Three-Unit Residential Income
For Sale
$649,000
277 Wooster Hill Rd, Rome, ME 04963
Three separate housing units with an attached in-law apartment, plus a large workshop, RV hookup, and whole-house generator.
Property Size3,153 SF
Days on Market49
Property Features for 277 Wooster Hill Rd
General Information
Standard status
Active
Size
3,153 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Building Size
3,153 SF
Year Built
1800
Listing Agency:
Coldwell Banker Plourde Real Estate
(207) 692-7041
Listed By:
Pamela Natole
Source:
Commercialcafe
Added: Jul 13
Changed: Aug 23
Last Checked: Aug 30 at 1:32PM
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 Plourde Real Estate
Investment Insights
Based on property information with market context.
This multi-use residential income property includes three separate housing units, one with an attached in-law apartment. The grounds are maintained and include a large workshop, along with an RV hookup for guests or additional income opportunities. A whole-house generator is also included for year-round peace of mind.
The property is located at 277 Wooster Hill Rd in the Belgrade Lakes region, set in a peaceful country setting. Public remarks also note a disc golf course on-site and abundant wildlife.
With multiple units and additional outbuildings and amenities, the layout is designed to support flexible living arrangements and income possibilities within a single property.
The property is located at 277 Wooster Hill Rd in the Belgrade Lakes region, set in a peaceful country setting. Public remarks also note a disc golf course on-site and abundant wildlife.
With multiple units and additional outbuildings and amenities, the layout is designed to support flexible living arrangements and income possibilities within a single property.
Key Highlights
- Year built 1800; multi‑use commercial property in the Belgrade Lakes region
- Three separate housing units, including an attached in‑law apartment
- Large workshop for hobby, business, or storage use
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
$35,212
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
5.43%
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%
$704,240
$704.2K
Cap Rate 7%
$503,029
$503.0K
Cap Rate 9%
$391,244
$391.2K
Market Conditions
NOI Build-Up for 3,153 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
$51.1K $16.20/SF
− Vacancy
−$776 −$0.25/SF
EGI
$50.3K $15.95/SF
− OpEx
−$15.1K −$4.79/SF
NOI
$35.2K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$704,240
Cap Rate 7%
$503,029
Cap Rate 9%
$391,244
Alternative Uses
Best Use
Multifamily LT 5
$503.0K
$440.2K – $586.9K
NOI $35,212 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$438.8K
$383.9K – $511.9K
NOI $30,715 @ 7.0% cap · market cap 4.73%
Theoretical Best
Warehouse
$4.70M
$4.12M – $5.49M
NOI $329,278 @ 7.0% cap · market cap 50.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 04963, ME
7,358
Population
4,279
Households
1.7
Avg Household Size
45
Median Age
24%
College-Educated
95%
High-School Grad
51.1 sq mi
ZIP Area
144
Density / Sq Mi
$73,611
Median Household Income
$49,913
Median Earnings
$885
Median Rent
$228,200
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?
Triplex - Three separate housing units with an attached in-law apartment, plus a large workshop, RV hookup, and whole-house generator.
Where is this triplex located?
The property is located at 277 Wooster Hill Rd Rome, ME.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Year built 1800; multi‑use commercial property in the Belgrade Lakes region; Three separate housing units, including an attached in‑law apartment; Large workshop for hobby, business, or storage use
