Two-Unit Duplex with Private
For Sale
$250,000
28 Bodwell St, Old Town, ME 04468
Separately metered units include dedicated parking, shared outdoor space, and a storage shed.
Property Size1,552 SF
Price / SF$161.08
Days on Market30
Property Features for 28 Bodwell St
General Information
Standard status
Active
Size
1,552 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
private entrance
dedicated parking area
shared front porch
small backyard
storage shed
Building Details
Year Built
1890
Buildings
1
Listing Agency:
EXP Realty
(207) 356-8206
Listed By:
Jason Edwards
Source:
Aroostookrealestate
Added: Aug 1
Changed: Aug 30
Last Checked: Aug 30 at 3:15AM
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 EXP Realty
Investment Insights
Based on property information with market context.
Located at 28 Bodwell Street in Old Town, this 1,552-square-foot duplex dates to 1890 and contains two separate residences. The first-floor unit provides 2–3 bedrooms and 1.5 bathrooms and is owner-occupied. Upstairs, the second unit includes 1–2 bedrooms and one full bathroom and is leased to a tenant.
Each residence has its own entrance, dedicated parking area, and electrical meter. Heat, hot water, and public sewer serve the property. Shared improvements include a front porch, small backyard, and storage shed.
The property is minutes from the University of Maine, downtown Old Town, shopping, restaurants, and local employers. Its two-unit configuration supports an owner-occupancy arrangement or continued use as a residential income property, subject to applicable requirements.
Each residence has its own entrance, dedicated parking area, and electrical meter. Heat, hot water, and public sewer serve the property. Shared improvements include a front porch, small backyard, and storage shed.
The property is minutes from the University of Maine, downtown Old Town, shopping, restaurants, and local employers. Its two-unit configuration supports an owner-occupancy arrangement or continued use as a residential income property, subject to applicable requirements.
Key Highlights
- 1,552‑square‑foot duplex built in 1890
- Two units with separate private entrances and dedicated parking areas
- First‑floor unit has 2–3 bedrooms and 1.5 bathrooms
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
$14,223
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
5.69%
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%
$284,460
$284.5K
Cap Rate 7%
$203,186
$203.2K
Cap Rate 9%
$158,033
$158.0K
Market Conditions
NOI Build-Up for 1,552 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
$21.4K $13.80/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$20.3K $13.09/SF
− OpEx
−$6.1K −$3.93/SF
NOI
$14.2K $9.16/SF
Area
Penobscot County, ME
Vacancy
5.13%
Lease Rate
$13.80 /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%
$284,460
Cap Rate 7%
$203,186
Cap Rate 9%
$158,033
Alternative Uses
Best Use
Multifamily LT 5
$203.2K
$177.8K – $237.1K
NOI $14,223 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$186.9K
$163.5K – $218.0K
NOI $13,082 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$501.3K
$438.6K – $584.8K
NOI $35,088 @ 7.0% cap · market cap 14.04%
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
253
Businesses Nearby
Explore this area
Business Placement
Demographics for 04468, ME
8,801
Population
4,664
Households
1.9
Avg Household Size
38
Median Age
33%
College-Educated
96%
High-School Grad
122.8 sq mi
ZIP Area
72
Density / Sq Mi
$51,063
Median Household Income
$36,005
Median Earnings
$980
Median Rent
$182,200
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?
Duplex - Separately metered units include dedicated parking, shared outdoor space, and a storage shed.
Where is this duplex located?
The property is located at 28 Bodwell St Old Town, ME.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,552‑square‑foot duplex built in 1890; Two units with separate private entrances and dedicated parking areas; First‑floor unit has 2–3 bedrooms and 1.5 bathrooms
