Triplex with Smart-Lock
For Sale
$389,900
34 Western Avenue, Waterville, ME 04901
MULTI_FAMILY - Other - Waterville, ME
Property Size2,741 SF
Lot Size0.40 Acres
Price / SF$142.25
Days on Market48
Property Features for 34 Western Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RD
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 2, Bathroom 3, Bathroom 1
Patio and Porch features
Porch
Pets allowed
No
Interior features
Storage
Basement
Unfinished
Lot features
Open, Level, Intown
Standard status
Active
Size
2,741 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3221
Utilities
Sewer type
Public Sewer
Heating system
Oil, Electric (Heating), Zoned, Forced Air, Baseboard
Water source
Public
Water front features
Stream
Water front
1
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Metal, Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
EXP Realty
(888) 439-8743
Listed By:
Jeffrey Jolicoeur
(207) 649-6893
Added: Jul 6
Changed: Aug 3
Last Checked: Aug 22 at 1:06PM
MLS# 1670280
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.
This turn-key triplex offers three fully renovated, furnished apartments with self-check-in access via smart locks. Recent updates include new kitchens, bathrooms, and flooring. The property also includes in-building laundry and an on-site storage feature.
The building is set on a 0.4-acre lot and totals 2,741 square feet. It was built in 1900 and features wood-frame construction with vinyl siding. Utilities include public water and public sewer, and the roof is metal and shingle. Heating is provided by oil and electric systems with zoned forced air and baseboard.
Outdoor space includes a porch, and the property has a stream feature. A basement and multiple bathrooms are listed among the rooms, along with additional basement-level storage.
The building is set on a 0.4-acre lot and totals 2,741 square feet. It was built in 1900 and features wood-frame construction with vinyl siding. Utilities include public water and public sewer, and the roof is metal and shingle. Heating is provided by oil and electric systems with zoned forced air and baseboard.
Outdoor space includes a porch, and the property has a stream feature. A basement and multiple bathrooms are listed among the rooms, along with additional basement-level storage.
Key Highlights
- Three furnished apartments with self‑check‑in via smart locks
- In‑building laundry
- Fully renovated interiors including new kitchens, bathrooms, and flooring
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
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, self-check-in apartments feature smart locks and in-building laundry in a turn-key Waterville triplex.
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 furnished apartments with self‑check‑in via smart locks; In‑building laundry; Fully renovated interiors including new kitchens, bathrooms, and flooring
