Building Details

Building Size 48,516 SF

Year Built 1983

Listing Agency: The Boulos Company n***@boulos.com Show Phone

Listed By: Noah Stebbins · License #BR928219 Show Phone

Source: Boulos

Added: Jun 1 Changed: Aug 29 Last Checked: Aug 30 at 2:30PM

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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

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 = 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

$749,781

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

7.04%

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%

$14,995,620 $15.0M

Cap Rate 7%

$10,711,157 $10.7M

Cap Rate 9%

$8,330,900 $8.3M

Market Conditions

NOI Build-Up for 48,516 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

$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 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%

$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.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Real Estate Agency Auto Repair Shop Spa & Massage Center Food Market 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

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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