Duplex with One-Car
For Sale
$299,900
28 Kelsey Street, Waterville, ME 04901
Two rented units sit behind a paved driveway and include heat pump heating, laundry hookups, and first-floor bedroom space.
Property Size2,114 SF
Price / SF$141.86
Days on Market176
Property Features for 28 Kelsey Street
General Information
Standard status
Active
Size
2,114 SF
Property subtype
Multi-Family
Zoning
RC
Taxes and HOA fees
Annual Taxes
$3,451
Amenities
Heat Pump
Steam, Radiator, Hot Water, Heat Pump
2
Interior, Walk-Out Access, Brick/Mortar, Dirt Floor, Daylight, Full, Unfinished
Wood, Vinyl, Laminate
Yes
Washer Hookup
1st Floor Bedroom, Bathtub, Shower
Concrete Perimeter, Brick/Mortar
2.00
Shingle
No
Vinyl Siding, Wood Frame
Building Details
Year Built
1902
Units
2
Listing Agency:
Keller Williams Realty
(207) 873-9013
Listed By:
Francois Rodrigue
(207) 873-9013
Source:
Compass
Added: Mar 9
Changed: Aug 30
Last Checked: Aug 30 at 7:44PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 2,114-square-foot duplex, built in 1902, contains two residential units, each arranged with one bedroom and one bathroom. The first-floor residence may be reconfigured to provide a three-bedroom layout, subject to the intended design. Interior features include heat pump heating, laundry hookups, a bathtub and shower, and walk-out basement access. A one-car garage and paved driveway serve the property, with vinyl siding and a wood-frame structure adding to the exterior improvements.
The property is located at 28 Kelsey Street in Waterville, Maine, near local amenities, shopping, and restaurants. Both units are currently rented. The property is identified with RC zoning and includes a full, unfinished basement with daylight and dirt-floor areas.
The property is located at 28 Kelsey Street in Waterville, Maine, near local amenities, shopping, and restaurants. Both units are currently rented. The property is identified with RC zoning and includes a full, unfinished basement with daylight and dirt-floor areas.
Key Highlights
- 2,114‑square‑foot duplex with two residential units
- Two 1‑bedroom, 1‑bath units; first‑floor unit may be configured as 3 bedrooms
- Both units are currently rented
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
$23,608
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
7.87%
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%
$472,160
$472.2K
Cap Rate 7%
$337,257
$337.3K
Cap Rate 9%
$262,311
$262.3K
Market Conditions
NOI Build-Up for 2,114 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
$34.2K $16.20/SF
− Vacancy
−$521 −$0.25/SF
EGI
$33.7K $15.95/SF
− OpEx
−$10.1K −$4.79/SF
NOI
$23.6K $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%
$472,160
Cap Rate 7%
$337,257
Cap Rate 9%
$262,311
Alternative Uses
Best Use
Multifamily LT 5
$337.3K
$295.1K – $393.5K
NOI $23,608 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$294.2K
$257.4K – $343.2K
NOI $20,594 @ 7.0% cap · market cap 6.87%
Theoretical Best
Warehouse
$3.15M
$2.76M – $3.68M
NOI $220,772 @ 7.0% cap · market cap 73.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
609
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
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 - Two rented units sit behind a paved driveway and include heat pump heating, laundry hookups, and first-floor bedroom space.
Where is this duplex located?
The property is located at 28 Kelsey Street Waterville, ME.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 2,114‑square‑foot duplex with two residential units; Two 1‑bedroom, 1‑bath units; first‑floor unit may be configured as 3 bedrooms; Both units are currently rented
