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 Market116
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
Listed By:
Jeffrey Jolicoeur
(207) 649-6893
Source:
Portsiderealestategroup
Added: Jun 22
Changed: Oct 11
Last Checked: Oct 14 at 11:39PM
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
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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 / Yr
$30,610
Cap Rate
7.85%
Suggested Prices Based on Cap Rates
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
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 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.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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
