Building Details

Year Built 1982

Listed By: Crown Lakes Realty Show Phone

Source: Crownlakesrealty

Added: Sep 4 Last Checked: Sep 8 at 5:45AM

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Investment Insights

Based on property information with market context.

This 2,752-square-foot triplex, built in 1982, contains two 2-bedroom, 1-bathroom residences plus a third unit permitted for use as a 1-chair hair salon. The third space is currently being rented as a studio apartment. A detached 2-car garage provides additional parking and storage, while separate utilities serve each unit.

Located at 290 Penney Rd in New Gloucester, Maine, the property has undergone pre-inspections covering the general building and septic systems. The maintained configuration combines three distinct units with flexible residential and permitted commercial use.

Key Highlights

• Three‑unit layout with two 2‑bedroom, 1‑bathroom units
• Third unit permitted as a 1‑chair hair salon and currently rented as a studio apartment
• 2,752 square feet; built in 1982

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

$45,245

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

9.05%

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%

$904,900 $904.9K

Cap Rate 7%

$646,357 $646.4K

Cap Rate 9%

$502,722 $502.7K

Market Conditions

NOI Build-Up for 2,752 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

$87.5K $31.80/SF

− Vacancy

−$5.3K −$1.91/SF

EGI

$82.3K $29.89/SF

− OpEx

−$37.0K −$13.45/SF

NOI

$45.2K $16.44/SF

Area

Cumberland County, ME

Vacancy

6.00%

Lease Rate

$31.80 /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%

$904,900

Cap Rate 7%

$646,357

Cap Rate 9%

$502,722

Alternative Uses

Best Use

Multifamily LT 5

$694.7K

$607.9K – $810.5K (±1% cap)

NOI $48,632 @ 7.0% cap · market cap 9.73%

Second Best

Apartment 5plus

$646.4K

$565.6K – $754.1K (±1% cap)

NOI $45,245 @ 7.0% cap · market cap 9.05%

Theoretical Best

Office A

$756.4K

$661.8K – $882.5K (±1% cap)

NOI $52,947 @ 7.0% cap · market cap 10.59%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

7

Businesses Nearby

Explore this area Business Placement

Demographics for 04260, ME

5,676

Population

2,274

Households

2.5

Avg Household Size

43

Median Age

33%

College-Educated

96%

High-School Grad

47.1 sq mi

ZIP Area

121

Density / Sq Mi

$107,781

Median Household Income

$49,507

Median Earnings

$1,270

Median Rent

$316,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Triplex - Each unit has separate utilities for individual billing.

Where is this triplex located?

The property is located at 290 Penney Rd New Gloucester, ME.

What is the asking price?

The asking price for this property is $499,999.

What are key features of this property?

This property features: Three‑unit layout with two 2‑bedroom, 1‑bathroom units; Third unit permitted as a 1‑chair hair salon and currently rented as a studio apartment; 2,752 square feet; built in 1982