Building Details

Building Size 3,128 SF

Year Built 1990

Listing Agency: LAER Show Phone

Listed By: Maria Kempton Show Phone

Source: Laerrealty

Added: Jul 19 Changed: Aug 8 Last Checked: Aug 1 at 3:25AM

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Investment Insights

Based on property information with market context.

This well-maintained duplex features two thoughtfully designed units, each offering 2 bedrooms and 2 full bathrooms. Unit A includes a spacious living room, a kitchen with a dining area, an oversized pantry, a bonus room, and a utility room, with a heat pump alongside baseboard oil heat. Unit B offers a bright living room, a kitchen with space for a dining table, and an entryway designed for everyday storage, plus an attached garage.

Outside, the property includes a peaceful backyard with a small pond view, and each unit has its own private deck. The generous yard provides outdoor space, and there are three outbuildings that can support storage, hobbies, or workshop use.

An open house is scheduled for Sunday, July 19th from 11:00 AM to 1:00 PM. The property is located at 33 Manning Drive in West Gardiner, Maine.

Key Highlights

• Well‑maintained duplex built in 1990 with two separate 2‑bedroom, 2‑full‑bath units
• Each unit includes a private deck with a view overlooking a small pond
• Unit A features a spacious living room, kitchen with dining area, oversized pantry, bonus room, and utility room

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

$34,932

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

8.52%

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%

$698,640 $698.6K

Cap Rate 7%

$499,029 $499.0K

Cap Rate 9%

$388,133 $388.1K

Market Conditions

NOI Build-Up for 3,128 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

$50.7K $16.20/SF

− Vacancy

−$770 −$0.25/SF

EGI

$49.9K $15.95/SF

− OpEx

−$15.0K −$4.79/SF

NOI

$34.9K $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%

$698,640

Cap Rate 7%

$499,029

Cap Rate 9%

$388,133

Alternative Uses

Best Use

Multifamily LT 5

$499.0K

$436.7K – $582.2K (±1% cap)

NOI $34,932 @ 7.0% cap · market cap 8.52%

Second Best

Apartment 5plus

$435.3K

$380.9K – $507.9K (±1% cap)

NOI $30,472 @ 7.0% cap · market cap 7.43%

Theoretical Best

Warehouse

$4.67M

$4.08M – $5.44M (±1% cap)

NOI $326,667 @ 7.0% cap · market cap 79.67%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Butcher Grocery & Convenience Store Auto Repair Shop Discount Store Accounting Firm Department Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Explore this area Business Placement

Demographics for 04345, ME

12,052

Population

5,562

Households

2.2

Avg Household Size

43

Median Age

29%

College-Educated

97%

High-School Grad

71.7 sq mi

ZIP Area

168

Density / Sq Mi

$68,844

Median Household Income

$42,559

Median Earnings

$956

Median Rent

$208,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two 2-bedroom, 2-bath units with private decks, a backyard view, and multiple outbuildings provide flexible income or owner-occupancy options.

Where is this duplex located?

The property is located at 33 Manning Drive West Gardiner, ME.

What is the asking price?

The asking price for this property is $410,000.

What are key features of this property?

This property features: Well‑maintained duplex built in 1990 with two separate 2‑bedroom, 2‑full‑bath units; Each unit includes a private deck with a view overlooking a small pond; Unit A features a spacious living room, kitchen with dining area, oversized pantry, bonus room, and utility room