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    Two-Unit Duplex with Metal Roof Title is generated by Realmo AI

    3 Grand Street, Augusta, ME 04330

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    For Sale
    $219,000

    MULTI_FAMILY - Colonial - Augusta, ME

    Property size:
    1,440 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $152/SF
    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 8:06 pm

    Property Features for 3 Grand Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Residential
    Bathrooms
    2
    Rooms
    Basement, Bathroom 1, Bathroom 2
    Basement
    Walk-Out Access, Full
    Standard status
    Active
    Size
    1,440 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2311

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard, Oil, Other (Heating)
    Water source
    Public

    Building Details

    Year built
    1891
    Number of units
    2
    Flooring type
    Carpet, Wood, Linoleum
    Building materials
    Wood Frame, Asbestos, Vinyl Siding
    Roof type
    Metal
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Katie McAllister

    Listing agent Katie McAllister

    Listing office McAllister Real Estate 143 Water Street, Hallowell, ME

    Listing date Jun 5, 2026

    MLS# 1665708 Listing URL

    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.

    HighLights

    • Two‑unit property in‑town Augusta, within walking distance of the Maine State House
    • Each unit features 2 bedrooms, a full bathroom, kitchen, living room, and a porch
    • First‑floor unit has hardwood floors throughout
    • Unfinished third floor offers approximately 540 SF of additional space for conversion or a home office
    • Metal roof and separate electrical service for each unit
    • Public water and public sewer; built in 1891 with wood frame construction

    Overview

    This two-unit duplex at 3 Grand Street in Augusta, ME is arranged with each unit offering 2 bedrooms, a full bathroom, kitchen, living room, and a porch. The first-floor unit includes hardwood floors throughout. Above, there is an unfinished third-floor area of approximately 540 square feet that could be adapted for expanded living space or a home office, depending on how the space is finished.

    The property sits on a corner lot and is served by a durable metal roof. Each unit has its own separate electrical service, which can help simplify utility management for tenants or owner-occupants. The home is described as being within walking distance of the Maine State House.

    As a residential income property, this setup can fit buyers looking for a straightforward two-unit configuration where one can occupy a unit while renting the other. The duplex design, independent electrical service, and the additional unfinished third-floor area make it a useful option for those who want room to adjust the interior layout over time.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $23.3k $16.20
    − Vacancy −$355 −$0.25
    EGI $23.0k $15.95
    − OpEx −$6.9k −$4.79
    NOI $16.1k $11.17
    1,440 SF · lease $16.20/SF/yr · vacancy 1.52% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $229.7K
    $201.0K – $268.0K (±1% cap)
    NOI $16,081 @ 7.0% cap · market cap 7.34%
    Second Best
    Apartment 5plus
    $200.4K
    $175.4K – $233.8K (±1% cap)
    NOI $14,028 @ 7.0% cap · market cap 6.41%
    Theoretical Best
    Warehouse
    $2.15M
    $1.88M – $2.51M (±1% cap)
    NOI $150,384 @ 7.0% cap · market cap 68.67%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Augusta
    County
    Kennebec
    State
    Maine
    Longitude
    -69.780864
    Latitude
    44.303706

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    FAQs

    What type of property is this?
    Duplex - Two-bedroom units with porches and separate electric, plus an unfinished third floor for flexible additional space.
    Where is this duplex located?
    The property is located at 3 Grand Street Augusta, ME.
    What is the asking price?
    The asking price for this property is $219,000.
    What are key features of this property?
    This property features: Two‑unit property in‑town Augusta, within walking distance of the Maine State House; Each unit features 2 bedrooms, a full bathroom, kitchen, living room, and a porch; First‑floor unit has hardwood floors throughout
    (207) 621-2345
    We can help!
    Listing Contact
    Katie McAllister
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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