Building Details

Building Size 48,516 SF

Year Built 1983

Listing Agency: The Boulos Company

Listed By: Noah Stebbins · License #BR928219 Show Phone

Source: Boulos

Added: Jun 1 Changed: Oct 8 Last Checked: Oct 16 at 7:14AM

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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 The Boulos Company

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Investment Insights

Based on property information with market context.

This apartment portfolio contains 63 units in a townhouse-style configuration, with a residential mix spanning one-, two-, and three-bedroom layouts. The unit count is anchored by 60 two-bedroom residences, complemented by 2 one-bedroom units and 1 three-bedroom unit.

Constructed in 1983, the property is located at 277 Little Falls Rd in Hollis Center, Maine. The combination of multiple floor-plan sizes and townhouse-style design defines the portfolio’s physical configuration.

Key Highlights

• 63 total apartment units
• Unit mix includes 2 one‑bedroom, 60 two‑bedroom, and 1 three‑bedroom units
• Townhouse‑style apartment configuration

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$749,781

Cap Rate

7.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$14,995,620 $15.0M

Cap Rate 7%

$10,711,157 $10.7M

Cap Rate 9%

$8,330,900 $8.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 48,516 SF

Gross rent

$1.44M $29.64/SF

− Vacancy

−$74.8K −$1.54/SF

EGI

$1.36M $28.10/SF

− OpEx

−$613.5K −$12.64/SF

NOI

$749.8K $15.45/SF

Area

York County, ME

Vacancy

5.20%

Lease Rate

$29.64 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$14,995,620

Cap Rate 7%

$10,711,157

Cap Rate 9%

$8,330,900

Alternative Uses

Best Use

Apartment 5plus

$10.71M

$9.37M – $12.50M (±1% cap)

NOI $749,781 @ 7.0% cap · market cap 7.04%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$15.38M

$13.46M – $17.94M (±1% cap)

NOI $1,076,553 @ 7.0% cap · market cap 10.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Auto Repair Shop Spa & Massage Center Travel Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

63

Residential units

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Explore this area Business Placement

Demographics for 04042, ME

4,745

Population

2,044

Households

2.3

Avg Household Size

43

Median Age

27%

College-Educated

92%

High-School Grad

32.0 sq mi

ZIP Area

148

Density / Sq Mi

$81,250

Median Household Income

$46,761

Median Earnings

$1,142

Median Rent

$306,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Townhouse-style apartments offer a varied residential unit mix in Hollis Center, Maine.

Where is this apartment building located?

The property is located at 277 Little Falls Rd Hollis Center, ME.

What is the asking price?

The asking price for this property is $10,650,000.

What are key features of this property?

This property features: 63 total apartment units; Unit mix includes 2 one‑bedroom, 60 two‑bedroom, and 1 three‑bedroom units; Townhouse‑style apartment configuration