Duplex with Off-Street
For Sale
$269,900
3 Park St, Orono, ME 04473
Fully occupied property with basement laundry and convenient access to the University of Maine.
Property Size1,656 SF
Price / SF$162.98
Days on Market14
Property Features for 3 Park St
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2-bedroom, 1 x 3-bedroom
Multifamily Units
2
Amenities
off-street parking
basement laundry facilities
Building Details
Year Built
1920
Listing Agency:
Two Rivers Realty, LLC
(207) 735-5337
Listed By:
Daniel Burpee
Source:
603luxury
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 3:22PM
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 Two Rivers Realty, LLC
Investment Insights
Based on property information with market context.
This 1,656-square-foot duplex, built in 1920, contains two separate residences: one with two bedrooms and another with three bedrooms. The property also includes basement laundry facilities and off-street parking. Both units are currently occupied.
The building is positioned in downtown Orono, with the University of Maine, restaurants, shopping, and other downtown amenities located nearby. Its two-unit configuration and existing occupancy provide a straightforward income-property profile, while the unit mix accommodates distinct household sizes.
The building is positioned in downtown Orono, with the University of Maine, restaurants, shopping, and other downtown amenities located nearby. Its two-unit configuration and existing occupancy provide a straightforward income-property profile, while the unit mix accommodates distinct household sizes.
Key Highlights
- Two‑unit duplex with one 2‑bedroom unit and one 3‑bedroom unit
- 1,656 square feet; constructed in 1920
- Fully occupied at present
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
$15,176
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
5.62%
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%
$303,520
$303.5K
Cap Rate 7%
$216,800
$216.8K
Cap Rate 9%
$168,622
$168.6K
Market Conditions
NOI Build-Up for 1,656 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
$22.9K $13.80/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$21.7K $13.09/SF
− OpEx
−$6.5K −$3.93/SF
NOI
$15.2K $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%
$303,520
Cap Rate 7%
$216,800
Cap Rate 9%
$168,622
Alternative Uses
Best Use
Multifamily LT 5
$216.8K
$189.7K – $252.9K
NOI $15,176 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$199.4K
$174.5K – $232.6K
NOI $13,958 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$534.8K
$468.0K – $624.0K
NOI $37,439 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 04473, ME
8,070
Population
3,759
Households
2.1
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
17.3 sq mi
ZIP Area
466
Density / Sq Mi
$58,893
Median Household Income
$27,016
Median Earnings
$1,146
Median Rent
$217,800
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 - Fully occupied property with basement laundry and convenient access to the University of Maine.
Where is this duplex located?
The property is located at 3 Park St Orono, ME.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two‑unit duplex with one 2‑bedroom unit and one 3‑bedroom unit; 1,656 square feet; constructed in 1920; Fully occupied at present
