Two-Unit Duplex with Separate
New
For Sale
$195,000
32 King St, Waterville, ME 04901
Two residential units provide flexible occupancy for investors, owner-occupants, or multigenerational households.
Property Size1,590 SF
Price / SF$122.64
Days on Market4
Property Features for 32 King St
General Information
Standard status
Active
Size
1,590 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
three-season porch
Building Details
Year Built
1900
Buildings
1
Construction
New Englander
Listed By:
Signature Homes Real Estate Group
(207) 885-0500
Source:
Signaturehomesmaine
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 8:36AM
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 Signature Homes Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1900, this 1,590-square-foot duplex contains two separate residential units with a combined total of five bedrooms and two bathrooms. The property retains New Englander character while providing practical living space for separate households. The main unit includes an eat-in kitchen, living areas, and access to a three-season porch. The upper unit has its own kitchen, supporting independent occupancy within the building.
Located at 32 King St in Waterville, Maine, the property can accommodate an owner-occupant seeking a second household or an investor adding a two-unit asset to a rental portfolio. Its configuration also supports multigenerational living arrangements, subject to applicable requirements.
Located at 32 King St in Waterville, Maine, the property can accommodate an owner-occupant seeking a second household or an investor adding a two-unit asset to a rental portfolio. Its configuration also supports multigenerational living arrangements, subject to applicable requirements.
Key Highlights
- Two‑unit duplex configuration
- 1,590 square feet with five bedrooms and two bathrooms
- Separate kitchen in each residential unit
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
$17,757
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
9.11%
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%
$355,140
$355.1K
Cap Rate 7%
$253,671
$253.7K
Cap Rate 9%
$197,300
$197.3K
Market Conditions
NOI Build-Up for 1,590 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
$25.8K $16.20/SF
− Vacancy
−$392 −$0.25/SF
EGI
$25.4K $15.95/SF
− OpEx
−$7.6K −$4.79/SF
NOI
$17.8K $11.17/SF
Area
Kennebec County, ME
Vacancy
1.52%
Lease Rate
$16.20 /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%
$355,140
Cap Rate 7%
$253,671
Cap Rate 9%
$197,300
Alternative Uses
Best Use
Multifamily LT 5
$253.7K
$222.0K – $296.0K
NOI $17,757 @ 7.0% cap · market cap 9.11%
Second Best
Apartment 5plus
$221.3K
$193.6K – $258.2K
NOI $15,489 @ 7.0% cap · market cap 7.94%
Theoretical Best
Warehouse
$2.37M
$2.08M – $2.77M
NOI $166,049 @ 7.0% cap · market cap 85.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
Explore this area
Business Placement
Demographics for 04901, ME
26,491
Population
12,084
Households
2.2
Avg Household Size
41
Median Age
30%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
336
Density / Sq Mi
$54,122
Median Household Income
$33,623
Median Earnings
$957
Median Rent
$188,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide flexible occupancy for investors, owner-occupants, or multigenerational households.
Where is this duplex located?
The property is located at 32 King St Waterville, ME.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; 1,590 square feet with five bedrooms and two bathrooms; Separate kitchen in each residential unit
