Two-Unit Duplex with
New
For Sale
$195,000
32 King Street, Waterville, ME 04901
Multi-Family, Waterville, ME
Property Size1,590 SF
Lot Size0.38 Acres
Price / SF$122.64
Days on Market1
Property Features for 32 King Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RC
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2
Patio and Porch features
Porch
Interior features
In-Law Apartment, 1st Floor Bedroom
Basement
Unfinished, Full
Lot features
Near Country Club, Level, Intown, Near Golf Course, Near Shopping, Neighborhood
Standard status
Active
Size
1,590 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2307
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Oil, Zoned, Baseboard
Water source
Public
Amenities
three-season porch
Building Details
Year built
1900
Number of units
2
Flooring type
Vinyl, Tile, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Tim Dunham Realty
(207) 729-7297
Listed By:
David Super
(207) 813-2794
Added: Sep 8
Last Checked: Sep 8 at 6:06PM
MLS# 1677677
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.
Investment Insights
Based on property information with market context.
Built in 1900, this 1,590-square-foot duplex at 32 King Street contains two separate residential units with a combined five bedrooms and two bathrooms. The primary unit includes an eat-in kitchen, living areas, and access to a three-season porch, while the second-floor unit has its own kitchen. Interior finishes include wood, vinyl, and tile flooring, with wood-frame construction and vinyl siding.
The property occupies 0.38 acres in Waterville and is served by public water and public sewer. Heating is provided by an oil-fired hot-water system with zoned baseboard distribution. Additional features include a first-floor bedroom, basement, shingle roof, and RC zoning.
The property occupies 0.38 acres in Waterville and is served by public water and public sewer. Heating is provided by an oil-fired hot-water system with zoned baseboard distribution. Additional features include a first-floor bedroom, basement, shingle roof, and RC zoning.
Key Highlights
- Two‑unit duplex with 1,590 square feet of property size
- Five bedrooms and two bathrooms across the property
- 0.38‑acre lot at 32 King Street, Waterville, ME 04901
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - RC-zoned duplex with separate kitchens, flexible living areas, and a three-season porch in Waterville.
Where is this duplex located?
The property is located at 32 King Street 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 with 1,590 square feet of property size; Five bedrooms and two bathrooms across the property; 0.38‑acre lot at 32 King Street, Waterville, ME 04901
