Updated Two-Unit
For Sale
$295,000
22 Ash Street, Waterville, ME 04901
Two-bedroom units feature modern finishes, individual utilities, laundry, and off-street parking.
Property Size2,395 SF
Price / SF$123.17
Days on Market38
Property Features for 22 Ash Street
General Information
Standard status
Active
Size
2,395 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Amenities
in-unit washer/dryer
back deck
Building Details
Year Built
1890
Buildings
1
Tenancy
Multi
Listing Agency:
Signature Homes Real Estate Group,LLC
Listed By:
Derek Goff Joseph Tomazin
(603) 866-2942
Source:
Profoundrealestate
Added: Jul 6
Changed: Aug 12
Last Checked: Aug 12 at 3:25AM
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 Signature Homes Real Estate Group,LLC
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,395 square feet and was built in 1890. Each unit offers two bedrooms, with Unit 1 providing a spacious front room that can accommodate a third bedroom. Recent improvements include kitchens with butcher block countertops, luxury vinyl plank flooring, and newer heat pumps for heating and cooling. Both units include in-unit washers and dryers, while tenants pay their own heat. Unit 2 also features a back deck, and the property includes off-street parking for residents and guests.
Unit 1 is currently vacant, offering flexibility for owner occupancy or tenant placement. The property is located about one mile from I-95 and downtown Waterville, with Colby College and Thomas College a short drive away.
Unit 1 is currently vacant, offering flexibility for owner occupancy or tenant placement. The property is located about one mile from I-95 and downtown Waterville, with Colby College and Thomas College a short drive away.
Key Highlights
- Two‑unit duplex with 2,395 square feet, built in 1890
- Each unit has 2 bedrooms; Unit 1 includes a front room with potential for a third bedroom
- Updated kitchens with butcher block countertops and luxury vinyl plank flooring
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
$26,746
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
9.07%
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%
$534,920
$534.9K
Cap Rate 7%
$382,086
$382.1K
Cap Rate 9%
$297,178
$297.2K
Market Conditions
NOI Build-Up for 2,395 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
$38.8K $16.20/SF
− Vacancy
−$590 −$0.25/SF
EGI
$38.2K $15.95/SF
− OpEx
−$11.5K −$4.79/SF
NOI
$26.7K $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%
$534,920
Cap Rate 7%
$382,086
Cap Rate 9%
$297,178
Alternative Uses
Best Use
Multifamily LT 5
$382.1K
$334.3K – $445.8K
NOI $26,746 @ 7.0% cap · market cap 9.07%
Second Best
Apartment 5plus
$333.3K
$291.6K – $388.9K
NOI $23,331 @ 7.0% cap · market cap 7.91%
Theoretical Best
Warehouse
$3.57M
$3.13M – $4.17M
NOI $250,118 @ 7.0% cap · market cap 84.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
479
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
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-bedroom units feature modern finishes, individual utilities, laundry, and off-street parking.
Where is this duplex located?
The property is located at 22 Ash Street Waterville, 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 2,395 square feet, built in 1890; Each unit has 2 bedrooms; Unit 1 includes a front room with potential for a third bedroom; Updated kitchens with butcher block countertops and luxury vinyl plank flooring
