Five-Unit Apartment
For Sale
$500,000
328 Water Street, Randolph, ME 04346
Hilltop setting over Kennebec River with an open level lot, well-maintained lawn, and ample parking.
Days on Market157
Property Features for 328 Water Street
General Information
Standard status
Active
Property subtype
Commercial
Additional Details
Multifamily Units
5
Building Details
Building Size
3,345 SF
Year Built
1848
Listing Agency:
Hoang Realty
(207) 417-1604
Listed By:
Catlin Main
(207) 417-1604
Source:
Startpoint
Added: Feb 24
Changed: Jul 30
Last Checked: Jul 30 at 3:43AM
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 Hoang Realty
Investment Insights
Based on property information with market context.
This five-unit apartment building offers views over the Kennebec River and sits on an open, level lot. The property includes a well-maintained lawn and ample parking for tenants and guests. Built in 1848, the building provides an established residential income asset, with the current units requiring some deferred maintenance.
Located at 328 Water Street in Randolph, ME 04346, the property is described as being in a desirable neighborhood with a convenient location. The elevated setting contributes to the sightlines toward the river, while the lot layout supports straightforward on-site access and outdoor use.
For buyers and investors, the combination of a five-unit configuration, river-facing views, and a level, usable lot may appeal to those looking to address deferred maintenance while preserving the property’s established rental framework.
Located at 328 Water Street in Randolph, ME 04346, the property is described as being in a desirable neighborhood with a convenient location. The elevated setting contributes to the sightlines toward the river, while the lot layout supports straightforward on-site access and outdoor use.
For buyers and investors, the combination of a five-unit configuration, river-facing views, and a level, usable lot may appeal to those looking to address deferred maintenance while preserving the property’s established rental framework.
Key Highlights
- Five‑unit apartment building with views overlooking the Kennebec River
- Open, level lot with a well‑maintained lawn
- Units require some deferred maintenance
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.2k | $18.00 |
| − Vacancy | −$963 | −$0.29 |
| EGI | $59.2k | $17.71 |
| − OpEx | −$26.7k | −$7.97 |
| NOI | $32.6k | $9.74 |
3,345 SF · lease $18.00/SF/yr · vacancy 1.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$465.5K
$407.3K – $543.1K
NOI $32,586 @ 7.0% cap · market cap 6.52%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.99M
$4.37M – $5.82M
NOI $349,329 @ 7.0% cap · market cap 69.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Explore this area
Business Placement
Demographics for 04346, ME
1,743
Population
888
Households
2
Avg Household Size
48
Median Age
17%
College-Educated
93%
High-School Grad
2.1 sq mi
ZIP Area
830
Density / Sq Mi
$52,917
Median Household Income
$42,357
Median Earnings
$779
Median Rent
$157,000
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?
Apartment building - Hilltop setting over Kennebec River with an open level lot, well-maintained lawn, and ample parking.
Where is this apartment building located?
The property is located at 328 Water Street Randolph, ME.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Five‑unit apartment building with views overlooking the Kennebec River; Open, level lot with a well‑maintained lawn; Units require some deferred maintenance
