Duplex with Split-Level
305 Gray Road, Windham, ME 04062
For Sale
$639,000
Separate entrances and driveways serve two apartments with different layouts and bedroom counts.
Property Size2,710 SF
Lot Size3.00 Acres
Price / SF$235.79
Days on Market207
Property Features for 305 Gray Road
General Information
Standard status
Size
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
deck
shed
Building Details
Building Size
Year Built
Buildings
Listing Agency:
The Maine Real Estate Experience
Listed By:
Jennifer Sumrall
(207) 417-1033
Source:
Oceanviewproperties
Added: Apr 18
Changed: Nov 9
Last Checked: Nov 9 at 8:29PM
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 The Maine Real Estate Experience
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1805, this 2,710-square-foot duplex contains two apartments on 3 acres. One unit has a single-level, two-bedroom, one-bath layout; the other has three bedrooms, one bath, and a split-level design. Exposed beams and wood details are part of the interior character. Recent work includes a new roof, rear deck, and stairs. An oversized shed is included with the property and is used by tenants for storage.
Each apartment has its own entrance and driveway. The property has long-term tenants, and showings require 24 hours’ notice.
Each apartment has its own entrance and driveway. The property has long-term tenants, and showings require 24 hours’ notice.
Key Highlights
- Two apartments: one with 2 bedrooms and 1 bath, the other with 3 bedrooms and 1 bath
- 2,710 square feet on 3 acres
- One unit has a split‑level layout; the other is single‑level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,890
Cap Rate
7.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$957,800
$957.8K
Cap Rate 7%
$684,143
$684.1K
Cap Rate 9%
$532,111
$532.1K
Market Conditions
NOI Build-Up for 2,710 SF
Gross rent
$73.2K $27.00/SF
− Vacancy
−$4.8K −$1.76/SF
EGI
$68.4K $25.25/SF
− OpEx
−$20.5K −$7.57/SF
NOI
$47.9K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$957,800
Cap Rate 7%
$684,143
Cap Rate 9%
$532,111
Alternative Uses
Best Use
Multifamily LT 5
$684.1K
$598.6K – $798.2K
NOI $47,890 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$636.5K
$556.9K – $742.6K
NOI $44,554 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$744.8K
$651.7K – $869.0K
NOI $52,139 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 04062, ME
18,464
Population
8,695
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
46.7 sq mi
ZIP Area
395
Density / Sq Mi
$98,946
Median Household Income
$57,505
Median Earnings
$1,189
Median Rent
$370,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Duplexes in Cumberland County, ME
Properties on Market for Duplexes in Cumberland County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate entrances and driveways serve two apartments with different layouts and bedroom counts.
Where is this duplex located?
The property is located at 305 Gray Road Windham, ME.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Two apartments: one with 2 bedrooms and 1 bath, the other with 3 bedrooms and 1 bath; 2,710 square feet on 3 acres; One unit has a split‑level layout; the other is single‑level
