamily LT 5
$268.3K
$234.7K – $313.0K
NOI $18,779 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$254.9K
$223.0K – $297.4K
NOI $17,842 @ 7.0% cap · market cap 5.41%
Theoretical Best
Warehouse
$3.38M
$2.96M – $3.95M
NOI $236,715 @ 7.0% cap · market cap 71.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
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 - Updated two-unit property with flexible living areas and a level outdoor setting near schools, hospitals, and turnpike access.
Where is this duplex located?
The property is located at 215 Cook Street Auburn, ME.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,904 square feet; Each unit includes 2 bedrooms and 1 full bath; Enclosed porches serve both the first and second floors
