Furnished Renovated
For Sale
$389,900
34 Western Avenue, Waterville, ME 04901
Three furnished apartments offer flexible short-term rental, long-term tenancy, or owner-occupancy options.
Property Size2,741 SF
Price / SF$142.25
Days on Market100
Property Features for 34 Western Avenue
General Information
Standard status
Active
Size
2,741 SF
Property subtype
Multi-family
Lease Term
[]
Financials
Gross Income
$63,000
Business Included
Yes
Additional Details
Furnished
Yes
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
EXP Realty
(207) 649-6893
Listed By:
Jeffrey Jolicoeur
(207) 680-3667
Source:
Portsiderealestategroup
Added: May 24
Changed: Aug 30
Last Checked: Aug 30 at 6:49PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This 2,741-square-foot triplex, built in 1900, contains three fully renovated furnished apartments configured for short-term rental operations. Improvements include updated kitchens, bathrooms, flooring, and in-building laundry. Each unit includes smart locks, furnishings, and self-check-in capability, allowing the existing setup to continue while preserving flexibility for long-term tenants or owner-occupancy.
The property is a five-minute walk from Main Street and five minutes from Colby College. Demand is supported by nearby colleges, a hospital, and business travelers, with established guest reviews and repeat bookings. The current owners will provide operating guidance covering booking systems, guest communications, pricing strategy, and trusted cleaning and operational resources.
The property is a five-minute walk from Main Street and five minutes from Colby College. Demand is supported by nearby colleges, a hospital, and business travelers, with established guest reviews and repeat bookings. The current owners will provide operating guidance covering booking systems, guest communications, pricing strategy, and trusted cleaning and operational resources.
Key Highlights
- Three fully renovated furnished apartments in a 2,741 SF triplex
- Established short‑term rental operation with existing booking and guest‑management systems
- Updated kitchens, bathrooms, flooring, and in‑building laundry
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
$30,610
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
7.85%
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%
$612,200
$612.2K
Cap Rate 7%
$437,286
$437.3K
Cap Rate 9%
$340,111
$340.1K
Market Conditions
NOI Build-Up for 2,741 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
$44.4K $16.20/SF
− Vacancy
−$675 −$0.25/SF
EGI
$43.7K $15.95/SF
− OpEx
−$13.1K −$4.79/SF
NOI
$30.6K $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%
$612,200
Cap Rate 7%
$437,286
Cap Rate 9%
$340,111
Alternative Uses
Best Use
Multifamily LT 5
$437.3K
$382.6K – $510.2K
NOI $30,610 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$381.5K
$333.8K – $445.0K
NOI $26,702 @ 7.0% cap · market cap 6.85%
Theoretical Best
Warehouse
$4.09M
$3.58M – $4.77M
NOI $286,251 @ 7.0% cap · market cap 73.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
881
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three furnished apartments offer flexible short-term rental, long-term tenancy, or owner-occupancy options.
Where is this triplex located?
The property is located at 34 Western Avenue Waterville, ME.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Three fully renovated furnished apartments in a 2,741 SF triplex; Established short‑term rental operation with existing booking and guest‑management systems; Updated kitchens, bathrooms, flooring, and in‑building laundry
