Multifamily Property with Vinyl
For Sale
$380,000
31 Drummond Street, Auburn, ME 04210
Multifamily building offering flexible layouts with 6 bedrooms and 2 full baths, plus low-maintenance vinyl exterior.
Property Size3,600 SF
Price / SF$105.56
Days on Market40
Property Features for 31 Drummond Street
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Building Details
Year Built
1888
Listing Agency:
Keller Williams Realty
Listed By:
Kevin Fletcher
(603) 433-3350
Source:
Greatislandrealty
Added: Jul 4
Changed: Aug 12
Last Checked: Aug 12 at 3:50AM
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.
Multifamily property featuring 12 total rooms with 6 bedrooms and 2 full baths, offering a flexible layout for a variety of living arrangements. The exterior is described as vinyl for low-maintenance upkeep.
The property is positioned in Auburn with walkable access to local amenities and transit, along with quick access to the turnpike.
With a total building size of 3,600 square feet, the offering presents a straightforward residential income opportunity centered on room and bedroom count flexibility.
The property is positioned in Auburn with walkable access to local amenities and transit, along with quick access to the turnpike.
With a total building size of 3,600 square feet, the offering presents a straightforward residential income opportunity centered on room and bedroom count flexibility.
Key Highlights
- Built in 1888, downtown Auburn multifamily building with flexible living and rental layout options
- Offers 6 bedrooms and 2 full baths
- Includes 12 total rooms
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
$33,735
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
8.88%
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%
$674,700
$674.7K
Cap Rate 7%
$481,929
$481.9K
Cap Rate 9%
$374,833
$374.8K
Market Conditions
NOI Build-Up for 3,600 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
$62.2K $17.28/SF
− Vacancy
−$871 −$0.24/SF
EGI
$61.3K $17.04/SF
− OpEx
−$27.6K −$7.67/SF
NOI
$33.7K $9.37/SF
Area
Androscoggin County, ME
Vacancy
1.40%
Lease Rate
$17.28 /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%
$674,700
Cap Rate 7%
$481,929
Cap Rate 9%
$374,833
Alternative Uses
Best Use
Apartment 5plus
$481.9K
$421.7K – $562.3K
NOI $33,735 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$6.39M
$5.59M – $7.46M
NOI $447,571 @ 7.0% cap · market cap 117.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,641
Businesses Nearby
Explore this area
Business Placement
Demographics for 04210, ME
24,061
Population
11,113
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
59.3 sq mi
ZIP Area
406
Density / Sq Mi
$66,552
Median Household Income
$42,624
Median Earnings
$983
Median Rent
$254,600
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?
Multifamily property - Multifamily building offering flexible layouts with 6 bedrooms and 2 full baths, plus low-maintenance vinyl exterior.
Where is this multifamily property located?
The property is located at 31 Drummond Street Auburn, ME.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Built in 1888, downtown Auburn multifamily building with flexible living and rental layout options; Offers 6 bedrooms and 2 full baths; Includes 12 total rooms
