Updated 2-Unit
243 Bridge Street, Westbrook, ME 04092
For Sale
$529,900
Separate heat and hot-water utilities serve each residence, with updated electrical systems.
Property Size1,819 SF
Price / SF$291.31
Days on Market209
Property Features for 243 Bridge Street
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Units
Listing Agency:
Landing Real Estate
Listed By:
Lisa DiBiase
(207) 775-7653
Source:
Integrityhomesrealestategroup
Added: Apr 17
Changed: Nov 11
Last Checked: Nov 11 at 2:09AM
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 Landing Real Estate
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Investment Insights
Based on property information with market context.
This 2-unit duplex, built in 1937, includes a first-floor residence with an open living area, wood beam details, and a kitchen with an island. A separate galley section adds sink, counter, and cabinet space. Upstairs, the 1-bedroom unit also has a den or office that may serve as a small second bedroom. Heat pumps provide heating and cooling, with two in the lower unit and one upstairs.
Capital work includes a replacement roof, exterior staircase, boiler, and hot water tank. The units have separate heat and hot-water utilities, along with updated electrical systems. Zoning is listed as 11.
Capital work includes a replacement roof, exterior staircase, boiler, and hot water tank. The units have separate heat and hot-water utilities, along with updated electrical systems. Zoning is listed as 11.
Key Highlights
- 2‑unit duplex built in 1937
- First‑floor kitchen has an island and a separate galley area with sink and additional cabinets
- Upper unit includes 1 bedroom plus a den or office that can function as a small 2nd bedroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,144
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$642,880
$642.9K
Cap Rate 7%
$459,200
$459.2K
Cap Rate 9%
$357,156
$357.2K
Market Conditions
NOI Build-Up for 1,819 SF
Gross rent
$49.1K $27.00/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$45.9K $25.25/SF
− OpEx
−$13.8K −$7.57/SF
NOI
$32.1K $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 Rate 5%
$642,880
Cap Rate 7%
$459,200
Cap Rate 9%
$357,156
Alternative Uses
Best Use
Multifamily LT 5
$459.2K
$401.8K – $535.7K
NOI $32,144 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$427.2K
$373.8K – $498.4K
NOI $29,905 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$500.0K
$437.5K – $583.3K
NOI $34,997 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
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Business Placement
Demographics for 04092, ME
20,400
Population
9,404
Households
2.2
Avg Household Size
40
Median Age
40%
College-Educated
96%
High-School Grad
17.2 sq mi
ZIP Area
1,186
Density / Sq Mi
$85,868
Median Household Income
$49,922
Median Earnings
$1,373
Median Rent
$341,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Cumberland County, ME
Properties on Market for Duplexes in Cumberland County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate heat and hot-water utilities serve each residence, with updated electrical systems.
Where is this duplex located?
The property is located at 243 Bridge Street Westbrook, ME.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: 2‑unit duplex built in 1937; First‑floor kitchen has an island and a separate galley area with sink and additional cabinets; Upper unit includes 1 bedroom plus a den or office that can function as a small 2nd bedroom
