5-Unit Apartment
For Sale
Contact for pricing
Pending
220 Cony Rd, Augusta, ME 04330
5-unit multi-family property on a redevelopment-ready parcel with public water and sewer in the Regional Business District.
Property Size2,486 SF
Lot Size4.12 Acres
Days on Market234
Property Features for 220 Cony Rd
General Information
Standard status
Pending
Size
2,486 SF
Lot size
4.12 Acres
Property subtype
MULTIFAMILY
Zoning
Regional Business District
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Listing Agency:
Malone Commercial Brokers
(207) 415-7982
Listed By:
Brandon Mitchell · License #920783
(207) 415-7982
Source:
Moodyscre
Added: Dec 8, 2025
Changed: Jul 29
Last Checked: Jul 30 at 1:32PM
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 Malone Commercial Brokers
Investment Insights
Based on property information with market context.
This 5-unit multi-family apartment building offers 2,486± SF within a 4.12± AC parcel. The property is served by public water and sewer and is positioned for redevelopment consideration, depending on a buyer’s plans for the site.
The property sits on the busy corner of Cony Rd and Eastern Ave (Route 17). Traffic counts are 9,160± cars/day (AADT, 2023), supporting a variety of potential uses.
The land use zoning is the Regional Business District, which is described as favorable to a variety of uses. This combination of multi-family improvements, utilities, and high-visibility corner location may appeal to buyers evaluating both existing income potential and redevelopment options.
The property sits on the busy corner of Cony Rd and Eastern Ave (Route 17). Traffic counts are 9,160± cars/day (AADT, 2023), supporting a variety of potential uses.
The land use zoning is the Regional Business District, which is described as favorable to a variety of uses. This combination of multi-family improvements, utilities, and high-visibility corner location may appeal to buyers evaluating both existing income potential and redevelopment options.
Key Highlights
- 2,486± SF 5‑unit multi‑family apartment building
- 4.12± AC parcel of land suitable for redevelopment
- Public water and sewer service
Financial Insights For Apartment 5plus
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 | $44.7k | $18.00 |
| − Vacancy | −$716 | −$0.29 |
| EGI | $44.0k | $17.71 |
| − OpEx | −$19.8k | −$7.97 |
| NOI | $24.2k | $9.74 |
2,486 SF · lease $18.00/SF/yr · vacancy 1.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$346.0K
$302.7K – $403.6K
NOI $24,218 @ 7.0% cap · market cap 6.21%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.71M
$3.25M – $4.33M
NOI $259,621 @ 7.0% cap · market cap 66.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
68
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?
Apartment building - 5-unit multi-family property on a redevelopment-ready parcel with public water and sewer in the Regional Business District.
Where is this apartment building located?
The property is located at 220 Cony Rd Augusta, ME.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 2,486± SF 5‑unit multi‑family apartment building; 4.12± AC parcel of land suitable for redevelopment; Public water and sewer service
