Two-Unit Property with Private
New
For Sale
$569,500
24 Columbia Ave, Brunswick, ME 04011
Two residential units offer hardwood floors, individual porches, and shared storage in Brunswick near Bowdoin College.
Property Size2,106 SF
Price / SF$270.42
Days on Market5
Property Features for 24 Columbia Ave
General Information
Standard status
Active
Size
2,106 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
hardwood floors
private porch
shared storage area
Building Details
Year Built
1800
Listing Agency:
Portside Real Estate Group
Listed By:
Sarah Singer Ellen Domingos
(207) 485-9955
Source:
Soldbymichaelthomas
Added: Sep 22
Changed: Sep 25
Last Checked: Sep 26 at 9:14AM
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 Portside Real Estate Group
Investment Insights
Based on property information with market context.
This duplex contains 2,106 square feet arranged as two 2-bedroom, 1-bathroom units. Each residence includes a private porch, hardwood flooring, and access to a substantial shared storage area suitable for bicycles, seasonal items, and outdoor equipment. The property was painted this summer and has a new roof installed in 2025. Built in 1800, it retains traditional character alongside practical updates.
The property is located in Brunswick near Bowdoin College, downtown, restaurants, cafés, shops, parks, and other area attractions. Its two-unit configuration supports residential income use, owner occupancy, or flexible multi-unit living arrangements.
The property is located in Brunswick near Bowdoin College, downtown, restaurants, cafés, shops, parks, and other area attractions. Its two-unit configuration supports residential income use, owner occupancy, or flexible multi-unit living arrangements.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units within a 2,106‑square‑foot duplex
- New roof installed in 2025
- Each unit has a private porch
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
$37,216
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
6.53%
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%
$744,320
$744.3K
Cap Rate 7%
$531,657
$531.7K
Cap Rate 9%
$413,511
$413.5K
Market Conditions
NOI Build-Up for 2,106 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
$56.9K $27.00/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$53.2K $25.25/SF
− OpEx
−$15.9K −$7.57/SF
NOI
$37.2K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /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%
$744,320
Cap Rate 7%
$531,657
Cap Rate 9%
$413,511
Alternative Uses
Best Use
Multifamily LT 5
$531.7K
$465.2K – $620.3K
NOI $37,216 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$494.6K
$432.8K – $577.1K
NOI $34,624 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$578.8K
$506.5K – $675.3K
NOI $40,518 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 04011, ME
21,756
Population
9,440
Households
2.3
Avg Household Size
44
Median Age
52%
College-Educated
96%
High-School Grad
46.8 sq mi
ZIP Area
465
Density / Sq Mi
$74,102
Median Household Income
$40,075
Median Earnings
$1,341
Median Rent
$343,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer hardwood floors, individual porches, and shared storage in Brunswick near Bowdoin College.
Where is this duplex located?
The property is located at 24 Columbia Ave Brunswick, ME.
What is the asking price?
The asking price for this property is $569,500.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units within a 2,106‑square‑foot duplex; New roof installed in 2025; Each unit has a private porch
