Two-Unit Duplex with Updated
244 Forest Street, Westbrook, ME 04092
For Sale
$500,000
One unit is vacant with an updated kitchen and bath; the upstairs unit is occupied.
Property Size1,832 SF
Price / SF$272.93
Days on Market14
Property Features for 244 Forest Street
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Coldwell Banker Realty
Listed By:
Dany Bailey
(207) 253-3132
Source:
Heathershieldsmaine
Added: Oct 28
Changed: Nov 8
Last Checked: Nov 8 at 1:41PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This 1,832-square-foot duplex was built in 1935 and contains two units. The first-floor unit is vacant and has an updated kitchen and bathroom, while the second-floor unit is occupied. The property also includes a large yard and off-street parking.
Key Highlights
- Two‑unit duplex with 1,832 square feet
- Vacant first‑floor unit with an updated kitchen and bath
- Occupied second‑floor rental unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,374
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$647,480
$647.5K
Cap Rate 7%
$462,486
$462.5K
Cap Rate 9%
$359,711
$359.7K
Market Conditions
NOI Build-Up for 1,832 SF
Gross rent
$49.5K $27.00/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$46.2K $25.25/SF
− OpEx
−$13.9K −$7.57/SF
NOI
$32.4K $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%
$647,480
Cap Rate 7%
$462,486
Cap Rate 9%
$359,711
Alternative Uses
Best Use
Multifamily LT 5
$462.5K
$404.7K – $539.6K
NOI $32,374 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$430.3K
$376.5K – $502.0K
NOI $30,119 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$503.5K
$440.6K – $587.5K
NOI $35,247 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
486
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 - One unit is vacant with an updated kitchen and bath; the upstairs unit is occupied.
Where is this duplex located?
The property is located at 244 Forest Street Westbrook, 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: Two‑unit duplex with 1,832 square feet; Vacant first‑floor unit with an updated kitchen and bath; Occupied second‑floor rental unit
