Two-Unit Duplex with Separate
New
For Sale
$250,000
28 Bodwell Street, Old Town, ME 04468
Multi-Family, Old Town, ME
Property Size1,552 SF
Lot Size0.08 Acres
Price / SF$161.08
Days on Market2
Property Features for 28 Bodwell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2
Parking features
Assigned
Patio and Porch features
Deck, Porch
Interior features
1st Floor Primary Bedroom w/Bath, Shower, Storage, Primary Bedroom w/Bath
Basement
Unfinished, Full
Accessibility
Accessible Approach with Ramp
Lot features
Open, Level, Intown, Near Turnpike/ Interstate, Neighborhood
Standard status
Active
Size
1,552 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3586
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Oil
Water source
Public
Water front features
Stream
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Tile, Laminate, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Jason Edwards
(207) 356-8206
Added: Aug 25
Last Checked: Aug 26 at 12:06PM
MLS# 1672598
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 1,552-square-foot duplex contains two separate residences within a wood-frame Colonial built in 1890. The first-floor unit has 2-3 bedrooms and 1.5 bathrooms and is owner-occupied. The second-floor unit includes 1-2 bedrooms and one full bathroom and is currently rented. Each unit has its own entrance, dedicated parking area, and separate electrical meter. A shared front porch, deck, small backyard, storage shed, and basement provide additional functional space.
The property sits on 0.08 acres in Old Town, near the University of Maine, downtown, shopping, restaurants, and local employers. Public water and public sewer serve the building, while oil-fired hot-water baseboard heat is in place. The property is zoned R-2 and includes an accessible approach with ramp.
The property sits on 0.08 acres in Old Town, near the University of Maine, downtown, shopping, restaurants, and local employers. Public water and public sewer serve the building, while oil-fired hot-water baseboard heat is in place. The property is zoned R-2 and includes an accessible approach with ramp.
Key Highlights
- Two‑unit duplex with 1,552 square feet on 0.08 acres
- First‑floor unit offers 2‑3 bedrooms and 1.5 bathrooms
- Second‑floor residence includes 1‑2 bedrooms and one full bathroom
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R-2 property with private entrances, assigned parking, shared porch, and public utilities serving both residences.
Where is this duplex located?
The property is located at 28 Bodwell Street 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: Two‑unit duplex with 1,552 square feet on 0.08 acres; First‑floor unit offers 2‑3 bedrooms and 1.5 bathrooms; Second‑floor residence includes 1‑2 bedrooms and one full bathroom
