Duplex with Efficiency
For Sale
$839,000
27 Independence Drive, Windham, ME 04062
Multi-Family, Windham, ME
Property Size2,746 SF
Lot Size4.26 Acres
Price / SF$305.54
Days on Market38
Property Features for 27 Independence Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
farm
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Basement, Bathroom 2
Parking features
Open, Heated
Patio and Porch features
Porch, Deck
Pets allowed
No
Interior features
1st Floor Bedroom, Pantry, Storage
Basement
Finished, Daylight, Full, Walk-Out Access
Lot features
Near Country Club, Well Landscaped, Open, Level, Wooded, Near Golf Course, Near Public Beach, Near Shopping, Near Turnpike/ Interstate, Near Town
Standard status
Active
Size
2,746 SF
Lot size
4.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8863
Utilities
Sewer type
Private Sewer
Heating system
Wood Stove, Wood, Oil, Electric (Heating), Heat Pump (Heating), Hot Water(Heating)
Cooling system
Heat Pump
Water source
Well, Private
Building Details
Year built
2003
Number of units
2
Flooring type
Wood, Tile
Building materials
Log, Wood Frame, Log Siding
Roof type
Shingle
Architectural style
Cape Cod
Additional Structures
Storage
Listing Agency:
Coldwell Banker Team Real Estate · Coldwell Banker Real Estate
(207) 892-1600
Listed By:
Scott Richard
(207) 576-6349
Added: Jul 18
Changed: Aug 19
Last Checked: Aug 24 at 6:06AM
MLS# 1668901
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 duplex-style property includes a Cape Cod main residence and a legally recognized efficiency apartment above the detached garage. The primary home was built in 2003 and features 4+ bedrooms, 2.5 baths, a loft with pool table, finished basement, birch cabinetry, Corian countertops, radiant floor heat, wood and tile flooring, and both porch and deck space. The apartment has 1 bedroom, 1 bath, a compact kitchen, laundry appliances, and its own entrance. The 24'x32' garage is heated and provides room for two vehicles plus additional storage.
Set on 4.26 acres of manicured grounds in Windham, the property includes a private well and private sewer. A 26KW automatic generator installed in 2022 serves the house, garage, and apartment. Heat pumps were added in 2020, the exterior was re-stained in 2022, and the primary roof was replaced in 2023. A preliminary inspection indicates the lot may be subdividable, subject to applicable approvals.
Set on 4.26 acres of manicured grounds in Windham, the property includes a private well and private sewer. A 26KW automatic generator installed in 2022 serves the house, garage, and apartment. Heat pumps were added in 2020, the exterior was re-stained in 2022, and the primary roof was replaced in 2023. A preliminary inspection indicates the lot may be subdividable, subject to applicable approvals.
Key Highlights
- 4.26‑acre parcel in Windham with preliminary indication of possible subdivision
- Primary home built in 2003 with 4+ bedrooms, 2.5 baths, loft, and finished basement
- Legal 1‑bedroom, 1‑bath efficiency apartment with private entrance and rental history
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
$48,526
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
5.78%
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%
$970,520
$970.5K
Cap Rate 7%
$693,229
$693.2K
Cap Rate 9%
$539,178
$539.2K
Market Conditions
NOI Build-Up for 2,746 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
$74.1K $27.00/SF
− Vacancy
−$4.8K −$1.76/SF
EGI
$69.3K $25.25/SF
− OpEx
−$20.8K −$7.57/SF
NOI
$48.5K $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%
$970,520
Cap Rate 7%
$693,229
Cap Rate 9%
$539,178
Alternative Uses
Best Use
Multifamily LT 5
$693.2K
$606.6K – $808.8K
NOI $48,526 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$644.9K
$564.3K – $752.4K
NOI $45,146 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$754.7K
$660.4K – $880.5K
NOI $52,832 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 04062, ME
18,464
Population
8,695
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
46.7 sq mi
ZIP Area
395
Density / Sq Mi
$98,946
Median Household Income
$57,505
Median Earnings
$1,189
Median Rent
$370,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Cape Cod-style property combines a spacious primary residence with a separately entered rental apartment and heated garage.
Where is this duplex located?
The property is located at 27 Independence Drive Windham, ME.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: 4.26‑acre parcel in Windham with preliminary indication of possible subdivision; Primary home built in 2003 with 4+ bedrooms, 2.5 baths, loft, and finished basement; Legal 1‑bedroom, 1‑bath efficiency apartment with private entrance and rental history
