Three-Unit Farmhouse
New
For Sale
$500,000
24 Newell Brook Road, Durham, ME 04222
Multi-Family, Durham, ME
Property Size2,377 SF
Lot Size3.10 Acres
Price / SF$210.35
Days on Market2
Property Features for 24 Newell Brook Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RR - Agriculture
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Interior features
1st Floor Bedroom, Bathtub
Lot features
Well Landscaped, Open, Level, Wooded, Rural
Standard status
Active
Size
2,377 SF
Lot size
3.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5823
Utilities
Sewer type
Private Sewer
Heating system
Wood, Oil, Baseboard, Wood Stove, Natural Gas
Cooling system
Window Unit(s)
Water source
Private
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Tile, Linoleum, Vinyl, Carpet
Building materials
Wood Frame, Aluminum Siding, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Fontaine Family-The Real Estate Leader
(207) 289-3830
Listed By:
Maria Morrissette
(207) 749-8779
Added: Aug 26
Last Checked: Aug 27 at 4:06AM
MLS# 1676912
Copyright © 2026 Maine Listings. 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.
This three-unit multifamily property is arranged in a cape-style farmhouse built in 1900. The 2,377-square-foot building includes three bathrooms, a basement, and a first-floor bedroom, with hardwood, tile, linoleum, vinyl, and carpet flooring. Heating features include baseboard systems, wood heat, a wood stove, oil, and natural gas, while window units provide cooling. The home has wood-frame construction, aluminum and vinyl siding, and a shingle roof.
The property occupies 3.1 acres in Durham, with a private water source and private sewer. An oversized heated two-car garage accompanies the residence, and the grounds include a large yard suited to gardening, recreation, and outdoor use. Freeport Village shopping and restaurants are nearby, with I-95 providing access to commuting routes.
The property occupies 3.1 acres in Durham, with a private water source and private sewer. An oversized heated two-car garage accompanies the residence, and the grounds include a large yard suited to gardening, recreation, and outdoor use. Freeport Village shopping and restaurants are nearby, with I-95 providing access to commuting routes.
Key Highlights
- Three‑unit multifamily property with 2,377 square feet
- 3.1‑acre lot in Durham, ME
- Oversized heated two‑car garage
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
$23,444
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
4.69%
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%
$468,880
$468.9K
Cap Rate 7%
$334,914
$334.9K
Cap Rate 9%
$260,489
$260.5K
Market Conditions
NOI Build-Up for 2,377 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
$33.9K $14.28/SF
− Vacancy
−$451 −$0.19/SF
EGI
$33.5K $14.09/SF
− OpEx
−$10.0K −$4.23/SF
NOI
$23.4K $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%
$468,880
Cap Rate 7%
$334,914
Cap Rate 9%
$260,489
Alternative Uses
Best Use
Multifamily LT 5
$334.9K
$293.1K – $390.7K
NOI $23,444 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$318.2K
$278.4K – $371.3K
NOI $22,275 @ 7.0% cap · market cap 4.46%
Theoretical Best
Warehouse
$4.22M
$3.69M – $4.93M
NOI $295,521 @ 7.0% cap · market cap 59.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 04222, ME
4,173
Population
1,712
Households
2.4
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
38.3 sq mi
ZIP Area
109
Density / Sq Mi
$96,492
Median Household Income
$48,346
Median Earnings
$287,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Cape-style multifamily property with an oversized heated garage and private outdoor setting.
Where is this triplex located?
The property is located at 24 Newell Brook Road Durham, ME.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,377 square feet; 3.1‑acre lot in Durham, ME; Oversized heated two‑car garage
