Duplex with Updated
244 Forest Street, Westbrook, ME 04092
For Sale
New
$500,000
Multi-Family, Westbrook, ME
Property Size1,832 SF
Lot Size0.17 Acres
Price / SF$272.93
Days on Market1
Property Features for 244 Forest Street
General Information
Property type
Property subtype
Zoning
Bathrooms
Full bathrooms
Rooms
Basement
Lot features
Standard status
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Architectural style
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(207) 773-1990
Listed By:
Dany Bailey
(207) 253-3132
Added: Nov 11
Last Checked: Nov 11 at 5:06AM
MLS# 1686031
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.
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Investment Insights
Based on property information with market context.
This 1,832-square-foot duplex dates to 1935 and contains two residential units. The first-floor owner’s unit is vacant and has an updated kitchen and bathroom; the second-floor apartment is occupied. The property includes a basement and sits on a 0.17-acre lot with a large yard and off-street parking.
The building has wood-frame construction with vinyl siding, a shingle roof, and vinyl, tile, and wood flooring. Heating is natural gas, hot water, and baseboard, with zoned control. Public water and sewer serve the property, which is zoned RES.
The building has wood-frame construction with vinyl siding, a shingle roof, and vinyl, tile, and wood flooring. Heating is natural gas, hot water, and baseboard, with zoned control. Public water and sewer serve the property, which is zoned RES.
Key Highlights
- Two‑unit duplex with 1,832 square feet
- First‑floor unit is vacant and has an updated kitchen and bathroom
- Occupied second‑floor rental apartment
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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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
$341,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 apartment is vacant with an updated bath, while the second-floor rental 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; First‑floor unit is vacant and has an updated kitchen and bathroom; Occupied second‑floor rental apartment
